Document management software centralizes the storage of documents and allows employees to access it at any time. This allows faster responses to requests from customers, accelerates completion of key business processes, and allows businesses adapt rapidly when their requirements change. Document management systems are also able to prevent hidden time sinks that drain productivity. They allow people to collaborate across offices, departments and even across locations.
Modern document management systems are able to handle a wide variety of kinds of files, both digital and paper. They are typically scanned or uploaded manually or automated. A lot of systems have Optical Character Recognition (OCR) software, which converts text from images to editable and searchable content. Search by document type or keywords, index value and full-text.
Many systems also offer the ability to control version. This gives you the complete history of any changes to a document, so it’s easy to see who made which changes and when and why. This is particularly helpful when you have multiple team members working on the same document.
Additionally, most systems allow you to incorporate them with your accounting software as well as enterprise resource planning (ERP) and other applications. This allows you to manage the entire lifecycle of a document from beginning to end with one tool. This helps you ensure that you are in compliance with all laws and regulations regarding the preservation of your company’s records.