Why Startups Should Be Using a Document Management System

Are you beginning a startup? If so, there are many tools you should consider if you want your business to flourish. Whether it is to make your services stand out or to help you become a big brand in the industry, there are times that you’ll need a particular document to be at your fingertips. This is where a document management system (DMS) comes into play. This system saves you from the unnecessary stress and waste of time involved in searching through hundreds of unsorted documents to find the right one. To enjoy the benefits of one, you should first know what a system for managing documents is, and how one can help your business.

What is a document management system?

This system of managing documents is a type of software which keeps electronic copies of images and materials in a streamlined and organized manner. It includes a document scanning tool which helps you to quickly get any video, image or text loaded into the system when you search for it. There is also cloud-based software available that assists with tracking, locating, managing and storing your company’s records.

Setting up a document management system can take you as little as one day. However, its implementation should be consistent. Over time, it will aid the success of your organization. Its advantages are huge. Consequently, you will have peace of mind when it comes to the security and retrieval of your business documents.

The major elements of a document management system are:

  • Simultaneous editing coordination
  • Check in and check out
  • Document storage
  • Security and access control
  • Search and retrieval
  • Control of versions
  • Indexing and classifications
  • Annotations
  • Audit trails

Since offices today are more and more adopting a paperless system, it is an excellent idea for you to also apply this technique when you start your business. Doing so will help move your business forward efficiently. Besides having easy access to information, you’ll have less paperwork to deal with and therefore save time. Read on to learn about the other benefits that document management can bring to your startup.

Cost savings

There is a significant number of costs that come with using the conventional method of filing cabinets for storage. Just printing the documents alone costs you a certain amount per copy. If you think of it, even the salary you pay to your staff for filing documents contributes to the cost.

When you start your business with a document management system, it will help you reduce, if not completely do without these costs. As your business expands and grows, the method is the same. Even when you add new contracts, clients and employees, you will not face the problem of lost or stolen documents. The system allows you to archive them easily and safely.

1. Easy mobility

Wherever you travel to, you will be able to always access your files as long as you have online access to your DMS. You will not have to bring paperwork to meetings or when travelling for business, so long as you have your tablet or laptop. One of the best elements of the system is that your employees will be able to interact with you concerning any data even when you are not available in the office.

2. System control

Another benefit of having a document management system is that your startup will enjoy complete control over the system. Your documents will not be at risk of getting lost or damaged in a case of fire or water accidents.

As a network administrator, you will have control of the document management system. You will be able to determine who can have access to the files. You may even control who can add or delete any data. It is a system that provides security for your documents through encryption.

3. Free up office space

A business can generate hundreds of documents in a day, and if hard copies are kept of all of them it can use up a lot of expensive office space. A document management system helps to free up space in your office. After scanning your documents into the software, the  volume of paperwork you have left will be greatly reduced, giving you more office space for other office equipment or décor.

4. Legal awareness

As the owner of a new business, a document managing system will help you adhere to the law. You may not be aware of the rules and formalities about your business when you are just starting. Breaking any of them may damage your company’s revenue and reputation. A document management system ensures that you are equipped to precisely follow rules at every government level, providing documents when called upon to. The system provides you with alerts concerning the laws and saves you from unwanted penalties.

5. Backup and recovery

Another benefit of having a document management system includes the backup and auto-recovery of all your files. You need this backup to insure that you can recover any document that gets lost, so you will always have a way of getting it back. Your DMS will have the historical record of every item put onto it. This is so that you can track it down anytime you want. It helps you figure out who deleted any file or who had access.

6. Integration with other software

Combining software with a third-party system prevents the input of additional data. It allows for the seamless flow of information between different platforms. It maintains the accuracy and integrity of data as well. Some document management systems also support the connection of emails. This affords you the ability to send files directly to colleagues, customers and vendor partners.

7. Easier workflow

A sound document management system allows for a smoother workflow. This is because you save precious time while working. Imagine an instance where you waste your time in the process of trying to get one file or a single excel sheet. With the proper flow of document management, your startup will be able to spend time on other more productive tasks.

As a startup, it is essential for you to manage your resources, but you also want to feel secure and safe. Even in a new business, there may be hundreds of different documents involved. Often, people experience a leak of insider data by ex-staff. This act may damage the present image of the company.

In circumstances like this it’s then necessary for you to revoke the access of your ex-employees to your files. You can do so with a document management system which serves as a perfect security tool. As you can see, it’s a smart idea for any startup to employ a sound system of document management.

Meta description: Do you want a brand that leads the industry? your startup should apply a document management system.

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