Document Management Systems – The hidden gem of your business

With the advancement of products and services increasing in the market as many companies are growing more significant day by day and many new companies are emerging, higher numbers of documents are also generated. There are millions of papers being printed, written every day in almost every company. This has fired up a need to manage those documents so that they can be referred whenever they are needed. Also, to build up a history, there is a need to keep the documents.

Document storage system is a system that stores, manage and track the documents. Those documents can be in hard copy as well as electronic media.

Due to a lack in the management of documents, creativity and productivity are losing. Information gets miscommunicated if correct documents are not presented on time. Therefore, as soon as an organization gets bigger, it must have its Document management system.

Let us understand the features of Document management systems –

• Data Confidentiality
• Data security
• Define access levels
• Maintain Structure & Easy Retrieval
• Going paperless
• Maintain Documentation and Audit standards
• Maintain standardization

Types of Document management software –

1. Online or cloud management software – This type of document management system stores and organizes your documentation on the cloud or online servers. The main benefit of the cloud management system is the accessibility of documents from anywhere. You can access your records online from any source without worrying about security.
2. Local management software – This type, although more secure than cloud management, stores your documents on your server, which can be accessed only at your place. This makes more value when you have more confidential data which is not required to be accessed over and over again.

Recent trends –

In today’s time, all sectors are gaining a quick inflow of understanding and usage of document management software, including the government sector. The government has extensive data of country’s every citizen. Also, in the case of healthcare and insurance sector, a lot of documentation is done which inevitably generates a need for document management system.

In healthcare in the USA, HIPPA acts as a legalized agency to secure and safeguard the medical information of patients of the country. It is a service by US government coming under the Health Insurance Portability and Accountability Act 1996. This has an increase in value due to the increasing rate of a data breach in every sector due to cyber attacks and ransom wares.

In the USA, all healthcare and insurance organizations can avail the HIPPA-compliant program training to lower down any regulatory actions on them.

Conclusion

In the race of moving towards the green environment, getting paperless is the most significant value asset for any organization lacking which can prove to be a nightmare in the long term. With DMS, decisions are much faster as it gives quick access to documents without any hustle of searching for documents now and then. This increases the efficiency of the organization. By having a Document management system, your organization can get more simplified which brings more quality, more transparency and more trust, thus generating more revenue.