It’s aggravating when you can’t find documents in your drawers, on your computer, or anywhere else. Browsing through hundreds of folders, checking through your jumbled and densely stuffed mailbox, searching through your digital files, and so on. These search and rescue missions for documents can become tedious and time-consuming, and costly in some cases.
It is a difficult undertaking to manage this unstructured physical and digital mess, as well as making it available to your employees, clients, partners, and other stakeholders can prove challenging. Employees frequently cannot find or access key documents at the appropriate time due to time or location constraints. All of this contributes to a major drop in productivity. With all these issues looming in the background, how can businesses remain productive?
“Voluminous growth in data, compliance and regulatory issues, the need for a faster decision-making process and requirement for a contingency plan for any disaster and security issues are the factors driving the adoption of DMS.” – Vishal Tripathi, Former Principal Research Analyst at Gartner Inc.
What Drives Companies to Use Document Management Software?
These are the top five reasons why businesses use document management software.
- Data volume is Increasing Rapidly
This is without a doubt one of the most critical elements driving the need for a document management system. Since the late 1990s and the early century, we have struggled with data. The entire amount of data created, captured, and consumed worldwide is expected to exceed 180 zettabytes by 2025.
Even today, we cannot claim to have fully addressed growing data volumes. Big data, the industry buzzword, deals not only with the exponential expansion of data but also with the ability to disseminate it in such a way that it is neatly organized and understandable, eventually benefiting companies.
- Issues of Compliance and Regulation
Regulatory compliance has a huge impact on all aspects of corporate operations. Companies spend a lot of time and money maintaining regulatory compliance, yet even slight mistakes in their systems can have serious consequences and result in hefty fines. Document management software assists businesses in reducing risks and ensuring regulatory compliance. Document review, automated workflows, versioning, and change tracking are all possible. It safeguards documents against unauthorized access. DMS provides a comprehensive Records Retention Management Solution for your information, making it easier to locate, classify, and finally dispose of records in accordance with your internal policies and regulatory laws.
- Faster Decision-Making
However, with DMS, you never have to worry about picking the wrong choice. Document management software includes a plethora of insight and analysis capabilities to assist you in making an informed decision. Faced with the problem of making decisions every day without the necessary tools or justifications, small and medium-sized enterprises frequently feel the need for DMS so they have supporting data and information to make decisions.
- Data Recovery
Despite the risks, businesses do not take enough precautions against any tragedy. According to The Biggest Data Breaches of 2021, little over half of firms (54%) have a documented, company-wide disaster recovery plan in place. This means that calamity can be terrible for businesses, particularly small and medium-sized businesses. Whether you live in New York and are worried about the next storm, or in California and are concerned about the next earthquake, you are aware that you are not immune to calamities. This concern is the primary reason for people to implement a solid document management system.
While we used to believe that the primary reasons for adopting DMS were management, productivity, and better organization, it appears that companies are adopting DMS out of fear – whether it’s fear of legal hassles, fear of disasters, or fear of security breaches – rather than using positive reasons to influence their decision to buy document management software.
Click here to know why Folderit’s Cloud-Based DMS should be on your radar for top-notch security.
The advantages and benefits of implementing a well-designed document management system can affect every part of a business. Folderit document management software aids in the organization of documents in your department. It does not end there. As a leader in document management software, Folderit streamlines and automates even the most time-consuming tasks, helping your department to attain new levels of efficiency.