Most organizations have a company shared network folders. It is common to have documents get lost or misplaced. Some neglect to archive or delete the outdated version of documents and other files. Some set up a confusing naming scheme for the folder structure. They turn the network folders into a maze. The DocYard Management platform solves this problem for most organizations. Documents are in one central location where organizations can track them. Their intranet or other digital asset management software helps with the system. Document Management System offers a lot of benefits.
Reduced storage space
Storage spaces like file cabinets and storage bins are valuable to all enterprises. They are getting more expensive, like commercial property costs. Unnecessary expenses are not what most organizations welcome. Organizations use a software-based document management solution to save money.
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Precious office space, too. They can store hard copies of essential documents in a more affordable location. An offsite warehouse or vault are some examples. Employees can access these documents on their computer, so they do not need access to the hard copies.
All enterprises want their documents to be secure. Sensitive documents that contain confidential information enjoy this enhanced security. Access to these kinds of materials is at the folder level. You can adjust it for different groups or individuals. A Document Management System leaves an audit trail. You can check who viewed a document, when it happened, and whether there was any modification. Managed materials are usually traceable. You can also tag these for automated alerts.
Reduces risk of non-compliance
Compliance requirements for certain documents are not simple. Not following the said requirements can lead to fines and revoked licenses. It is sometimes considered a criminal liability. A Document Management System improves regulatory compliance. It is now easier to classify and store new documents. You can also automate records retention schedules.
Easier document retrieval
Time is of the essence. Looking for documents you need to retrieve is very time-consuming. Most organizations spend $20 in labor for filing and $120 to find a misfiled report. It usually costs $220 to reproduce a lost document. 7.5% of all materials get lost, and 3% of the rest get misfiled. Most professionals spend more time looking for a paper than reading the information. There are Document Management systems that can retrieve files by a word or phrase in a document.
Better backup and disaster recovery
A data backup and disaster recovery plan are essential in Document Management systems. You can put vital files in a digital archive to protect them from fire, flood, and other natural disasters. Imaged documents are centrally-stored. They do not get lost or misplaced after viewing, so they get misfiled very rarely. Document Management system makes locating these documents easier with cross-indexing. Materials are often digitized and archived at their point of entry into the system.
Time saved is one of the critical benefits of the Document Management system. The organization gains from this increased productivity. The convenience and efficiency of the system can boost staff morale. Thus, increasing client satisfaction.