8 Top Benefits of Document Management Software
Every business owner strives to increase efficiency and streamline processes. Greater efficiency means higher levels of productivity, better customer service and a healthier bottom line.
Document management software (DMS) can transform your business by allowing employees to store, retrieve and share documents with ease. Confidential data is protected and time-consuming manual processes can be automated, reducing the reliance on expensive human resources.
If you aren’t currently using document management software, read on to find out why you should start to do so.
- Automate Key Processes. How many hours each day do your employees spend on tedious, repetitive tasks when they could be putting their skills and expertise to better use completing more complex work? How much does this cost your business in human resources every day, week and year? Advanced workflow functionality can automate key business processes, such as filing, eradicating the risk of human error and increasing accuracy.
The key feature behind this benefit of DMS is OCR technology. OCR (Optical Character Recognition) enables the software to understand the context and information of files. Through this technology, you can set your DMS to manage functions like storage and archiving of both internal and external files automatically. Based on selected inputs, your DMS can curate documents without you needing to be involved in the process. For example, your DMS can automatically link together files based on attributes, such as different files submitted by the same person. This allows you to easily file necessary information on a customer without having to manually connect all their documents. The lack of manual entry is also a mitigating factor in human error, with common examples including missing key details or linking files to the wrong user.
Furthermore, the business benefits from considerable cost savings. Powerful, feature-rich software can complete tasks at a speed and level of accuracy that no human could compete with. Save on staff costs and allow highly-skilled employees to focus on the job you hired them to do.
- Protect Confidential Documents. The dawn of GDPR (General Data Protection Regulation) and several high-profile data breach scandals have made consumers and business-owners more focussed on data protection than ever before.
DMS allows a business to control access to confidential information at folder level for different members of staff or departments. The software also makes it easy to see who has viewed and edited a document, providing an audit trail that could prove invaluable if there is a question over security.
- Reduce Storage Space. A paper-based filing system can quickly take up huge amounts of storage space. Not only is this a cumbersome and time-consuming document management system, but it also costs the business in storage space and human resources to maintain it.
There may be a legal requirement to retain hard copies of some documents, but the number of paper files will dramatically reduce with the introduction of document management software.
- More Efficient Document Retrieval. Customers are becoming increasingly demanding. They expect an almost immediate response to queries. According to recent research by Salesforce, 70% of customers prize “connected processes”. In other words, if a customer calls and speaks to an agent one day, then rings back or gets in touch via another medium such as email the next day, they do not expect to have to repeat their issue.
Providing a “connected process” relies on employees being able to quickly access the right information to meet that customer’s needs. A DMS can save countless business hours by allowing staff to search for files by a word or phrase. The automated processes of document linking provided by OCR technology also makes it easy for your staff to access all relevant files from a central location, instead of having to perform numerous searches.
By integrating the software with core business applications, staff can quickly access all the information they need. Employees working remotely can also access documents.
- Backup and Disaster Recovery. Documents stored centrally in a DMS cannot be lost or damaged in the same way a paper file can. Your software can be configured to regularly back up data on a schedule that suits the business’ needs. If a technical fault occurs or an issue arises on-premises, business data will be safe. Your DMS will include a backup and disaster recovery plan that can be customised as required.
- Improve Data Entry. Manual data entry is expensive and time-consuming. It is also prone to human error, which can result in costly mistakes. Data management software can eradicate or significantly reduce the need for manual data entry, saving time and money. Advanced software can automate data entry, document naming, filing and more.
In reality, this is most often applied to external documents submitted by clients and consumers. DMS can be integrated with your business to onboard information and store it for later access without direct input by staff. For example, a customer can enter data into a form linked to your DMS, the software then enters and stores the form in the appropriate digital location based on the information provided by the client. Instead of being provided with a document by third parties that you must then record on your system, they submit all details straight to your DMS, removing the data-entry middleman.
- Better Collaboration. Information stored centrally in a DMS can be accessed anytime and anywhere there is a wi-fi connection. This allows clients and employees to easily access documents as required — even if they are located in another country or working remotely.
As a result, a DMS facilitates better collaboration as all parties can contribute quickly and easily to a working document. Repeatedly sharing updated document versions by email is time-consuming and often results in confusion and mistakes.
- Enhance Business Competitiveness. A business that relies on a paper-based document management system will fail to keep up with competitors. Powerful software can streamline business processes, enhance efficiencies, save money, enhance customer service and consequently, boost profits.
To stand out amongst your competitors, opt for the best document management software for your business and enjoy all the benefits listed above and more.
LogiClaim is advanced claims handling software with powerful document management features. Book a free consultation to find out how our DMS could transform your business.