The great news for business owners is that as the world continues to move from a paper-based society to a digital one, document management tools continue to evolve to meet the challenges brought by this shift.
While the initial response to document management might be that your current system is working fine, asking more pointed questions often reveals flaws in the system. Electronic document management can address the most common pain points of data storage, including security, retrieval, and archival.
Data Security and Information Privacy
If all of your sensitive data is stored in a large file room, who is monitoring it? Does every employee have access to this storage repository? Is confidential data stored where those without clearance can access it?
Once you ask and answer these questions, you will probably realize that your data is more vulnerable than you initially realized. With document management, you can let login permissions and access controls on individual documents as well as folders to control access. You can also limit specific functions such as viewing, editing, or downloading. Plus, DM tracking created an audit trail for transparency and oversight.
Archiving and Retrieving Documents
When you need a document—especially one from several years ago—can you find it easily or does it take a long time? Since many companies are required to keep certain data for 7 to 10 years, storage and archival can be challenging. What’s more, retrieving a particular document when you need it is time-consuming and frustrating if you are endlessly digging through massive filing cabinets.
With document management, document management, you can archive and retrieve documents as needed with ease. When scanning documents, metadata, and tags make them easy to file and locate later once they are in the system. Once stored, all you have to do is perform a quick document search to retrieve the item you need, reducing wasted time by up to 80 percent.
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