Administration is an essential aspect of any business. From invoices to contracts, project timelines to marketing plans, everything needs to be documented. However, the days of shuffling piles of paper into filing cabinets are gradually becoming part of history. As more businesses make their documents digital, there’s an increasing requirement for secure, reliable document management software.

If you struggle to find the documents you need or worry about data privacy and security, you could be ready to adopt a document management system. Before you buy, take a look at these seven benefits of investing in the right document management software.

1. Reduce Human Error

Filing physical documents is a painstaking task and highly prone to human error. Documents can easily become misplaced, filed in the wrong section, or even damaged. Some digital systems also leave documents susceptible to errors. For example, a database or spreadsheet where all the cells allow freeform data entry is open to misuse. You can end up with dates in the name column when tired employees lose their focus. Mistakes like these can make it virtually impossible to retrieve the right documents when needed.

Document management software vastly reduces the risk of human error and increases the accuracy of stored data. More accurate data leads to better, faster business decisions — and boosted business growth.

Businesses can set fields to certain types of data to avoid conflicts and mistakes. Some software allows businesses to upload their processes and protocols to make every document entry fall in line with the firm’s administrative requirements. Plus, because every document is dated and marked with metadata including who uploaded it, it’s easy to provide feedback when rare mistakes are made.

2. Instantly Retrieve Essential Documents

This metadata can also make it so much quicker to retrieve documents. Searching endlessly through filing cabinets is time-consuming and frustrating for employees already busy with other business-critical tasks. Imagine, instead, that you can simply enter a keyword or phrase and all relevant documents appear on your screen. With document management software, that’s the level of efficiency you gain.

At times, it can be critical to find a document fast. You may need:

  • Financial documents for tax purposes
  • Copies of invoices for clients who have lost theirs
  • Reports for various stakeholders
  • Marketing and branding packages to take to ad hoc meetings
  • Pitch decks for investors
  • A variety of files for auditing purposes

When someone in your team or from outside your organization wants to see a document, it’s quick and easy to access what you need.

3. Provide Layered Access Controls

Of course, not everyone should be allowed to have access to all your critical business documents. That’s why the best document management software allows you to control levels of access. You can determine who should have access to what, and the software will apply those protocols holistically across your organization. When someone changes teams or gets promoted, your dedicated software administrator can change the access controls as needed. Keep your business data limited to those who need it and minimize the risk of lost data.

4. Protect Business Data

As well as keeping company data limited to those who should have access, the right software also provides optimal protection from external threats. Your software provider should provide a high level of cybersecurity, securing data against malicious actors who may try to access or steal your information. Reports suggest that 78% of small businesses worry that a serious cyberattack could put them out of business. Investing in secure document management systems helps alleviate that stress by providing appropriate protections.

The right document management software also helps you remain compliant with the various data privacy and security regulations you must adhere to. Talk to your software supplier about the industry you work in to ensure they can provide the right level of security.

5. Monitor and Manage Version Control

Paper documents lack the versatility of digital documents. Making adjustments and correcting errors is tricky and often messy, resulting in wasted paper and confused team members. While it’s easier to change a digital document, this can also create confusion if not handled correctly. Different employees may end up with different versions of the same file, impacting productivity, collaboration, and even client satisfaction.

With document management software, you can implement version control, clearly marking which is the latest iteration of a file. You can monitor when changes are made to any document, instantly seeing a history of the versions and who made the changes. If a colleague notices an error in a new version, quickly roll back to an older variant and start again. Keep everyone appraised of the changes made by setting up notifications that are automatically sent to relevant team members.

6. Increase Productivity

Small businesses spend an astonishing 120 days a year, on average, dealing with administrative tasks. In financial terms, if companies could reclaim those lost days, it would contribute an additional $325 billion to the economy. Document management software is a step in the right direction, removing many of the time-consuming tasks associated with document storage and retrieval and boosting productivity.

7. Document Storage That Grows With Your Business

If your business remains dedicated to paper, there is one overriding truth: one day, you will run out of space. As your business grows, you’ll need more storage space for the relevant documents. This is particularly true if you take on partnerships and attract investors. You’ll need additional and separate repositories for new types of data.

Digital document solutions grow with your business. You never run out of storage space, as your provider can scale up the required resources as your needs change.

Source Expert Document Management Software From Elite Imaging Systems

Elite Imaging Systems is a trusted provider of office technology solutions across Detroit, Flint, Troy, and beyond. Our document management software was created in partnership with Kyocera and HyPAS and offers support across all your business devices, from laptops to smartphones.

We also offer a range of support resources, from expert remote support to FAQs covering a range of everyday business IT tasks. Contact us today to discover how our document management software and other services can help streamline your business operations.