Every company needs a proper document management system (DMS). A DMS saves valuable time by organizing documents efficiently and enabling easy file retrieval, especially when huge volumes of documents are involved. Companies with a comparatively small workforce also face problems when it comes to managing numerous documents and business records. This has led many small and medium-size businesses (SMBs) companies to invest in document management software. Implementing a robust document management system (DMS) makes it easier for them to keep the documents organized, enabling quick access to information when they need it. In order to convert their paper documents into electronic files and manage them more effectively, many companies are outsourcing document scanning, conversion and cleansing. Relying on professional document conversion services is the best way to embrace the latest document management trends and stay competitive in 2023 and beyond.
Document Management – Benefits
Document management is the process of storing managing, storing, and tracking digital documents in various formats such as Word, PDF, etc. Using electronic file management system, companies can store documents securely and centralize the whole process. Here are the key advantages of an efficient document management system –
- Better Productivity – With a DMS in place, company files can be efficiently and securely organized in a central location. Free from the task of maintaining documents, staff can focus on high-value tasks, which will increase productivity.
- Improved Security – Maintaining data security is critical. A DMS enables storing of sensitive documents and controls access to these files. Document management makes files highly traceable and reduces likelihood of loss or misplacement.
- Reduced Storage Space – A DMS allows firms to go paperless by allowing digital management of documentswithout occupying any physical space. There is no need to maintain file cabinets, storage boxes any more.
- Quick Document Retrieval – Searching and retrieving files and documents can be a time consuming process. A document management system allows quick and easy location of files thereby saving valuable time.In fact, a DMS enables searching of files based on name, metadata, and content using high-end technology.
- Optimum Team Collaboration – Most document management solutions support team collaboration. They store files collected from various sources and allow authorized users to access the files from remote locations.
What is Document Management Software?
Typically, DMS refers to intelligent automation software that automates every aspect of the document lifecycle with workflow automation. This includes creation, capture, data extraction, classification, verification, approvals, modification, database synchronization, storage, and security. Document management system makes it easier to locate and manage files with features like document indexing, full-text search and role-based access storage facilities.However, more than just document storage; document management software organizes database, automates manual tasks like data entry, improves employee productivity, and maintains activity logs for audits trials.
Top Document Management Apps for SMBs
According to market research reports, the document management software market is worth USD 5.5 billion in 2023 and is set to grow to USD 16.4 billion by 2029 with a 16.8 percent CAGR. Here are 7 quality document management software apps for SMBs –
- iManage – This document management system tool help convert data into high-value knowledge by connecting documents. It saves all documents in a single folder and categorizes them according to project or client. Users can search for and share documents quickly and efficiently on iManage. It also helps locate documents easily. This tool can be easily integrated with different productivity tools of Office 365 and Google Workspace for streamlined document management.
- Folderit – This cloud-based document management system offers sustainable storage for digital documents in a user-friendly manner. It securely stores the metadata and older versions of a file or document. Users can search for their preferred files using filename, metadata, keyword, and document content. The system also supports approval workflow, file linking, automated retention, reminder, document numbering, audit trail, and local backup. This tool makes it possible to control access to digital documents with different permissions.
- Box – The Box app can help companies to securely store, manage, and collaborate on content. It uses customized metadata to categorize and organize documents. Its document lifecycle management feature ensures the content management process complies with regulations, data retention policies, and discovery requests. It allows setting user permissions for each document so only the right people can access it. It also helps to audit user activity for complete visibility and control.Box can also seamlessly integrate with open APIs and enterprise applications. With its key features like version history, shared links, Box makes commenting and collaboration among team members easy.
- eFileCabinet – This is a powerful DMS that small and medium businesses can utilize for online data organization, no matter how many documents they have. To store a file, simply upload it on the platform. Users can locate any file using the filename or folder template. Also, eFileCabinet provides quick and easy access to frequently used documents. While facilitating collaboration among the team members, this tool adds different security levels for controlled access. It also supports integration with third-party tools, like MS Office, DocuSign, and Salesforce. Other features of eFileCabinet include automated workflow, two-factor authentication, encrypted file sharing, location or IP-based authentication, and role-based permissions.
- OpenKM – This is a business DMS that help controls digital document creation, storage, and distribution. This software has several administrative features such as user role definition, advanced search, access control, document security level, detail use log, automation set up, and user quota. Users can collect data from any digital source and collaborate with teammates.
- DocuWare – This document management platform digitizes documents and secures them from any device, anytime. Also, it helps in invoice processing and employee management. This software is specifically useful for companies that rely on remote teams or have a distributed workforce. DocuWare offers a secure repository for all critical business documents, such as contracts, employee information, and financial records. After storing a file on this tool, you can directly edit or annotate that document on the same platform. The software app features smart productivity tools so that the users can easily search, track, and collaborate. It also uses index data to organize all the documents precisely.
- Alfresco – This open-source document management platform comes with features like document management, web content management, record and image management, and content repository to streamline organizational workflow. This tool is compatible with Windows and Unix operating systems.
Businesses handle large volumes of electronic and paper documents as part of their everyday operations. With the rise in the use of digital devices, most businesses are switching to electronic documents to increase efficiency, streamline workflow and save space, time and money. Having an efficient and secure document management solution in place can streamline workflow and boost productivity and efficiency. Secure cloud-based document management systems help store and organize documents effectively. Business process outsourcing services play a major role in this transition by helping organizations scan documents in bulk and integrate them into document hosting systems.