Benefits of a Document Management System
Document Management System (DMS) benefits break down into two main types: Tangible and Intangible.
Tangible benefits are those things that can be measured in the sense that the benefit can be quantified.
Intangible benefits are things that are going to be hard to measure and attribute to the use of a Document Management Software.
Tangible benefits of DMS would include the following...
Reduced Storage
The cost of commercial property and the need to store documentation for e.g. retrieval, regulatory compliance means that paper based document storage competes with people for space within an organisation. Scanning documents and integrating them into a document management system can greatly reduce the amount of prime storage space required by paper. It also allows any documents that still have to be stored as paper to be stored in less expensive locations.
Flexible Retrieval
Retrieving documents stored as hard copies, or on microfilm absorbs time. A Document Management Software increases creates electronic images of documents and stores them centrally. Less time is spent locating the documents as they can be retrieved without leaving a desk. Document Management Software users can also access other systems available from the desktop at the same time as retrieving documents. With paper-based solutions documents are often removed from storage and taken back to the desk to access other systems (which can lead to loss, prevents others finding the same file, can be viewed by others).
Flexible Indexing
Indexing paper and microfilm in more than one way can be done, but it is awkward, costly and time-consuming. Images of documents stored within a Document Management Software can be indexed in several different ways simultaneously.
Improved, faster and more flexible search
Document Management Systems can retrieve files by any word or phrase in the document - known as full text search - a capability that is impossible with paper or microfilm. A Document Management Software can also apply single or multiple taxonomies or categorisations to a document of folder that allow documents to be classified and stored in more than one way from a single instance or something which is not possible with paper or microfilm.
Controlled and Improved Document distribution
Imaging makes it easy to share documents electronically with colleagues and clients over a network, by email or via the Web in a controlled manner. Paper documents usually require photocopying to be shared, and microfilm requires conversion to paper. This provides a cost saving by reducing the overheads associated with paper based document distribution, such as printing and postage and removes the typical delay associated with providing hard copy information.
Improved Security
A Document Management Software can provide better, more flexible control over sensitive documents. Many Document Management Software solutions allow access to documents to be controlled at the folder and/or document level for different groups and individuals. Paper documents stored in a traditional filing cabinet or filing room have the same level of security i.e. if you have access to the cabinet you have access to all items in it. Document Management Software also provides an audit trail of who viewed an item, when or who modified an item and when, which is difficult to maintain with paper or microfilm based systems. A Document Management Software also removes the possibility of having confidential material or trade secrets lying around unattended in an office.
Disaster Recovery
A Document Management Software provides an easy way to back-up documents for offsite storage and disaster recovery providing failsafe archives and an effective disaster recovery strategy. Paper is a bulky and expensive way to back-up records and is vulnerable to fire, flood, vandalism, theft and other 'Acts of God'
No Lost Files
Lost documents can be expensive and time-consuming to replace. Within a Document Management Software, imaged documents remain centrally stored when being viewed, so none are lost or misplaced. New documents are less likely to be incorrectly filed and even if incorrectly stored can be quickly and easily found and moved via the full-text searching mechanisms.
Digital Archiving
Keeping archival versions of documents in a document management system helps protect paper documents, that still have to be retained, from over-handling and keeps electronic documents in a non-proprietary and native format, such as Microsoft Word or Excel.
Improved Regulatory Compliance
The risk of non conformance leading to fines, a withdrawn licence to operate, or in certain circumstances custodial sentences when an audit takes place is reduced and in most cases removed. A combination of security control, audit trails, archiving and disaster recover ensure that an organisation is able to authenticate the validity of information stored and demonstrate compliance with regulations and requirements.
Improved Cash Flow
The increased productivity of processing document-based processes such as invoices, debt collection and other "cash critical" business documents, ensures that the flow of cash can be controlled centrally and all documentation required to make cash flow decisions can be accessed immediately.
Other less 'tangible' benefits of a Document Management Software might include...
Improved Internal Operations
The reduced time to complete processes provided by the tangible benefits, improves the day to day operations of all functions within an organisation, leading to an improved flow of information, an increased perception of staff in their ability to solve questions and tasks and a general 'feel good' factor.
Competitive Edge
The same information that was previously stored as paper or microfilm, can now be distributed to customers and target audiences electronically. The 'reduced time-to-market' effect can be for products, services, support - all of which improves the impression the external recipient has of the organisation and provides a competitive edge over your competitors (or it removes a competitive disadvantage if they have already deployed a Document Management Software).
Improved customer service and satisfaction
Reduced response times, a more professional response, a more accurate response with more controlled processes reduces the time spent on 'manually' ensuring customer satisfaction and allows staff to allocate resource to other core business activities.
Preserve Intellectual Capital - Organisational Knowledge
New or changed documentation can be 'pushed' to employees and no longer relies on 'hallway conversations' or 'round robin' emails. The locality of information is not locked away in the 'heads' of specific individuals and can be easily shared across departments and physical locations increasing the value of that information to the organisation.
If you think a Document Management Software could benefit your business, please call Document Genetics to find out more information about the solutions we offer on 01604 671177 or take a look at infoRouter Document and Records Management Software (EDMS / DMS).
