3 Best Document Management & Software Buyers Guide
Cloud-based file storage & sharing platform, Enables businesses to store & share contacts photos videos spreadsheets presentations recordings, Product of Google
Central workspace Help teams Stay organized Keeps work flowing Easy to collaborate Focus on work Trusted by 300000 business teams Collaboration & Administration
Web-based digital asset management solution Assists businesses with file management Collaboration Document scanning Personalized search Access Share files/photos
Document Management Software
Document management software help users in creating, storing, and sharing documents, from standard forms and contracts to one-on-one correspondence. The applications have features like image capture, document search, and access management that enable users to navigate business documents with ease.
A document management system (DMS) is a system used receiving, tracking, managing and storing documents and reducing paper. Most are capable of keeping a record of the various versions for creating and modifying by different users. In the case of the management of digital documents, such systems are based on computer programs. The term has overlap with the concepts of content management systems. It is frequently viewed as a component of enterprise content management (ECM) systems and related to digital asset management, document imaging, workflow systems and records management systems.
The new electronic document management (EDM) systems managed either proprietary file types or a limited number of file formats. Many of the methods later, became called document imaging systems, as they focused on capturing, storing, indexing and retrieving of image file formats. EDM systems evolved to a point where systems could manage any file format that could be stored on the network. The applications were growing for encompassing electronic documents, collaborating tools, security, workflow, and auditing capabilities.
Benefits of Document Management Software
Document management solutions can aid in the digital transformation of the business by eliminating the requirement for manual paperwork.
Below are some advantages listed for using a document management solution:
- Accessing documents anywhere and anytime
- Collaborating through file sharing
- Safeguarding critical business documents from unauthorized access, cybercrime, ransomware, and natural disasters
- Reducing costs related to storing physical documents
Features of Document Management Software
Document capture: Leverage image capturing technology for digitalizing printed documents. Advanced platforms are offering optical character reader (OCR) and search functionality.
Document storage: Storing, accessing, sharing, and editing documents in a common platform.
Full-text search: Searching for relevant files and documenting by typing keywords into a search box.
Control access/permissions: Managing the document for accessing permissions for specific people or a group, and controlling who can view and/or edit documents.
Collaboration tools: Sharing documents with individuals or a group of people, and allowing them to edit and add comments.
Document archive: Creating a centralized pool for storing confidential and archiving data for future reference.
Cost of Document Management Software
Most products available in the market are priced on a “per user, per month” basis, and can be broken down into three pricing tiers based on their starting price. A premium product is priced higher and includes unique features like optical character reader (OCR) integration, version control, workflow automation, and document scanning.
Points to Ponder while buying Document Management Software
Integration capabilities: Making optimal use of a document management solution so that users need to integrate it with other critical business systems like accounting, customer relationship management (CRM), HR, and accounting solutions. These integrations not only help the user with leverage the document storage and sharing capabilities that are offered in the document management system but also allow the user to conduct a company-wide document text search. A document management software integration with an accounting solution assists users to index and store accounting and financial documents, which helps in accessing materials during internal or external audits.
Data security: Small businesses face external data-security threats as well as internal data-security threats like employee theft. And as document management system is the storehouse of the critical business documents, these are a lot more susceptible to a data breach. To ensure zero data loss, the user should ensure that the document management system you select is equipped with the latest security protocols and methodologies. All these include 256-bit Advanced Encryption Standard (AES) security and SSL/TLS (Secure Sockets Layer/Transport Layer Security) encryption.
Document scanning and imaging requirements: Document scanning and imaging help users by allowing them to scan paper documents and indexing them using a set of keywords. Digital storage combined with precision indexing assist users in searching for these documents. All products also provide optical character recognition (OCR), which helps users convert handwritten documents into a digital format. Buyers who work with a lot of physical documentation should shortlist products that include the above functionality.
Document Management Software Trends
Businesses need tighter integrations between project management software and document management software: Integrates span across different teams within a company. For improving operational efficiency, enterprises are moving towards unified tools that help in saving time and effort are made to toggle between various devices. For the above reason, businesses are looking to integrate their project management system with a document management system, enabling users to share documents while working on a project.
Mobile is the future of document management: With the increasing use of mobile devices, it’s a priority for small businesses to have mobile capabilities. We can expect sellers to provide more and more mobile services like mobile responsive interfaces, mobile apps, and client portals.