Today more than 90 percent of information is digital. Still, every day, time is wasted on searching for and rereading documents. A basic document management solution benefits businesses by decreasing misplaced documents, storage space, and search times. Through a secure central storage location, documents are able to be better organized and efficiency is created.
Herein lies the issue. Documents are together and organized, but each holds an overabundance of subjects, information and data that can apply across many topics and concerns. In addition, businesses are diverse, with specific needs and methods that relate to circumstances and events centric to each.
A robust document management software (DMS) with record management capabilities provides a better way to fine-tune organization and increases document intelligence by creating a record database to track data and gain insight into the necessary next steps.
DMS outperforms in these four main areas: awareness, collaboration, accountability and security.
Documents in any form are easily filed and forgotten until a concern arises. CompTIA’s report, Big Data Insights and Opportunities, states “As a result of poor data management and usage, 29 percent of businesses suffer from inefficient decision-making and inability to reach new customer segments, while 38 percent suffer from wasted time.” These avoidable issues cost time, money and resources that may not be available.
DMS adapts to support workflows and increases efficiency with features like routing, notifications, and reminders. When a signature is necessary, e-signature maintains compliance and legal standards. In addition, it allows internal and external approvals to be made seamlessly and in a timely manner. Documents and their data are easier maintained and workflows are streamlined.
Advance productivity to the next level by turning documents into information that can be securely searched and shared by any necessary parties. DMS allows documents to go beyond being stored and lets users record and preserve information throughout the workflow process or the document’s life cycle.
Managing documents on the cloud provides users the opportunity to access information from anywhere at any time. Cloud computing securely shares documents across departments as well as locations if necessary. Collaboration with parties outside of the company is also simplified by using the cloud.
Document management software enhanced with record management capabilities also allows documents to be attached to more than one identifier. With record management capabilities your file cabinet expands into a system that allows a document to be connected to and filed under different headers like Purchase Order Number, Date, Issue, Cost, or others. The element of flexibility allows current workflows to be factored in and supported by creating the necessary fields that are filled in at the time of filing the document. The provided information allows electronically stored documents to contribute data for quick analysis of any issues, trends, or deviations that could prove crucial to maintenance and advancements.
Knowing who has reviewed or made changes to information is essential to ensure a successful management process. Automation of document management makes keeping track of every move that a document (and its information) makes possible. Each click leaves a footprint or an audit trail that can be traced with reporting in case of an audit or other necessary survey. Reports then provide a big picture view with more specific answers that could otherwise be overlooked.
Security should always be a high priority. Encryption and multi-level access are necessary to guarantee documents and information remain protected.
Encryption is recommended by the American Bar Association as a necessary safeguard against information falling into the wrong hands, and is required to be HIPAA compliant.
Audit trails, as previously discussed, provide accountability and deter from any inside data breach possibilities. Multi-level access ensures that data is accessed based upon sensitivity level and authorization. These features also address compliance requirements.
The 2016 State of the Cloud Survey by Right Scale cites that only 29 percent of enterprises are concerned with cloud security. By allowing a cloud provider to handle security, businesses are able to focus on more important information that is needed for their success.
Get more than just storage and grouping from your document management solution. Document management software with record management capabilities provides the advantage to better utilize documents by sharing information, analyzing data, and reporting on changes within documents. Look beyond basic and gain the benefits of decreased risks, increased productivity, and securely stored documents.
Rebekah Callaro is a marketing manager with PaperTracer a division of Health Asset Management, Inc. To learn more about the company’s software and services, visit www.papertracer.com or on Twitter @PaperTracer.