The continued use of the internet to conduct business and the fast-paced world of marketing, e-payments and e-transactions has paved the way for the use of different software, apps, and outsourcing financial analysis to online accounting firms in a bid to accurately manage sensitive business documents as well as store e-documents for referencing and tax purposes.

E- documents can be processed both manually and digitally with the use of specialized software which would be discussed in detail as we progress.

• What Are the Benefits of an Electronic Document Management System?
• What is Document Management Software Used For?
• Why is a Document Management System Important?
• Which of the Following is an Advantage of Electronic Documents?
• How is Documentation Beneficial For Business Organizations?
• What is an Example of Document Management Software?
• What Are the Benefits of Document Control?
• What is the Right Way to Choose an Electronic Document Management System?
• Which Software is Used for Digital Documentation?
• What Are Some Examples of Digital Documents

What Are The Methods of Processing Electronic Documents

There are three basic methods business owners and tech savvy entrepreneurs can employ to accurately process their business electronic data in different ways to fit the desired structure. These processed data can then be produced in different file formats for storage and submission purposes.

Personal Sorting Method: The personal sorting process is carried out by the business owner and this involves the use of excel spreadsheets and workspaces to painstakingly arrange financial documents such as payment invoices, cheques and receipts in a coherent form. Personal sorting is usually done in situations where confidentiality is important or when the security of personal details such as credit card numbers and bank statements must be kept in-house.

Online Software: Numerous online apps can now be used to carry out multiple functions such as storing electronic data, organizing electronic documents in order of importance as well as for sending timely reminders to business owners, reminding them to pay for a transaction, clear a ticket or work on tax details.

Read Also: How To Convert Youtube Videos Into Mp3 Files?

This online software are affordable and can be used with smart devices on the go, thereby increasing the effectiveness while running your business and providing space for multi-tasking. Examples of software applications that can be used include; Mobipocket etc.

Outsourcing: There are instances where the day to day running of a business constrains an entrepreneur’s abilities to adequately carry out electronic document management.

The perfect solution to this problem lies in outsourcing electronic data to reputable data processing firms for speedy and accurate management. These firms employ the use of manual labour and electronic tools to perfectly carry out document data entry and processing according to your specifications. This speedy delivery helps you maintain your electronic documents while sticking to your business schedule and it is also easily affordable.

What Are the Benefits of an Electronic Document Management System?

The benefits of electronic management can be divided into two sections to cover the benefits of electronic management software and its benefits for your business organization.

The use of software in data entry and document management provides you with an accurate tool which should be used for processing bulk data/projects without the possibility of making errors which would definitely lead to profitability.

Software use also helps you save time when compared with more traditional methods of analyzing electronic documents. The problems of meeting deadlines, storing transaction details etc. then become a thing of the past.

The benefits of electronic document management for entrepreneurs include; managing both business and personal finances, creating detailed records of transactions which can be used to compile your fiscal year and accurately documenting your online income for taxation purposes. These benefits can keep your business on the right track to success but more importantly, it keeps your business at the right side of the law.

1. Reduced Storage Space

Commercial property costs are increasing and so is the expense to store paper documents. A software-based DMS that can reduce the need for file cabinets, boxes, and storage bins is a valuable asset to any enterprise, freeing up precious office space. Documents that have to be kept as hard copies can often be stored in less expensive locations, such as an offsite warehouse or vault.

2. Enhanced Security

Document security is critical for organizations of any size to keep sensitive data protected. DMS provides better control over sensitive documents and access to documents can be controlled at the folder level for different groups or individuals. Also, a DMS leaves an audit trail of who has viewed a document, when it was accessed, and how it may have been modified. Managed documents are highly traceable and can be tagged to allow for automated alerts.

3. Improved Regulatory Compliance

Compliance requirements for certain documents can be quite complex. Non-conformance can lead to fines, revoked licenses, and, in some cases, criminal liability. Federal and state regulatory regulations such as Sarbanes Oxley and HIPAA mandate strict security and privacy guidelines.

Document management systems reduce the risk of non-compliance. Records retention schedules, for example, can be automated, and new documents can be more easily classified and stored.

4. Easier Document Retrieval

Searching for and retrieving documents can be very time-consuming – and we all know time is money. The typical office worker spends an estimated 30% to 40% of their day searching for printed documents while organizations on average spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document. These unnecessary document management costs restrict an organization’s budget, hamper productivity, and limit growth potential.

A document management system can be a powerful, time-saving tool. Depending on the solution implemented, a DMS can retrieve files by a word or phrase in a document. Easier integration with business applications facilitates access to critical information. DMS also gives the opportunity to access documents remotely. As long as there is an internet connection, documents can be accessed anywhere at any time.

5. Better Collaboration

The ability to quickly access content and collaborate is greatly simplified with an advanced document management system. Documents captured from different sources can be accessed from multiple locations. Electronic imaging makes sharing documents over a network via email or the Internet possible. DMS provides greater visibility to business processes and can allow for better workflow monitoring. Authorized access by external users can be allowed and monitored.

6. Better Backup and Disaster Recovery

Any document management solution should include a data backup and disaster recovery plan. With digital archiving as a backup, paper documents are protected from fire and flood, and other disasters. With a DMS, documents are highly traceable and can be tracked using a range of criteria. Document tracking capabilities reduce the likelihood for documents to be lost or misfiled after viewing.

7. Increased Productivity

Time is valuable, and time saved is a definite benefit of DMS that often translates directly into increased productivity. Faster and more efficient document retrieval can boost staff morale and increase client satisfaction. Also, document management solutions are scalable to meet the changing needs of any enterprise. A comprehensive electronic document management system offers businesses a few intangible advantages including:

• Flexibility
• Competitiveness
• Improved client relations
• Peace of mind

What is Document Management Software Used For?

Document management is a system or process used to capture, track and store electronic documents such as PDFs, word processing files and digital images of paper-based content.

Document management can save you time and money. It provides document security, access control, centralized storage, audit trails and streamlined search and retrieval.

Paper storage may require significant physical space. A document management platform can integrate disparate documents for greater control, access and process efficiency. It offers advantages in terms of information retrieval, security, governance and lower cost of operations. What’s more, proper records management is becoming a legal imperative.

Why is a Document Management System Important?

There are many reasons why an organization needs to deploy a document management system immediately. Some of these include:

1. Cleaning up the digital mess.

A document management system allows you to get rid of the massive digital mess you have created unknowingly. We all have our documents scattered on laptops, PCs, mobile devices, cloud storage, email attachments, desktop folders, etc.

It becomes extremely difficult to locate a particular file at the time of need. A document management system allows you to store and search your documents in one central location. A great document management system also helps you create digital documents.

Having an all-in-one solution helps you to create a central repository of existing content and collaborate on new content with your team. This way, you don’t have to rely on using Word or other document editors to create your digital files and then store your content elsewhere.

2. Reduce the Reliance on Paper

If your company still uses paper documents, switching to a document management system can help reduce the reliance on paper and save additional costs for printing, storing, maintenance, filing, etc.

According to a study, Companies with annual revenues between $500k and $1 million can save as much as $40k per year by switching to digital document management. Laserfiche estimates a 20% time savings based on filing and retrieval efficiencies, eliminating misfiling and workflow efficiencies.

Increased efficiency, as well as greater staff productivity, can save up to 6,000 hours annually, or 2.4 full-time staff positions.

Going paper-free also helps you reduce a huge amount of paper waste from the environment, helping you reduce thousands of paper sheets each month. This not only helps you make sustainable and ethically correct choices, but also provides you with a social mission of which both clients, employees, governments, and your customers, want to be a part.

3. Improve Overall Office Efficiency

You cannot afford to waste time and effort dealing with your digital documents in this day and age where your competitors are out there, breathing down your neck.

When you spend the majority of your time looking for your digital documents across various platforms and devices, it takes time from actually doing the work you were hired to do and meaningfully contributing to your company’s bottom line.

Work overload decreases productivity by 68% in employees who feel they don’t have enough hours in the day to complete their tasks. A good way to free up employee working hours is to deploy a document management system for easy creation, filing, edits, team collaboration, and approval of your documents.

4. Make Information Access a Breeze

We bet you have no idea how much productive time your employees are leaving on the table just because they couldn’t find the desired information or content they were looking for.

Since all your important work documents are scattered over Google Drive, OneDrive, email attachments, PC folders, and USB sticks, how can you count on yourself to find the exact piece of information you need at the time you need it!

• According to a McKinsey report, employees spend 1.8 hours every day—9.3 hours per week, on average—searching and gathering information.
• Almost 20 percent of the business time – the equivalent of one day per working week – is wasted by employees searching for information to do their job effectively.
• IDC data shows that “the knowledge worker spends about 2.5 hours per day, or roughly 30% of the workday, searching for information.

A major advantage of having a document management system is the ease of access to information. Document management systems provide a central location for all files, documents, weblinks, and other rich media.

This makes it extremely easy for team members, irrespective of their location to access information from any device quickly.

Employees no longer need to save files to their hard drives or on those forgettable USB sticks. Just log in to your document management system and you’re good to go!

5. Safe and Secure

The best way to keep your important business documents safe and secure is to have them digitally stored in a document management system.

This way, you don’t have to worry about the security capabilities of hundreds of apps where your data resides and don’t have to remember login details to each app.

A competent document management system comes with features like document access control, document tracking, password protection, version control, real-time collaboration, real-time notifications, etc. Storing files in the cloud helps ensure that your company documents aren’t misplaced and are easy to access by the right party.

6. Scalability

As your business grows and becomes more successful, so will the number of documents you produce over time. More documents will mean more clutter, more folders to browse through, more cloud storage services to search and more email attachments to locate!

A document management system is very important as its easily scalable. You can always set up or purchase more cloud storage capabilities and make sure your workflows aren’t disturbed due to your business success.

7. Quick Search

If you don’t have a document management system in place, searching for the right document at the time becomes a far-fetched dream.

Finding the right cloud service, the right desktop folder, or the right email can take hours of your crucial time. Therefore, a document management system’s ability to perform a quick search is one of its most important elements.

A good document management system has excellent searching and indexing capabilities to find the exact file, document title, and content within the document.

No matter how big your document directory is, the document management system can churn the desired document with the speed of light.

8. Better Accuracy

Digital documents are bound to be more accurate, thanks to the ability to edit and collaborate on the document creation process.

A good document management system provides all the tools needed to create, edit, and collaborate on documents to ensure quality and reduce inaccuracies.

With features like version control and document tracking, all edits made to a document would be visible to the rest of the group/team. You can always revert back to a previous version or suggest edits if you’re not satisfied with the changes made.

9. Reduced Storage & Supply Costs

Without a document management system, the cost of creating and managing documents can be pretty high.

The cost of paper, printing, office space, storage facilities, cabinets, and hiring employees can all add up to be quite an expensive bargain to store your precious documents.

Even if you store all your documents digitally, the individual cost of each cloud storage service you use can add up to be a lot.

By switching to a document management system, you can finally get rid of all those paper files, reduce storage space and regain your office space for much more productive work, get rid of those big and ugly files, and save a ton of money on paper, printing, ink, and other stationery items, and finally save the cost of hiring new employees to store, search, and retrieve those documents.

10. Provides a Competitive Advantage

Company’s using a document management system clearly possess a competitive edge on those who are still storing their important documents in desktop folders, hard drives, cloud storage spaces, and various other places.

There are many advantages a company going digital have over those who aren’t:

• They are saving supply and storage cost
• They are saving money on new hires to manage paper documents
• Digital documents tend to be more accurate
• Employees can get access to information quickly and easily, saving them time and effort
• Employees can provide better service to customers and offer better turnaround times

Since employees are saving a lot of time, they can focus on the things that really matter and contribute to the business’s success more effectively.

Which of the Following is an Advantage of Electronic Documents?

Traditional document storage is missing the mark in numerous ways, especially when getting compared to newer technologies. The office of today has many high tech possibilities to rely on, one of them being electronic document storage.

If your organization hasn’t made the switch yet, you may be wondering whether electronic document storage is worth it. Here are some of the most important advantages associated with the technology.

Better Collaboration

Electronic document storage makes it possible for everyone to access the right documents at the right time. It’s easy to assign usage rights through the system. The system will also create an accurate log of people who have accessed data, modified files, created or deleted documents.

With so much information and ease of access, collaboration becomes a much easier task.

A digital solution allows collaboration between different departments, offices located in different cities and investors who live abroad. Important information will be available as long as people have internet access and the authorization to access data.

Higher Levels of Security

Speaking of accessing data, unauthorized activity becomes much more challenging when an electronic document storage solution is in place. A digital document management system comes with multiple security features. File encryption, different levels of access and authentication systems are just some of the characteristics that make unauthorized access nearly impossible.

Achieving the same level of security through the use of a paper-based system will be incredibly difficult. There’s no traceability and the introduction of the necessary safeguards is a much more expensive task.

Freeing Up Space and Cost Reduction

While this may seem like a minor advantage for some, entrepreneurs and organization managers know just how much space a traditional document storage system is going to occupy.

Going the electronic route frees up a lot of office space. Electronic document storage makes it possible to repurpose an entire room that would have otherwise been dedicated to keeping documents safe. Alternatively, a company can move to a smaller office and cut on the cost of renting.

When it comes to saving money, electronic document storage provides additional opportunities. The cost of cabinets, supplies and maintaining the database in perfect order is high. An off-site document storage facility can also be quite expensive, depending on location. Digital document management solutions are more affordable. Companies pay solely for what they use, which makes both financial and practical sense.

Document Management Consistency

The consistent storage, updating and formatting of content can be incredibly difficult to introduce when paper copies of documents are being relied on. 

Electronic document storage makes it easier to ensure consistency. The implementation of digital workflows gives everybody an idea about how documents should be created and stored. There will be no room for error when employees have such guidelines.

Content will be generated and archived in one of the same way. Needless to say, it would be much easier to look for information and boost accountability this way.

A Higher Level of Productivity

Easier document creation, formatting and storage gives everyone involved a chance to focus on the more important tasks at hand. Through electronic document storage, a company can easily improve its timelines. The available tools are ideal for ensuring the timely generation of records and escalating bottlenecks. These features, combined with easier access simplify the task of employees and minimize time waste.

Choosing the right digital document management solution is the key to experiencing these benefits. The market has many options to offer, which is why you’ll need to get acquainted with the possibilities. Based on this information, it will be easier to choose an adequate possibility. 

What Are The Problems Involved with Electronic Document Management

The advent of online transactions and the storing of sensitive information on cloud platforms has lead to increase of hackers and security breaches worldwide. These security issues mean that storing sensitive documents electronically has serious implications that can affect your business. Managing electronic data and storing these documents leads to problems such as;

Information theft: Cases of a client’s personal details been stolen from electronic documents, e-payment processing portals/gateways have routinely be reported and if this occurs due to your documentation practices, your business may have to face the possibility of some legal actions been taken against it.

Credit Card Insecurity: Some entrepreneurs routinely use credit cards to purchase items on different merchant websites for their business. This means that electronic documents such as invoices detailing the transaction being done will be sent back to the buyer with the possibility of the receipt having sensitive details such as the credit card number used on it which raises its own security concerns.

The security problems associated with these processes can be reduced if business owners restrict the use of online electronic document management systems to carry out data entry/ tasks that do not involve sensitive personal details. Heeding this caution is sure to benefit you as your business takes on electronic management.

How is Documentation Beneficial For Business Organizations?

1. Safeguards Business Integrity 

When you create accurate and sound business documents that cover your operations from head to toe, your business becomes less prone to falling apart.

Business documents will cover everything, even the tiniest of details, and presents a healthy overview of your business. This way, your business can assure its reputation and integrity to customers, investors, and potentially regulators.

2. Unravels New Opportunities 

Good documentation tells a captivating story of your business from how it started from the ground up, and where it is going. Especially when you’re looking for new investors, spotless documentation of your growth, your achievements, and more is a great way to impress them.

And not to forget – every new opportunity you sign up for, starts with a business document (contract)!

3. Smooth Corporate Governance

Business documents like company bylaws clearly outline the rules and regulations of your business. These documents are a great way to ensure that employees, managers, and everyone in the firm are aware of these expectations.

When they know better, they’ll do better! This way, business documents pave the way for smooth and effective corporate governance.

What is an Example of Document Management Software?

Electronic Document Management System should contain the components given below to be proven efficient:

• Import: To open a new document into the system.
• Storage: To maintain system files and utilize storage.
• Identity: To retrieve documents with accuracy by assigning indexes.
• Export: To remove items from the system.
• Security: Password-protection on certain files for authorized users.

With the above points in mind, let’s review some of the popular Document Management Systems that are used widely to reduce paper-based documentation and improve the document-based performance of an organization.

1. ClickUp

Features:

• ClickUp provides the features for creating docs, wikis, knowledge bases, etc.
• It has text editing capabilities.
• It allows collaborating with multiplayer editing.
• It provides features for sharing the document and setting the custom permissions.
• To add the comment in the document it has features of highlighting the text.

2. Smartsheet

Features:

• With Smartsheet, you get a document management platform that is custom-designed to best cater to your business’s specific needs and demands
• The platform helps users plan, manage, capture and report on work, regardless of where they are.
• The platform provides business teams with a live visual dashboard where they can collaborate with each other on a particular task remotely.
• Users get to report on key metrics and get real-time visibility into their tasks.
• Smartsheet efficiently automates workflows to keep each and every member of the team informed and connected throughout as they work towards completing their tasks on the platform.

3. Teamwork

Features:

• Teamwork Spaces offers document management software that comes jam-packed with features that simplify the process of task management.
• The software allows you to edit your tasks in a real-time collaborative environment alongside your team.
• The platform allows you to integrate videos, images, and charts into your documents to make them more engaging.
• You can manage who has access to what parts of the document with the help of advanced permission and user management features.
• The platform also offers a plethora of tools to help users seamlessly collaborate across teams and receive feedback from clients.

4. monday.com

Features:

• monday.com is a cloud-based document management software that arms you with all the tools you need to centralize and plan your project from its inception to its eventual conclusion.
• The platform provides you with customizable forms, which you can use to create items in a short span of time.
• It is also very easy to automate project approvals and tasks using monday.com
• The platform also allows you to collaborate with your team members on a document online in real-time. You can chat, assign changes, and tag people or groups onto a document.
• The project dashboard gives you clear insights into your tasks with comprehensive stats, metrics, and insights.
• Also, the data monday.com provides you with about your work in real-time can be leveraged to track, monitor, and eliminate project risks.

5. HubSpot

Features:

• HubSpot Sales Document Management and Sales Tracking Software will be helpful for building a library of sales content for the entire team.
• You will be able to share documents from your Gmail or Outlook inbox.
• It will alert you when the prospects will get engaged with the content sent by you.
• It will provide insights on how the sales content is helpful to move your sales process forward, how often the content is used by the team.
• HubSpot has all-in-one Sales Software with a lot of features like Email Tracking, Email Scheduling, Sales automation, live chat, reporting, etc.

6. pCloud

Features:

• pCloud will let you set the group permissions or individual access levels.
• You can control data access through shared folders.
• It will let you comment on files & folders.
• It maintains detailed logs for account activity.
• You can access any previous version of your files.
• It has functionalities for file management, sharing, securing, file versioning, file backup, and digital asset management.

7. Alfresco

Features:

• It is an Open source ECM that provides document management, collaboration, knowledge and web content management, record & image management, content repository, and workflow
• It supports the Common Interface File System(CIFS) that enables document compatibility with Windows as well as Unix like Operating Systems.
• Alfresco comes with API support and works as a back-end to store and retrieve the contents.
• Easy customization and version control are the best features of Alfresco but are quite complex to use

8. LogicalDOC

Features:

• LogicalDOC is an open-source Java-based system and can be accessible by any web browser
• This system can be accessed on your own network and it allows to create and manage any number of documents.
• Helps to improve productivity and collaboration of the document management systems.
• Avails quick access and easy retrieval of contents.
• It uses Java Frameworks like Hibernate, Lucene, and Spring to provide a highly flexible Document Management solution.
• It comes with a set of well-defined API to integrate with third-party applications.

9. Feng Office

Features:

• Feng Office is an open-source DMS with a web-based collaboration platform.
• Some good features of the Feng Office include time tracking, Gantt Chart, task management, and knowledge management.
• It is user-friendly and allows you to tag items.
• You can even track and mail the content to multiple users at the same time.
• The only drawback is that it makes some of its features paid-only with every update.

10. Nuxeo

Features:

• Nuxeo is an open-source system that manages the flow of content through the business cycle.
• The proven system reduces the time consumption required for content search and retrieval.
• It provides a number of ways to capture the contents including image scanning.
• Audit logging is one of the good features that you can use to track the content and is an easier way too.
• Serves a rich set of APIs, robust platform, easy customization, and maintenance of projects.
• But it is quite tricky for beginners and some instance customization may become complex as well.

What Are the Benefits of Document Control?

A document control system supports the management of files in compliance with regulations and quality management systems for documentation such as FDA, ISO, EudraLex, and others. Document control software systems support paperless process automation, the management of quality documents such as CAPA or non-conformance reporting, and audit trails.

While reduced regulatory risk is a primary benefit of document control software (DCS), it’s far from the only positive outcome possible. The right solution can improve information security, increase transparency, reduce business continuity risks, and offer other benefits.

1. Stronger Access Control

DCS can introduce strong, compliant identity and access management (IAM) practices in highly regulated industries to ensure only the right people have the proper access, at the right time. Without appropriate access governance, paper-based systems or ineffective paperless methods can introduce the risks of information leakage. In highly regulated industries, accidental data exposure could result in non-compliance, loss of competitive advantage, brand reputation damage, or other threats.

Eighty percent of information security professionals consider access control a top priority, according to a recent TripWire survey. By selecting a DCS which offers role-based access and custom controls, organizations are likely to unlock a data security advantage. Currently, 66 percent of organizations rely on manual methods to manage access and user identities.

2. Improved Compliance

The right electronic solution for document control can simplify the process of complying with complex regulatory requirements for document management, including CFR Title 21, subpart 11 requirements for electronic signatures and passwords.

Poor document control systems are a frequent cause of warning letters from the FDA and other regulatory agencies. An effective software-based method of managing document quality can reduce the risks of incomplete documentation, incorrect forms with signatures, or spotty audit trails.

If your organization is seeking approval to bring a product to market or facing an audit, some of the compliance factors the FDA or other governing bodies will look for include:

• A complete revision history, including revision dates and the identities of editing parties.
• Complete document recall of outdated standard operating procedures (SOPs) and other irrelevant documents.
• Effective safeguards against unauthorized revisions, deletion, or alteration of records.

If your organization’s software or paper-based approach to document control doesn’t meet these standards, you could face regulatory risks.

3. Transparency of Information

Document control systems should play an important role in identity and access management, by protecting sensitive documents from exposure to the wrong parties. They should also support simplified access when needed by allowing authorized parties to quickly search, find, and retrieve archived and active documents. Some of the ways a DCS should support transparency of information to the privileged user include:

• Storage for multiple document types, such as PDFs and spreadsheets
• Flexible, easy-to-use keyword-based search
• Access restriction based on user identity or role
• Comprehensive audit trails to monitor document views and edits
• Support for the retrieval of prior versions of documents that have been edited
• The ability to control the archival and deletion of outdated documents
• Mobile access to view, edit, and share documents

A DCS which offers an exceptional user experience (UX) for the transparency and control of information can prevent regulatory risks and lead to productivity gains. Compared to paper-based systems or less-effective software methods, the right technology can significantly enhance productivity. According to IDC research, knowledge workers who “manage, create, or edit documents” can waste up to 2.5 hours per day merely searching for information.

4. Global Collaboration

In the past, paper-based approaches to document control systems required the exchange of documents by mail or fax machines. These heavily manual, slow processes could delay the review of documents significantly, which is a competitive disadvantage in highly regulated industries racing to market. Today, cloud-based software for DCS can enable real-time global collaboration between a distributed workforce with simple access from desktop computers or mobile devices.

Eighty-seven percent of leading organizations believe cloud-based approaches to collaboration represent a “true revolution in…effectiveness,” according to a recent Forbes survey. According to the same study, 90 percent of leaders believe cloud-based cooperation has the potential to drive a more efficient, connected, and aligned workforce.

5. Improved Quality Management

Quality management systems are a critical component of compliance and quality-driven culture in highly regulated industries. While quality management is a multi-faceted practice, document control plays a vital role in driving adherence with cGMP for SOPs, organizational policy, and other essential quality processes.

ISO standards, FDA cGMP and other regulations dictate the use of standardized systems for documentation change and review. If your organization is regulated by FDA or EudraLex or ISO certified, a document control system is a necessity. Beyond reducing risk, an effective paperless approach to DCS can increase efficiency with smarter processes for approval, document storage, and access.

6. Disaster Recovery

The average cost of a single lost or stolen record is $225, according to Ponemon Institute research. If your organization falls prey to a cybersecurity attack or another disastrous event you could face the permanent loss or exposure of numerous sensitive documents.

The average global cost of recovery from a data breach is $3.86 million. In highly regulated industries such as pharma or medical devices, the potential consequences of permanent information loss are immense.

Both legacy DCS software and paper-based approaches to the control of documents can present significant risks for effective business continuity. In contrast, cloud-based methods can offer distributed storage of documents off-site to ensure your organization can quickly recover from threats to data security.

7. Business-Wide Streamlining

The leading software solutions for document control can offer extensive business benefits beyond smarter compliance, access, and security:

• The ability to quickly access and edit documents can support organizational agility
• Effective DCS and a quality-driven culture can improve company valuation
• Streamlined, centralized information access is likely to be a competitive advantage.

The right approach to document control can simplify processes for individuals at every level of the organization by offering streamlined workflows and transparency.

What is the Right Way to Choose an Electronic Document Management System?

It is important to note that not every Document Management System (DMS) is created equal, so it is always a good idea to evaluate your requirements and align them with the solution you’re considering. With that in mind, here are five important considerations:

1. Choose a Vendor with Industry Expertise

Although every organization handles documents and records as a central part of its everyday routine, not every business does so in the same way. For example, some businesses, such as those operating in legal or healthcare sectors, need to comply with industry-specific regulations. That’s why it’s imperative that you choose a DMS vendor that understands your industry and the specific challenges it faces.

You’ll most likely want to avoid vendors that claim to offer a cutting-edge solution for virtually any type of organization. It’s important that your DMS can adapt to your needs with scalable infrastructure and the ability to align with the unique compliance, security and administrative needs of your company.

2. Look for Appropriate Integration Capabilities

Document management is primarily about organizing and streamlining various everyday administrative tasks. For that reason, there’s not much reason for a system that’s incompatible with your current software. Since the whole point of a DMS is to bring all your documents (both printed and digital) together into a fully integrated platform, you’ll want to choose something with the necessary integration capabilities.

A high-end DMS should work seamlessly with all your core business processes, including customer relationship management and accounting. The goal should be to avoid having to use multiple fragmented systems for data entry to keep everything consistent throughout your organization.

When you find a DMS with tight integrations, you can enjoy significant benefits.

3. Focus on Collaborative Features

Traditionally, document management took the form of metal filing cabinets containing row upon row of files stored onsite. However, as the workforce becomes increasingly mobile, thanks to the rise of internet-connected smartphones and other devices, it’s now necessary to implement a system that can accommodate users working off-site, too.

By choosing a cloud-hosted DMS with centralized access control, employees should be able to access the files they need for work no matter where they are. This allows, for example, staff to get a head start on the day’s work while they’re at home or even on the commute. Furthermore, powerful collaborative features also enable people to co-author documents in real time and even start video calls in the same window.

4. Verify Available Support Options

When you have a locally hosted DMS, it will be entirely up to your internal IT team to manage things like access rights, handle software patches and hardware upgrades, and keep the system running smoothly. By choosing a cloud-enabled system, you’ll be able to outsource support and maintenance and have someone to contact whenever you need assistance. At least, that’s the way it should be.

Always look for a vendor with a proven track record of excellent customer support and who is prepared to offer a service-level agreement (SLA) that makes clear their obligation to resolve issues and answer support requests within a given time.

5. Prioritize Data Security

It’s a common misconception that cloud-based document management is inherently bad for security. But in fact, a reputable cloud vendor will have reached an economy of scale that should allow them to implement measures to protect your data that would be far beyond the financial and human resources of a small business relying only on in-house resources.

Nonetheless, you should always place security at the forefront of every decision your organization makes when it comes to IT. Be sure that any vendor you choose also offers rigorous security using industry-leading and globally recognized standards and protocols. Finally, make sure that their practices are also fully compliant with any regulations specific to your industry.

Which Software is Used for Digital Documentation?

loud-based document management helps agencies organize their digital content in a more efficient manner. With cloud solutions, all your digital files are stored in one centralized location and can be accessed in the cloud at any time, from anywhere you are. On top of that, utilizing cloud technology helps your agency readily comply with all of its ongoing retention schedules.

Image API’s cloud content management, digital imaging services, and digital process automation is designed to deliver measurable value and sustainable results at the speed of digital. And with your most important documents conveniently uploaded to the cloud, you’ll find yourself in great company since many agree cloud services are the safest, most effective way to manage all of your past, present, and future documents.

What Are Some Examples of Digital Documents

Digital documents serve a variety of purposes, though some of the most common examples include personnel records, legal documents, internal communications, applications, and invoices. Each of these files has its own specific features and functionality, all of which are made more accessible (and less complex) when they’re converted into a digital format.

1. Personnel records

Personnel records are files that pertain to the employees at your organization and are typically managed by the HR department. In general, personnel records include details about an employee’s application, job description, and their unique salary data.

Specific examples include hiring documents, performance reviews, and compensation records (like W-4s, beneficiary forms, and so on). The best way to maintain your agency’s personnel records is through digital documentation, as this method makes sure all private employee information is well-protected.

2. Legal documents

The truth is, personnel records and legal documents are likely to overlap at some point. That’s because items like non-disclosure agreements, background checks, and medical records are all employee-related, while also being legal in nature.

The benefits to digitizing these records are wide-reaching, but they include: increased efficiency (since digital records are stored in a searchable database), reduced costs (thanks to significantly less storage space), and a more seamless experience for the client (which they’ve come to expect from the legal industry).

3. Internal communications

Internal communications is a bit of a ‘catch-all’ phrase that’s used to describe a number of team connections and collaboration within your office place. Examples of internal information exchange can range from employee handbooks, to top-down memos, to crisis communications, and more.

Digital document management helps nurture and promote your agency’s greater internal communication strategy, by streamlining intra-office communications and being able to share information with fellow employees in mere seconds.

4. Applications

As a potential employer, you should aim to make the employment application process as straightforward as possible. This means prospective employees know exactly how and where to apply, while at the same time, your HR department has an easy time filtering the incoming applications (and finding the best person for the job).

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Digital application forms really upgrade this entire process, by making it much simpler for the HR team to find qualified individuals, and making it quicker for job seekers to find roles that are suited to their skillset.

5. Invoices

With digital invoicing, there’s no need to scan individual documents into your system, translating to notable time saved to be used on other value-added projects. In addition, digital invoices ensure all details — such as invoice number, due date, and amount — are always correct.

And as for cost savings, with digital invoicing you no longer need to spend money on printing, packaging, and postage, which also means you’re likely to receive payment faster (since the invoices go directly to the recipient’s online bank or similar financial account).