For businesses that have any regulatory or compliance requirements, managing important information through a document management system of some kind is imperative. As software and cloud-based technologies have evolved over the last decade, more and more businesses are going digital with their document management systems. They’ve seen the benefits of moving away from paper: easier collaboration on documents, more secure storage, streamlined retrieval, and more. But software-based document management is even more crucial for businesses that have audits to worry about, and here’s why.
Making Audits Stress-Free
Document management software enables businesses to simplify document filing for easy access in times of need. And for companies in industries like healthcare and finance who have to abide by specific regulations, that could come in the form of an audit. Should a business be audited, that organization will have to produce documents. A document management software system allows the company to retrieve relevant information easily should an audit take place. The software enables the business to make sure documents are searchable and to establish version control so documents stay with the people who should have access to them.
Easily Source Filed Information
According to Business.com, 21.3 percent of productivity is lost because of document challenges. If a business is heavily document-dependent, that number likely increases. In businesses without digital document management systems, employees spend an excessive amount of time searching for documents – often more time than they spend reading the documents. And rifling through poorly stored files is not only inefficient but unnecessary in the age of software. A document management system streamlines the once-laborious process of locating documents for any purpose – not just audits. Through a process called indexing, you can capture documents from any source, classify the metadata, and quickly find them later on. Such software will also keep all your documents securely stored.
Stay Organized No Matter Your Size
One major misconception about implementing software or cloud-based tools is that they are only appropriate and affordable for large enterprises. But document management software offers a flexible model so both small and big organizations can benefit. Small businesses are frequently concerned with managing costs, and document management software is available in a subscription-based format, so those businesses only pay for what they use. The software can also scale with ease, so shifting business size – anywhere from startup to enterprise-level – is done quickly and without disruption to operations.
For small businesses that are trying to be as efficient and cost-effective as possible, document management software helps them stay organized while reducing storage space. With no more need for filing cabinets, boxes, or bins, small businesses can use their space most effectively.
Big businesses benefit from the ease of retrieval and better collaboration aspects of document management software. As enterprises grow and pile on the paper, it can become more burdensome to source any one particular file. But with document management software, you can retrieve files using a word or phrase. Even if your business has multiple locations, the software can capture the information, no matter where it is.
In today’s era of software and cloud-based tools, there is no longer a need for businesses to spend copious amounts of time searching for paper documents. Software relieves the time-consuming burden from companies with simple, easy-to-use, streamlined processes for filing, storing, and retrieving documents.