A business executes many operations. But managing everything manually is daunting.  With the advancement of technology, new tools are emerging to make our lives convenient. One such highly efficient software is the document management software.

Companies worldwide have already started implementing this fantastic software in their overall business processes for countless reasons. According to Statista, the worldwide market value of document management systems was 3.59 billion U.S. dollars in 2017, which is predicted to have a hike of 6.78 billion U.S. dollars or more by 2023.

Source: Statista

Thus, having a good document management system is not even an option anymore. It is a necessity. Why? Let’s dive into details to understand this in a better manner.

What are the top features of a document management system?

Even though the list of features is perpetual, yet a few very crucial document management system features are as follows:

  •  Cloud access

Since almost everything is carried out digitally, uploading and downloading documents from any geographic location is advantageous. And the cloud access facilitates such web integration for a seamless user experience. Furthermore, the document transfer is also not limited to a single workplace device, which again proves to be a great document management system feature.

  • File management

With so many documents and files available, it is tough to handle everything single-handedly. A definite organisation hierarchy is another critical feature of a document management system that allows optimum categorisation, tagging, rating, sorting, etc.

  • Convenient user interface

The user interface of the document management software plays a significant role in the overall convenience. Many employees might get puzzled with the working of the system. Thus, a useful and attractive UI will ensure that it is easy to use and everything is easily accessible.

  • Search feature

Searching for the right document is undoubtedly a hassle. A robust search feature will be highly beneficial to browse and search the document’s content from the company database within seconds, which can be time-saving.

  • Version Control

Within a company, numerous changes and edits could occur over time. Reverting to those old versions is undoubtedly not possible by working manually. A good document management system will save modifications and versions of the file. You can easily search back in history and refer to them while carrying out future processes to prevent repeated mistakes or errors.

  • Limited permissions

In a company, there are various departments with countless confidential documents. Not everybody should have access to every document. Another excellent document management system feature is that the administrators can set a specific set of permissions for every employee and limit access to a certain extent. This will help keep better control and protect all the essential documents from being altered, leaked, or misplaced.

How is a document management system beneficial for a business?

The most exciting benefits of a document management system are:

  • Better storage

In case your business still relies on paper documentation, high chances are that you might run out of storage now and then. With document management software, you can get rid of all the paper documents, equipment, machinery, and others. This can significantly help with the storage space.

  • Cost-efficient

Building a business requires a lot of expenditure and investments. Smaller companies are usually on a nascent stage and thus have a tight budget. Using paper for every process can be significantly expensive in the long run. Therefore, going paperless via a document management system will help eliminate paper use and thereby save up a lot on expenses.

  • Increased efficiency

Countless hours are lost each day for every manual process that can be automated. A business requires swift actions in everything. Thus, a document management system will help in better handling and easy access. This will enhance overall productivity and efficiency in the long run, which can be significantly profitable.

  • Improved customer service

Customer satisfaction and convenience should be the ultimate goal of every business. Good document management software ensures communication with customers. It will help give quick resolutions to the customers like troubleshooting tips or any issue related to the product or the service. Maintaining a good rapport with the customers will serve you as an impeccable advantage in the long run.

  • Enhanced security

The security of all the confidential documents of the business is paramount. Manual documents can be easily stolen, misplaced, or destroyed, which can incur a business loss. A document management system will aid in tighter security. In addition to that, the controlled access will also ensure that no third person can access the document in any manner.

  • Environment friendly

The ongoing degradation in the environment is not very shocking to us anymore. Taking the necessary steps for the betterment of the environment will enhance the overall image of your business or organization. Thus, going entirely paperless and incorporating a document management system for the business will have long-lasting changes to the environment.

Final Thoughts

It’s finally the time to level up from the manual process and papers aside. The benefits and features of document management software make it an essential business software, which is highly helpful in the long run.  This will significantly help in the business’s growth. Thus, stay ahead of the curve and incorporate a document management system today to avail all the perks!