Document management software centralizes the storage of data that employees can access it at any time. This lets businesses respond faster to customer requests and complete key business processes. It also lets them adapt quickly when their requirements change. Document management systems can also eliminate hidden time-suckers that impede productivity. They allow employees to collaborate across departments, offices and even across locations.
Modern document management systems can handle various types of files, both paper and digital. Typically, these documents are scanned into the system, or uploaded manually or automatically. A lot of systems have Optical Character Recognition (OCR) software that converts text from images into editable and searchable text. Search by document type or keywords, index value and full-text.
Many systems offer versions control. This provides the complete history of changes to a document so it’s easy for you to know who made the changes, when and why. This is particularly useful when you have several team members working on the same document.
Additionally, most software allows you to connect them with your accounting software as well as enterprise resource planning (ERP) and other software. You can manage the entire lifecycle of documents from start to finish with only one tool. This ensures that you are in compliance with all laws and regulations regarding the retention of your company’s records.
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