5 Benefits of a Document Management System

Every person has documents that they need access to, so it stands to reason that a business has hundreds. If you and your staff are tired of sifting through dingy file cabinets to find that the document that should be in a certain place, isn’t, considering a document management system may be right for you. Today we will give you five good reasons why moving to document management can be a benefit for your business. 

#1. Cost per Square Foot - Business space can get pretty pricey. The more physical documents you have, the more space you need to file them away. If you have a small business, you may not need a lot of space to do business, but the longer you are in business, however, the more documents you accrue. Installing a document management system--a software-based system that provides the ability to scan and store physical documents so they can be stored digitally--can really cut down on the amount of space you need. It gives you the ability to store your hard copies in a less expensive location, while still having access to the document and its contents.

#2. On Lock Down - Document management provides the ability to better secure your documents. You may think access to physical information would be more limited than in a digital environment, but costs to secure physical space are far greater. Any solid DMS will allow you to control documents at the folder level, providing a level of access control that’s on par with a typical business physical security system. More than that, documents inside a DMS have an associated audit trail, giving administrators the transparency needed to manage system security.

#3. Access and Speed - The time it takes to file and find physical documents costs businesses a lot of capital. In fact, according to one study it costs upwards of $20 for organizations to file a single paper document and those costs increase substantially if the file is mismanaged in some way. With fast, reliable access to all of your documents, the ability to print documents in seconds, and the ease of use of most DMS platforms, your business moves faster and saves money.

#4. Better Collaboration - Solid collaboration is one of the keys to building a successful business. With a DMS, sharing information is much easier. There’s no one trying to thumb through 50 folders trying to find a receipt. The receipt is there within seconds, and there is nothing to refile!

#5. Regulatory Compliance - Almost every business has to deal with some type of regulatory compliance standard that’s there for a reason, but seems to hinder progress. With a DMS, your organization can reduce the risk of non-compliance, even for the most complex regulations. Avoid the headaches (and possible expense) from fines and other penalties, as much of the reporting can be automated and secured through the DMS.

When you consider these benefits, and others, switching to a software-based DMS might just be right for your business. To talk to one of our consultants about the prospect of outfitting your business with document management, call L7 Solutions today at (954) 573-1300.