5 Benefits of a Document Management System

5 Benefits of a Document Management System

Every person has documents that they need access to, so it stands to reason that a business has hundreds, if not thousands depending on the size of the company. Here at Symmetric IT Group, we have no shortage of documents from throughout the years that we like to keep organized. If you and your staff are tired of sifting through dingy file cabinets to find that the document that should be in a certain place, isn’t, considering a document management system may be right for you. Today we will give 5 benefits of a document management system and why you may want one for your business. 

#1. Cost per Square Foot – Business space can get pretty pricey. The more physical documents you have, the more space you need to file them away. If you have a small business, you may not need a lot of space to do business, but the longer you are in business, however, the more documents you accrue. Installing a document management system–a software-based system that provides the ability to scan and store physical documents so they can be stored digitally–can really cut down on the amount of space you need. It gives you the ability to store your hard copies in a less expensive location, while still having access to the document and its contents. Having all of your documents in an electronic format is beneficial as well because they can quickly be shared with people in and out of the company with little effort.

#2. On Lock Down – Document management provides the ability to better secure your documents. You may think access to physical information would be more limited than in a digital environment, but costs to secure physical space are far greater. Any solid Document Management System will allow you to control documents at the folder level, providing a level of access control that’s on par with a typical business physical security system. More than that, documents inside a DMS have an associated audit trail, giving administrators the transparency needed to manage system security.

#3. Access and Speed – The time it takes to file and find physical documents costs businesses a lot of capital. In fact, according to one study, it costs upwards of $20 for organizations to file a single paper document and those costs increase substantially if the file is mismanaged in some way. Now take that and multiply it by all of the documents you have, when you look at it that way, that money could be put towards far better use than on sorting papers. With fast, reliable access to all of your documents, the ability to print documents in seconds, and the ease of use of most DMS platforms, your business moves faster and saves money.

#4. Better Collaboration – Solid collaboration is one of the keys to building a successful business. With a DMS, sharing information is much easier. There’s no one trying to thumb through 50 folders trying to find a receipt. The receipt is there within seconds, and there is nothing to refile! Your team can move through tasks efficiently with all of the documents they need.

#5. Regulatory Compliance – Almost every business has to deal with some type of regulatory compliance standard that’s there for a reason, but these seem to hinder progress. With a DMS, your organization can reduce the risk of non-compliance, even for the most complex regulations. Avoid the headaches (and possible expense) from fines and other penalties, as much of the reporting can be automated and secured through the DMS.

We hope you consider these 5 benefits of a document management system, switching to a software-based DMS might just be right for your business. To talk to one of our consultants about the prospect of outfitting your business with document management, call Symmetric IT Group today at PHONENUMBER.

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