Effective document management is one of the many challenges of running a business. Besides ensuring that every document is collected and stored safely, the company must also be diligent in organizing documents for easy retrieval.
Effective document management can handle customer inquiries, taxation requirements, employee concerns, and other similar matters tied to a specific document. Otherwise, the company may find itself subjected to all sorts of issues. From negative customer perception and work process delay at best to serious legal trouble.
This is especially true for enterprise-level companies, where the challenge of document management will be so burden. Modern companies like Stoplight encourage this practice to help improve operational and development processes.
In such cases, having a document management system can be beneficial and essential.
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What is a Document Management System?
A document management system is a software solution that allows administrative staff to digitally store, organize, protect, retrieve, and keep track of every single piece of document involved in running a business.
There are different types of document management systems available in the market today, each with its exclusive features and styles. However, as a general baseline, a document management system should be able to perform all the functions mentioned above.
By using a robust document management system, a company enlists the help of technology to handle its documentation rather than relying on employees. Doing this can have several benefits that can positively impact the company’s business operations. Here are those benefits.
Benefits of using an Enterprise-Grade Document Management System
1) Intelligent Document Organization
One of the most significant benefits of using a document management system is how it organizes information intuitively and intelligently.
One example of such a scenario can be seen in the use of hosted Application Programming Interface (API) documentation. A large part of the importance of organized API documentation lies in its ability to display information about an API in a structured way that facilitates intuitive and efficient learning about the API itself.
As coders and programmers who are interested in adopting APIs into their projects will have a much easier time learning how to do just that, thanks to the documentation.
Also Read: Best Project Management Tools To Fuel Your Organizational Goals
2) It makes work processes that are reliant on documentation more efficient.
Having a company’s documentation managed by a document management system also empowers its employees to be able to retrieve and access any document they need in a more agile fashion. This can significantly boost productivity in complicated, process-heavy tasks that require the frequent consultation of procedure and equipment manuals.
3) It Increases Document Accuracy
By using a document management system, a company can significantly increase the efficiency of its documentation. This is because a digital document can easily be retrieved, checked, and corrected at any time after its creation, with the process taking a considerably shorter amount of time compared to paper documents.
What’s more, depending on how the document management system is set up, it can also allow other departments and employees to access the document from anywhere, examine it further for errors, and correct it as necessary.
4) Reduces the Company’s Reliance on Paper and Printer Ink
Another tangible benefit of using document management is that it helps the company cut down on its dependence on printing out documents on paper.
Doing so not only reduces the expenses spent on office supplies but also contributes to shrinking the enterprise’s carbon footprint and lessening its impact on the environment. Businesses can also earn an extra income by selling ink cartridge online. Additionally, it also results in less room being taken up by bulky file cabinets and binders.
Also Read: 5 AI Business Tools You’re Probably Not Using – But Should
5) Increases Document Security
A competent document management system can restrict access to certain documents to only a handful of selected people. This prevents unauthorized personnel or employees from viewing sensitive business information. Thus helping the company avoid costly scenarios involving information loss or intellectual property theft.
6) It Preserves Operations Continuity
Many document management systems offer documentation backup as a critical feature. The backups made through this feature can prove indispensable in scenarios where the office infrastructure containing the company documentation is damaged.
By simply retrieving the backups made by the document management system. The company and its business can return to normal operations at the soonest possible time.
Final Thoughts
Managing documents efficiently in an organized manner can be challenging and resource-intensive, especially for an enterprise-level company.
However, by implementing a document management system solution, a company can turn such a challenge into something that actively contributes to the increased efficiency and profitability of their business.
Companies of all sizes should strongly consider procuring a document management system if they wish to remain competitive.
