In this information age, we are generating 2.5 quintillion bytes of data daily. Now imagine this data in the form of paper files. A pile of documents could cover the ocean of the earth. There is no doubt about the crucial role data plays in all businesses. Therefore, it must be managed, analysed, stored and synthesised accordingly. But managing physical documents is an expensive and time-consuming process. This is where document management systems come into play.
Digital documents are the need of the hour, and with these documents, we can perform tasks like storage, organisation, annotation, signature etc. Document management software lets you do this, and businesses should know the benefits of an effective document management system.
While businesses deal with many things simultaneously, keeping track of all the necessary documents and records can sometimes be overwhelming. To facilitate this problem, Document Management Solution companies offer software that store, manage, share, and track electronic documents and images. It's this software that organises and controls digitised documents throughout an organisation. The most important thing about online document storage is that it provides instant access to employees, vendors and customers, which ultimately helps in meeting business goals.
In this blog, we will explore document management software applications in various businesses or sectors and take a look at DMS advantages.
Document Management System - What is it?
Often businesses have a massive set of data and information, which needs to be correctly organised and stored as it enables businesses to make appropriate business decisions, improve connectivity, evaluate products and markets, communicate with customers and help transact with stakeholders, etc.
Storing important business-related documents and records in filing cabinets is an outdated and inefficient method. A document management system (DMS) is a computer-based software that helps store, track, manage, share and retrieve electronic documents by reducing paper document use. Document management software lets you store, view, search, and index CAD Drawing, PDF, PNG, JPEG, MP4, DWG, Microsoft Office Files And many more file types. DMS solution enables the organisation to control and securely share critical records and documents with others.
A DMS software reduces storage space, improves regulatory compliance, increases security, and enables better collaboration, data backup and easier disaster recovery. Almost every industry and sector can benefit from its implementation. In short, DMS is the perfect solution to tackle business document management challenges and stay productive.
Types of Document Management Software
Knowing the types of DMS solutions is crucial before investing in the best document management software. Document management systems are classified into two broad distinctions - On-Premises DMS and Cloud DMS. The choice of DMS largely depends on your business type; hence a conscious decision is required.
On-premises DMS
On-premises DMS allows businesses to store digital data on their servers, making it easier to store, secure, access and manage documents and data at high speeds. Its limitations are that you have to spend more money on hardware and take responsibility for managing security and server tuning.
Cloud DMS Solution
Cloud DMS Solutions is a highly secure system designed to store, track and manage electronic documents and records in the cloud. Cloud-based DMS software enables businesses to access, edit and share records or documents efficiently and securely. Using this, important documents can be accessed, shared, and edited from anywhere. Cloud storage DMS is one of the most effective forms of storing documents out of many document management systems.
To invest in India's best cloud document management software, consider EisenVault Cloud DMS solutions.
DMS Advantages in modern businesses
In today's fast-paced business environment, businesses need a competitive advantage to survive and thrive. For modern businesses, a DMS is a vital tool that can improve an organisation's efficiency, enhance security, provide cost savings, increase collaboration and ensure compliance. DMS is essential for today's enterprises because:
Improved efficiency and productivity
Document management solutions help businesses manage their important documents and records in a more organised and efficient manner. Time is money, and organising files with online document storage can streamline workflow and save time, ultimately increasing the organisation's workflow productivity. This tool allows the business to store its vital documents in one central location, making it easy for the employees to access the required documents at the time of need. This saves time searching for documents, and employees can concentrate on other essential tasks.
Additionally, faster and more efficient document retrieval significantly boosts employee morale and increases the speed of business processes.
Enhanced Security and Compliance
DMS tools help businesses maintain their electronic records securely. In today's digital age, with the increasing frequency of cyber threats and data breaches, ensuring the security of confidential and sensitive information has become imperative. The security and compliance techniques of document management systems help you with this.
DMS's role-based access control or controlled access technology allows organisations to give users access to only the information they need to do their jobs. In short, it prevents unauthorised access and reduces the risk of data breaches to a great extent.
In addition, DMS Solutions also offers encryption algorithms to prevent unauthorised access to sensitive information. To protect confidential information from cyber threats and data breaches, the software also provides audit trail technology that allows easy tracking of user activity, thereby helping to identify potential security breaches.
Cost Savings
If your business relies heavily on documents and records, a lot of money must be spent on paper, printers, ink, physical storage, etc., which is not good for any business in the long run. What if the information related to your business was all electronic? While digital documents do not require physical space to be stored, less workforce is needed, which saves the business a lot of time and money. This advantage of a document management solution must be addressed.
Better Customer Service
EisenVault's online document storage system is known for providing superior customer service. Customer service representatives can quickly retrieve customer information and answer questions using a DMS. This gives users faster response and better customer satisfaction.
In addition, DMS Solutions ensures that users receive accurate and up-to-date information, thereby reducing the chances of customer dissatisfaction and increasing the chances of better collaboration.
Improved Disaster Recovery
Storing business documents physically is costly as well as riskier. Along with physical documents, there is always a risk of theft, destruction or loss of valuable information in disasters like floods, earthquakes, fires etc. If this happens, it can seriously impact your business.
Document Manage Systems, especially cloud DMS solutions, have multiple capabilities like digitisation, digital archiving, storage etc., which help in better digital preservation, data backup and recovery in case of unforeseen events or disasters.
Scalability and Flexibility
DMS software can easily accommodate the increase in documents and users and the organisation's expansion. This tool can handle massive amounts of data and provides fast & efficient search capability.
Also, the flexibility of DMS helps in customising it as per the business's specific needs. This ensures seamless workflow and data management.
Sustainability
Document management solutions make a significant contribution to sustainability in organisations. It reduces paper and environmental impacts (water use, energy consumption, deforestation). Since it is paperless, it saves energy by eliminating the need for physical storage space and printing.
Let's understand how cloud document management software benefits various market sectors.
Importance of DMS in various market sectors
Healthcare
The healthcare sector contains a vast amount of sensitive and confidential information relating to patients, and medical & billing records, which needs to be managed efficiently and securely. An electronic document management system can significantly help the healthcare sector to manage and organise important documents and patient-related information effectively.
DMS system helps in the automation of workflow by reducing manual errors. Since the software comes with features like access control, encryption and audit trails, using this tool in the healthcare sector can prevent unauthorised access to patient information.
DMS system can be an effective solution for the healthcare sector as it improves patient information management, efficiency, security and compliance.
Legal
DMS solutions are also crucial for the legal sector as law firms, departments, and legal professionals deal with massive amounts of information (paperwork) on a daily basis, and there is a need to manage and organise that information, as it's a fundamental aspect of their day-to-day operations.
Law professionals handle vast amounts of contracts, court transcripts, legal briefs and evidence files every day; with Legal Document Management Solutions, legal professionals can organise and categorise essential documents and records efficiently, making it easy to retrieve them when needed.
Moreover, legal professionals can easily share information with their colleagues, clients and other stakeholders using DMS software. Since legal documents and records are sensitive and confidential, it is essential to keep them secure. This tool ensures the storage of sensitive data and prevents unauthorised access or tampering with them.
If you are looking for the best cloud-based legal document management system, you can go for EisenVault Legal DMS solution, which brings time savings and efficiency by automating repetitive tasks like filing case files, indexing, and searching documents.
Education
The demand for the best software for document management systems in the education sector has seen a tremendous boom in the last few years. As there is a considerable amount of paperwork in educational institutions like schools, colleges, universities and coaching institutes, sometimes it becomes challenging for the institutions to manage the documents. These important documents and records include admissions, health and safety, facilities management, coursework, student records, and Ofsted reports.
DMS captures and stores these critical documents and records in a centralised pool, thereby helping to reduce administrative tasks. Essential documents can be accessed and shared quickly and easily from anywhere, anytime, and from any platform, which ultimately helps in better collaboration.
It protects confidential information.
It reduces costs in the education sector.
It enhances collaboration.
It increases efficiency.
Documents can be kept secure with controlled access.
Finance
While document management software (DMS) improves operational efficiency, reduces compliance risks and enables better decision-making, DMS tools can also play an important role in finance. Companies in the finance sector often deal with vast amounts of documents, including financial statements, contracts, and invoices. This online document storage tool helps manage critical financial documents and records in a more organised manner.
Document Management System for Accounting provides real-time access to critical data, making it easier for finance professionals to make timely decisions. Additionally, it can integrate with systems such as accounting, ERP, and CRM.
Government
There is also great demand for the best document management software in the government sector. The government has to keep the contracts or confidential data related to the citizens registered with them completely safe. Still, it is sometimes impossible to protect sensitive information pertaining to the citizens from natural calamities or adverse human interference. But the possibility of change in the confidential data must be considered due to various consultations. Various situations require retrieving the context, which is only possible with a DMS solution. Personal data can be easily tracked and accessed by implementing a document management system.
Human Resource Management
Human Resources (HR) is one of the most data-intensive functions in any organisation, with vast amounts of sensitive information. Due to this, the risk of security also remains high. Managers have to deal with not only the cost of managing data but also the security of that data. HR Document Management System is a software specially designed to streamline the management of HR-related documents or records. These documents include resumes, job applications, performance evaluations, employee records, benefits information, and other HR documents. The primary goal of using HR document management software is to streamline HR processes, reduce administrative burden, robotise workforce functions, increase efficiency, and ensure compliance with regulatory requirements.
Conclusion
Document management software comes in many sizes and shapes and helps organisations of almost all sizes to store files and manage documents effectively. Especially in this digital age, important papers and records require secure storage, easy access, efficient retrieval, and streamlined collaboration which is possible with a DMS solution. Document management solutions help businesses reach their business goals.
As technologies such as artificial intelligence, machine learning, and automation continue to evolve, document management software will also continue to grow with time.
Lastly, you will find many DMS software companies in the market, but if you are looking for the best document management solution for your business, you need not go further than EisenVault. EisenVault DMS is the most up-to-date, user-friendly, cost-effective online data storage solution.