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.
- 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.
- 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.
- 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.
- 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:
- Document management adds accessibility and organisation. A document management system allows you to get rid of the massive digital mess you have unknowingly created.
- 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.
- 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.