The Importance of Document Management Systems in Our Digital Age

The Importance of Document Management Systems in Our Digital Age

Written By
Joy Cunanan
Updated on
May 20, 2024
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0
minutes

Every year, more and more businesses seem to be emerging in all corners of the globe. In fact, the recent coronavirus pandemic appears to have unleashed a tidal wave of businesses that have proved to be more durable than some may have expected. 

Millions of people have strongly driven this increase out of work due to the pandemic, which just gave them that extra push. Researchers at the Kauffman Foundation actually found that approximately 30 percent of new entrepreneurs last year were unemployed when they started their business during the pandemic. 

Nevertheless, many have managed to tap into new and unique business opportunities in a vast array of different industries. However, every business regardless of industry shares one thing in common, which is their extensive use of documents.

Documents, especially contracts, are the building block of any business and play a crucial role in facilitating the proper functioning and overall success of any business. A document management platform is a must-have tool in today’s digitally advanced world. There is no company that can make it without viewing, editing, and sharing documents. The more we create and rely on documents for work, the more critical it is to have a system in place to effectively manage documents across all sectors of your company. This is where document management comes in.

In this article, we’ll go through what a document management system is, why it is becoming increasingly important, and what a good document management system has to offer.

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Document Management Explained

Document management is defined as a system or process used to help capture, track and store electronic documents including PDFs, word processing files, and digital images of paper-based content. Put simply, it is the system in which your organisation is likely organising their documents. 

The Key Features of a Document Management System

Document management systems are designed to accommodate organisations with different tools and features that will organizationally streamline their workflows, increase their security, and encourage efficient collaboration among teams.

Let’s go through a few of the key features found in a document management system that will help your business below. 

  1. Templates for Document Types

Contracts can take a number of days to complete at times, but the process of document management can reduce the time wasted. Document management systems like Lexagle often come with a myriad of different templates you can choose from, so you don’t have to draft contracts from scratch every time. This standardisation will speed up your contracting process immensely. 

  1. Version Control

Maintain records of all revisions, comments, and discussions surrounding a contract. In a survey done by Nintex, 33 percent of workers struggle with version control, which is the practice of tracking and managing changes in a certain piece of work. In document management systems, you have access to version controls which will help guarantee that you’re always working on the latest version of a contract, while still being able to reference previous versions. 

  1. Sensitive Data Management

It goes without saying that employees in every kind of business are prone to making mistakes, which are sometimes critical to the survival or efficiency of a business. When documents are stored insecurely or are disorganised, it can lead to mishandling of sensitive data or even data leaks. Document management systems ensure your business’s data is both safe and secure by keeping away unauthorised users and backing up data, to name a few.

  1. Quick Search Abilities

With document management systems, you get to have advanced searching capabilities when you or anyone in your organisation needs to locate a particular document since everything has been digitised. Instead of spending precious time searching for documents, you can focus on more important tasks at hand.

In summary, having proper document management in place will help your business reduce costs and storage space, improve workflows, and be ready for any potential disasters.

The Importance of Document Management

As we previously mentioned, the rapid digitalization of our world has led to an exponential growth in businesses and with that comes more contracts and other documents. Every day, companies create and manage massive amounts of business documents, contracts, and proposals.

At some point during a business’s growth, these documents can become scattered all over the place on your digital devices. So what happens when you can’t find a file in the middle of a meeting? Or when your manager immediately needs that important document, but you cannot seem to remember where you stored it?

There are many reasons why an organisation needs to deploy a document management system immediately. Some of these include:

  1. Document management adds accessibility and organisation. A document management system allows you to get rid of the massive digital mess you have unknowingly created. 
  1. Document management is the greener choice. Going paper-free also helps you reduce a huge amount of paper waste from the environment, helping you reduce thousands of paper sheets each month. 
  1. Document management has better integration and scalability. A document management system offers advantages in terms of information retrieval, security, governance, and lower cost of operations. What’s more, proper records management is becoming a legal imperative.

Centralise Your Document Management Today

Every company manages huge amounts of documents so choosing the right document management system that helps in gaining a competitive edge over your competitors is a must.

Lexagle is a document management and collaboration tool that helps teams to collaborate, share, track, and manage all company documents, files, and other content in one place. Our document management system allows you to create documents, simultaneously collaborate in real-time, track documents, and manage projects.

If your business is ready for the next step forward in this digital age, contact us for a free demo today. 

The Importance of Document Management Systems in Our Digital Age
Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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