There’s no denying in the fact that data is the most valuable asset of any company. The days of handling data manually have gone away for good, whether confidential or not, every piece of data is being handled by the Document Management System (DMS) in every other company.
Document Management System plays a crucial role in managing all your data; not just because it stores all your documents and files in one place, but also provides security and makes it easier for you to retrieve all records easily. DMS will also let you share files quickly for a simple collaboration, which would have been a real task if the work process depended upon the physical form of data.
In other words, DMS saves time for more productive work, which you might be wasting to search a file or a document if it hadn’t been for Document Management System. However, it’s the only purpose is not securing files for quick retrieval, but it also helps to tackle data in order to make some business decisions that will eventually lead to the growth of the business.
In this article, you’ll learn how you can extract the hidden value of your data using Business Intelligence (BI) from your Document Management System.
Before digging into it, let us first know the basics about BI and how do Document Management System and BI work together.
What is Business Intelligence?
Business Intelligence comprises of strategies and technologies for a company to analyze data about their business; which can provide current, previous as well as predictive views of any business. This makes it easy for the employees and managers to make rational decisions for the business.
In a nutshell, it is a process that will help you analyze and transform the company data into useful and actionable information.
How Does Business Intelligence Work With Your Document Management System?
The Document Management System stores all your data and documents securely in a single system. So, without much effort, you can use Document Management Software to analyze the data of your company seamlessly, understand customers, improve internal processes, and track activities.
Here’s how you can use a document management tool to be the boss man of your data:
Knowing the Location of Your Data
A company should know its current business data and where it is stored, ranging from different places in the organization like desktop, network servers to the cloud, or even in the form of physical documents. So, first of all, you need to perform an audit process of all your records and files. The audit will also bring out inefficiencies, if any, in the workflow, which you can improve thereafter while knowing how your documents are being managed. Doing an audit will streamline your document management process, reduce waste, and expose any security threats.
Understanding the Objectives of the Business
After getting hold of the data, you need to understand how data will be used by your employees, managers, and executives to support business objectives, like-
- Type of data necessary for employees to achieve their targets?
- What analytical tools do they require to procure the data?
- Through which devices can employees crack access to the information?
- What should you do in order to process data faster?
- How can the analyzed data be presented or reported?
This article on Forbes might improve your understanding regarding your aim of your business.
Managing documents digitally is like a cakewalk. It doesn’t create an unnecessary mess, unlike physical documents, that makes analyzing paper copies of your information a daunting task. A DMS is a suitable option to extract the hidden business intelligence data because it captures e-mails and any other system generated results. It can generate, capture, and store the extracted data automatically into digital formats. Auditing will be a significant help in digitizing as it helps you recognize important files and documents that need to be digitized. Digitizing the data will not only facilitate quicker data access and analysis, but it also makes your documents more accurate, which in turn increases workplace productivity and frees up physical storage.
The auditing process will determine if your documents are secured or not;
The physical copies need more security as then can easily be damaged, copied, or stolen. Hence, we digitize the files and documents and store them in the system. You can also protect your data using passwords or some other level security measures using DMS.
Integrating BI Tools with DMS
A well-integrated document management system provides better insights, along with the BI tools, to achieve a rock-solid return on investment (ROI).
Your DMS needs to integrate with the entire system in such a way that it theoretically “talks” to other software and applications; most importantly, it should allow users to organize, extract and analyze the data and present the results and insights.
Training your Employees
First of all, you need to learn the concept of analyzing and extracting the information so that you can teach your employees about the function and purpose of business intelligence analysis thoroughly. Evaluate the number of hours your staff might require to learn how to analyze or extract the information they require. All those hours you’ve invested in improving document management and business intelligence capabilities will add up for nothing if your end staff cannot use this system correctly.
You can conduct training and workshops, along with creating user manuals, to guide your staff through every step of the process. You need to make sure that your staff, managers, and executives interact and get this process down to their hands.
The excellent combination of BI and DMS can be put to work to improve your company’s work process and also to increase the work efficiency of your employees. It’s high time you keep up with such digital changes in your company to keep up with the pace of your industry.