Document Management System
Manage all of your information assets digitally to simplify your workload and increase efficiency.
Table of Contents
What is a Document Management System?
When organizations need a technology solution to create, store, and keep track of electronic documents, they turn to a document management system. Think of a document management system like an electronic filing cabinet that keeps all your documents organized digitally. In many cases, document management systems allow users to enter meta-data and tags to organize stored files—like a tab or a flag on your document to keep track of similar files.
Most modern enterprise document management systems use hardware (things like scanners and servers) and software to convert high volumes of physical documents into digital files.
Digitizing electronic documents limits mistakes and increases productivity, saving your organization time and money in the process. It’s an appealing option for any organization looking to streamline operations.
What is Content Management?
The number one benefit of information technology is that it empowers people to do what they want to do. It lets people be creative. It lets people be productive. It lets people learn things they didn’t think they could learn before, and so in a sense, it is all about potential. - Steve Ballmer, former CEO of Microsoft.
Implementing a content management system is a way to free up your team for more important tasks and reach new heights. With a content management system, information is available at the tips of their fingers, faster than ever.
When we think about content management, we think that it refers to managing data and storing files. But content management has been around as long as there has been content to manage. Take the Great Library of Alexandria. Dating back as far as 285-246 BC, the library was part of a larger institute of higher learning known as the Alexandrian Museum in Egypt and was meant to be a useful resource for scholars.
The library contained anywhere between 200,000 and 700,000 books divided between two branches, and the books were divided into subjects like:
Rhetoric
Law
Epic
Tragedy
Comedy
Lyric poetry
History
Medicine
Mathematics
Natural Science
Books from incoming ships
This rich collection of papyrus scrolls was the foundation for the entire Greek education system. The library contained sophisticated forms of cataloging, tagging, and indexing—all the same qualities found in a modern content management system today. But, tragedy struck, and fire destroyed the Great Library of Alexandria. While the fire’s origin is unknown, some historians think it was set by Julius Caesar himself.
Unlike the Great Library of Alexandria, modern digital document management is much more secure—fire does not destroy digitized files.
The Difference Between Content Management Systems (CMS), Document Management Systems (DMS), and Enterprise Content Management Systems (ECM)
Modern content management systems store and manage information that’s already in digital format:
Publishing
Storage
Retrieval
Access control
A content management system, known more widely as a CMS, includes web content management systems like HubSpot, WordPress, Wix, and Squarespace. A CMS automates repetitive, manual tasks like bulk downsizing large images to small images that load on websites faster. Content marketers, web designers, and content writers use a CMS.
A DMS captures information trapped on paper (using a scanner) and converts that paper document into a digital file. That file becomes readable with OCR technology and is securely stored within the DMS for easy retrieval, updating, and sharing on a company network. Large facilities, contractors, and engineers use a DMS to convert blueprints into digital files, for example, that can be accessed out in the field for renovations and emergencies.
Enterprise content management systems (ECMs) use a set of defined processes and tools to capture, organize, store, and deliver documents, graphics, audio, and video files.
Courts, schools, creative studios, and other organizations use ECMs to organize historical files, audio-visual content, meta-data, and more to manage and enable the efficient use of data at a suitable scale for large enterprises.
Document management and enterprise content management sound similar, but there are some differences.
Whereas ECMs handle structured and unstructured data, document management systems (DMSs) use structured data that’s been stored in a rigid, well-defined format, capturing and storing all of these structured files with features designed to keep your data secure, like:
Electronic check-in and check-out of files
Access control
Version control
Workflow management
A DMS is a cost-effective solution that takes on all the necessary document control aspects to make collaboration happen easily and effectively.
Key Components of a Document Management System (DMS)
In a document management system, physical documents are converted to digital formats and then integrated into the DMS so that everything is searchable, trackable, and secure. This process eliminates the need for excessive paper and begins with scanning hard copies of documents, then includes steps like indexing, data extraction, workflow management, and document retention.
Audit Trails
Document management systems have a complete, step-by-step tracking log of user access and file amendments traced to its source. When needed, systems administrators look at this audit trail and manage and track any changes within the DMS. It improves accountability when teams collaborate on files together. Audit trails verify and track transactions, including accounting transactions and trades within brokerage accounts.
Analytics
Who accesses your documents? When and for how long? With powerful analytical tools, analytics pinpoints operational inefficiencies, discovers where you may benefit from automation, and streamlining your workflows. It manages bottlenecks and evaluates the way you execute complex processes.
Document analytics uses data to track which users access documents within your workflow and when these files are accessed. This optimizes your internal processes and evaluates strengths and weaknesses team-wide and with external vendors. Organizations implement document analytics for things like:
Quality parameters
Lead time
Document processing time
Employee productivity
Document Retention Control
How long should you hold onto your documents and files? Certain documents must legally be kept within an organization for a set amount of time. Invoices, for example, must be retained for seven years in the U.S. before they can be deleted.
Document retention establishes rules for what happens to your data (either for some or all of your documents) that’s stored in your data repository, including notifying employees with instructions on what to do as files reach their designated “end of life.”
Document retention is a major part of regulatory compliance, making paperless systems easier to maintain. Not only is there a timeline for managing old files, but document retention policies also define how to destroy or archive older documents based on your established set of rules.
Document Security
Not everyone should have access to your files. Document security prevents unwanted users from gaining unauthorized access to your data and protects against things like unwanted amendments and document deletion of your documents. Secure file sharing is a critical function of document management systems. Document security
Safeguards against data theft
Protects access control
Automates backups
This is especially important for organizations that handle sensitive customer information like financial institutions or healthcare facilities—advanced encryption secures documents during handling, transfer, and storage.
Scanning
Scanning is the first step in document digitization.
High-speed, high-production scanners can scan and process tens of thousands of pages per day, saving files in various formats as required. A production scanner converts your paper documents into digital documents, revolutionizing the way your organization does work every day.
Indexing
After scanning, digital files need to be indexed. This means categorizing those files to make it easy to search and retrieve within your DMS. To index your files, you can attach identifiers—also called tags—to each one using a pre-defined system. These tags can be things like a serial number, name, and date, and can be personalized to match the needs of each organization. This creates a uniform system while also avoiding needless processing errors like lost or misplaced files. New to DMS file indexing is machine learning. By building algorithms that improve as you go, your files are categorized automatically, with no input from your team.
Data Extraction
Not all documents have a fixed structure. While things like banking forms are always the same, PDFs, contract documents, and spreadsheets are unstructured (they are designed differently by each user). Unstructured data is complex and can’t always be reduced. Some records may also be semi-structured, which means that they have the same kind of data repeating, but where those data fields are located is different each time. s.
Because your files are semi-structured or unstructured, you’ll need different methods of data extraction. Since unstructured data doesn’t have extractable information on its own, it’s not extractable or searchable in a DMS. This is where optical character recognition (OCR) comes into play. OCR software uses technology to distinguish both printed and handwritten text characters in your scanned files so that you can extract this data and convert it from unstructured data into structured, searchable, indexable data.
Workflow
McKinsey shows that 45 percent of employee activities can be automated through efficient processes and technologies. A document workflow is a perfect example of this. Essentially, a workflow is a business process that defines a path and the rules of that path for documents throughout their lifecycle within your organization.
Workflows have an orchestrated and repeatable pattern of activity; a sequence of tasks. Workflow management software is incorporated in document management systems today. As The Digital Project Manager states, “A solid workflow tool serves as a guide for the flood of project tasks that need to happen along the way, with project outcomes becoming fully formed as they flow through different processes, checks, and balances.”
Version Control
As work happens and files travel through your workflows, edits and amendments create multiple versions. Through version control, you track and control these changes over time, which is immensely helpful when working in a collaborative environment.
Teams struggle with multiple versions of a file on their own. Version control software does the following:
Automate version storage
Create backups
Track access and changes to documents
Maintain a history of all versions of files
This accelerates business processes, limits the mistakes that happen, and prevents the loss of information that results from version conflicts.
Types of Content Managed by a Document Management System
What can you store within a DMS? While the answer depends a lot on what your organization does, the types of documents are similar.
Scanning Paper Records
By scanning paper records to digitize your documents and create electronic versions, you consolidate your information, limit redundancy, and improve overall efficiency. What kinds of documents are good contenders for scanning and digitization?:
Employees records
Project blueprints
Sales records
Electronic Document Integration
Paper documents must convert hard copy to electronic files, but many business documents today are created in an electronic format natively. The term “electronic documents” refers to things like:
Emails
Word processing documents (Microsoft 365 Word, Google Docs, Apple Pages, Dropbox Paper, etc.)
PDFs
Online forms
Excel spreadsheets
AutoCAD drawings
Cloud storage and computing services make it easy to retain electronic documents without running out of storage space.
Active and Inactive Records
Not all of your files are in action all the time. Files in motion versus files at rest can be described as active and inactive records, respectively.
Active records are used in ongoing business processes, are accessed frequently, and must be readily available. Inactive records are part of completed workflows and are archived in long-term storage or destroyed.
Industries that Benefit from Document Management
It’s estimated that between 2020 and 2025, the global document management systems market will exhibit a compound annual growth rate of 13.04 percent, growing from a $4.80 billion industry in 2019 to $10.17 billion by 2025. This timeframe includes early adopters of DMSs, including healthcare, education, and financial services, but also accounts for some newer players as well, like government agencies, manufacturing, construction, and engineering firms.
Who can benefit from a document management system? Let’s take a look at a few of the industries experiencing transformative growth with document management.
Healthcare
What we’ve seen over the past year is that healthcare providers need all the support they can get to focus on what’s most important: caring for patients. Document management frees up healthcare workers by streamlining workflows and providing secure document access.
Healthcare DMS benefits
Documents stored in a single document repository
Consistent care via brand to branch document sharing
Simple, expedited collaboration between departments like labs or radiology reports and doctor teams
Secure ways to store documents and protect confidentiality
Compliance with HIPAA regulations and privacy laws for electronic records
Lowered physical storage space costs
Manufacturing
Within the manufacturing sector, quality control and adherence to standard operating procedures are paramount. When using a paper-based system, it grows increasingly difficult over time to maintain complex handbooks and guidelines. By using a DMS, the manufacturing sector keeps the organization in check by storing updateable spreadsheets, process guidelines, and engineering drawings in the Cloud.
Benefits of using a DMS for manufacturing include:
Better operational efficiency and flow of information, even across multiple locations
Indexing for accurate file retrieval even with thousands of records in the system
Tight access control to maintain intellectual property and keep it secure
One central repository for inventory, supplier lists, supply chain documents, and more
Access to accurate data to improve production quality
Financial Service and Insurance
Clients rely on getting accurate information from their financial service provider, which means that those in the financial sector like banks and credit unions need a secure, streamlined, high-quality way to share this information.
The insurance industry is also document-heavy with policy forms, receipts, claim applications, and contract records to balance. Health insurance paperwork alone wastes $375 billion annually in billing and insurance-related paperwork. Insurance agencies are perfect candidates for workflow automation to build more efficient business processes, fast, responsive, quality customer service, fewer errors, and lower document storage costs.
DMS benefits for finance and insurance:
Juggle millions of customer records through instant search and retrieval features, as well as multi-location remote access to files so that teams can work collaboratively across town or across the country through a single, shared document repository
Statutory compliance requirements to maintain data security, confidentiality, and privacy well beyond what paper documents could ever offer
An accurate, easy-to-follow audit trail
Digital mailrooms to lower communication costs when dealing with large volumes of mail every day
Construction and Energy
In the worlds of construction and energy, both feel the pressure of needing current, accurate calculations and pricing. A DMS allows remote sharing of drawings, blueprints, and other plans, as well as project management files, and more.
In the energy sector, teams benefit from faster document sharing with off-shore colleagues and more cost-effective document storage.
A DMS supports construction and energy organizations in many ways:
Accurate project documentation that’s accessible to project managers at multiple sites for instant, accurate data to make the decision-making process faster. Teams that work remotely wouldn’t have access to files in a paper-based system the same way they do with a DMS.
Streamlined coordination between construction and energy firms and the suppliers and vendors that support their work. With electronic records, it’s easier to track deadlines and manage turnaround times.
Engineering
Engineers know that each project is the culmination of thousands of documents stitching together to achieve completion. Accuracy and timelines are top checkboxes.. There’s a lot of collaboration in engineering with many stakeholders at each phase, plus the need to share information with on-site and off-site locations.
A DMS helps engineering companies handle large-format drawings alongside project schedules, access control, and—most importantly—version control so that everyone is working off the most recent file.
Benefits include:
Data authenticity and fewer manual errors through work in project blueprints, drawings, and reference documents.
It’s pricey to print large-format drawings. Digital files make it easier and more affordable to transfer files, collaborate securely, and access information remotely without paying for high-volume, large format prints of engineering drawings.
Capture workflows for better operational productivity
Keep all proprietary data, company, innovations, and patented systems secure.
Limit task repetition
Wholesale, Distribution, and Transportation
There’s a lot of pressure within the wholesale sector to balance delivery times and razor-thin profit margins, making it important to run order management processes like a well-oiled machine to impact both operational costs and revenue.
There are countless order-related documents to keep track of, including order forms, shipping manifests, bills of lading, invoices, and delivery receipts. It’s crucial to have real-time access to this information to expedite distribution workflows, trim costs, and build a competitive edge.
A DMS gives the transportation industry superior logistics. Converting, storing, and handling export documents means deliveries are made on-time, with tighter schedules and lower operational costs.
Benefits for wholesale and distribution: Simpler, more efficient distribution workflows
Improved cost-efficiency for invoice processing
A streamlined supply chain from purchase to pay
Better process control with fewer inefficiencies
Increased customer satisfaction
Government Agencies and Legal Firms
There’s no denying that government agencies have to handle vast amounts of files like incoming mail, regulatory documents, and constituent information. These agencies must maintain operational efficiency, keep costs low, and manage public perception. A government document management system is the answer.
In a legal setting, there’s an inherent need for timely access to vital information to help with litigation management, adherence to regulations and client-attorney privilege, and to keep documents secure.
Government and legal agency benefits:
Tracking documents from their origin to their final destination, including collaboration, points of access, and document editing
Improved security, confidentiality, and data protection
Compliance with data privacy laws
One centralized repository which equals better efficiency as well as cost and time-saving features
K-12 Education
For each student in a school system, there are scores of files to contend with, like transcripts, schedules, and fee records, all while complying with education laws and tracking educator standards.
By using an automated document management system, you can enjoy:
Better access control for authorized users and instant access to student and staff records
Improved accountability by tracking document workflows
Reduced costs: no more document printing and storage or physical retrieval of student records
Improved student record confidentiality
Smooth integration with school applications and software
Higher Education
Universities have just as much documentation to manage as their K-12 counterparts. Because of the large-scale nature of many higher learning institutions, electronic data management gives colleges and universities a competitive advantage:
Better student satisfaction: fast access to records, transcripts, and scholarship applications
Improved management of structured data of student records as well as research and development activities, which can translate into better chances to win grants and funding
More efficient document classification, storage, retrieval, and archiving
Secure storage of data to avoid data breaches
Key Departments that Benefit from Document Management
Departments entrenched with paper-based processes stand to benefit the most from an electronic document management system. What are some of the departments within your organization that will benefit from document management?
Accounts Payable
A DMS streamlines the Accounts Payable (AP) process because it’s easier to do things like:
Retrieve goods receipts
Manage invoices
Handle contracts
The best part is all of this is done from a centralized location, seamlessly integrating with enterprise resource planning tools. AP teams conduct real-time status checks of invoice processing to improve quality and speed.
Accounts Receivable
Accounts Receivable teams need a document management system to track and monitor all transactions with alerts for outstanding dues, taxation features, and audit compliance.
Within the Accounts Receivable team, a DMS makes financial projections more accurate, so decision-makers have a full, detailed overview of your company’s financial circumstances.
Human Resources
An electronic document management system gives Human Resources the power to store and access confidential information like:
Employee performance records
Payroll
Grievance redressal
Contracts
Succession planning
Document management for Human Resources means HR teams exert less energy to do more work like onboarding and contract creation faster.
Purchase and Contracts Teams
Purchasing teams work closely with vendors, keeping track of quotes and choosing suppliers who offer the best value. This can be done faster with a DMS because it gives teams the ability to make quick comparisons.
How Do You Deploy a Document Management System?
There’s no question that a DMS benefits teams throughout your organization, so when you decide to make the leap to a document management system, what happens next?
A document management system integrates with all existing workflows efficiently to make it easy for your teams to use the DMS. This process starts by outlining clear goals and defining your reason for choosing a DMS in the first place.
Is your goal to create a digital archive of historical records?
Do you want to streamline your processes and make a paperless workflow?
Every organization’s processes are unique, which means the way you implement your DMS should be completely custom to you. Every unique purpose will have different constraints that include cost, project timelines, and stakeholder approvals.
How do you select the right affordable document management system provider for your enterprise? It’s best to designate an internal advisor to drive your organization’s DMS adoption. It may be wise to have a committee in charge, depending on the scope. Either way, they will work with the DMS service provider to manage the implementation of your DMS.
Research, Plan, and Develop a Scope of Work
DMS integration should be approached methodically, the same way one would manage a large formal project. During the research stage, your project manager will develop a thorough understanding of your current workflows, tools, and internal processes. They will also search for any complex business processes to be simplified. This aids in understanding how to configure and implement your DMS in a way most practical to your organization.
Those familiar with project management will understand this research and planning stage as “project scoping,” a collection of all the processes that will outline your objectives, tasks, and resources for overall project success. The key here is to ensure that your DMS implementation is neither too ambiguous nor too specific to be truly impactful to your organization.
Project scope is a four-step process:
Scope planning: Identify project objectives, key performance indicators (KPIs), project start and stop points, and what will make this a successful project. It’s also an important time to outline your IT protocols and business processes, and timeframes.
Scope definition: What are the primary and secondary needs of the stakeholders involved? This is the perfect opportunity to map any factors that might impact the project.
Scope documentation: This step is sometimes overlooked as it seems obvious, but this is the time to document all agreed-upon objectives, parameters, timelines, and workflows.
Scope change management: Define the framework to accommodate or revise proposed changes after your implementation begins.
Deploying a DMS on the Cloud Versus On-Premises
It’s hard to deny the benefits of a DMS. After you’ve decided that a DMS is right for you, one thing that you should consider is whether you should operate in the Cloud or choose on-premises deployment.
Setup and maintenance costs, security, scalability, connectivity, accessibility, and legal compliance are all necessary points to weigh.
Here’s a comparison of both approaches:
Cost
On-prem DMS installations usually mean higher setup and maintenance costs. For on-prem deployment, your organization pays for things like hardware, software, and infrastructure, which means higher initial costs than a cloud deployment.
Cloud DMS versions come in either subscription-feel models or pay-as-you-go models, which means lower initial setup costs. This makes Cloud deployments of a DMS more accessible to more organizations who might not otherwise afford an on-prem solution.
Security
Cloud solutions offer top-level security to keep your data secure. Cloud providers are tasked with keeping their clients’ data safe, and they invest quite a bit of their security resources. You have all the benefits of their security protocols.
When deploying an on-prem version of your DMS, security becomes your responsibility. You’ll hire a data security expert if you don’t already have one to mitigate the risks of data leaks and external threats.
Scalability
When you employ a cloud-based DMS, you can scale as you go. With automatic software updates, your Cloud is always current, and scaling is as simple as changing your subscription.
Scaling with an on-prem DMS requires time, planning, and anticipating your organization’s needs for several years. Additionally, hardware and software have a limited lifespan and need to be monitored and maintained. The responsibility of upgrades falls to you, which means scaling takes time, planning, and resources.
Connectivity and Accessibility
On-prem DMS solutions are controlled by a team of administrators. If your current IT team isn’t up to the task, get ready to hire a team to handle this. Typically with an on-prem solution, things aren’t as accessible, especially outside of your original location.
Cloud-based DMSs are always on, always accessible and available on mobile devices and in remote locations. Features like access controls, collaborative features, document sharing, and transfer are all a cinch on the Cloud.
Compliance
On-prem DMSs give users a lot of control over compliances and mandatory regulations. However, this does mean that you’ll have to add resources to monitor adherence to regulations.
When you opt for a Cloud DMA, you have to carefully examine your cloud service provider’s compliance standards to be sure they match your industry’s regulatory requirements.
Conclusion
When you choose a cloud-based document management system, you pay little to nothing in initial setup costs, making it more feasible to bring a DMS solution to your organization. The main reason organizations still choose a throwback on-prem deployment is that there is a misconception and general mistrust of IT.
Generally, on-prem servers are more expensive, require more time from human resources, and require expensive hardware.
The solution you choose should accommodate your current and future needs, which means picking a solution that will benefit you most down the road. In most cases today, companies choose to deploy their DMS in the Cloud.
Industry-Leading Document Management Systems and Tools
There are many DMS products available today. With tools like scanners for document capture, software for indexing and classification, and document archival and storage solutions, there are countless choices. Here are reputable, tried-and-true solutions at each stage of the workflow.
OpenText Application Content Management ACM
OpenText Application Content Management is a content management solution that’s enterprise-ready both on- and off-premises. It scans, stores, retrieves and preserves information. What sets it apart is role-based access from almost any device or web browser.
This solution meets the demands of line-of-business applications but is scalable for widespread use throughout your organization. It offers benefits like a powerful, robust document capture system at an affordable price. REST and API services connect with your current applications, Cloud, and on-premises deployments. And you get ongoing support from an experienced team of professionals.
OpenText Intelligent Capture
Intelligent Capture ingests information by identifying fields for data extraction but then takes things a step further by routing captured information via intelligent process automation and machine learning. Organizations eliminate manual data entry and repeatable or semi-repeatable business processes, including Accounts Payable and Accounts Receivable. It’s capable of handling even complex tasks like contract management and can make decisions based on document type and content, and business rules.
Those looking for tools to implement seamless workflows without complex integrations will find it in OpenText Intelligent Capture, as well as features like embedded machine learning, support, and consulting. There are options to use Intelligent Capture through a web-based, Software-as-a-Service (SaaS) model or hosted in a data center.
docAlpha Intelligent Process Automation
Why not take advantage of a tool that can cut the cost of invoice processing? Through docAlpha Intelligent Process Automation, 80% of organizations reduce these costs by 50% or more.
docAlpha automates meticulous steps in the payment process to streamline payables like vendor invoices, purchase orders, and sales orders at every step of the process. Without this kind of support, teams frequently rely on manual inputs, which increases the likelihood of errors and delays instead of the early payment discounts that come with docAlpha’s robotic process automation and machine learning. docAlpha is engineered to remove cash flow clogs with end-to-end invoice automation.
Process automation begins with batch scanning. Advanced image processing removes things like speckles and punch holes, auto-rotates images, and enhances blurry characters. OCR technology reads the image, auto-classifies it, extracts the data and matches orders to receipts, then sends data for approval routing. It’s that simple. Organizations get an intuitive solution that scales as they grow, decreasing bottlenecks, improving inefficiencies, and boosting control over compliance and cash flow all in one tool.
Additionally, docAlpha makes it simple for approvers to review invoices from a web browser or mobile app. docAlpha also provides a clear audit trail of all payment approvals in the Accounts Payable process.
Conclusion
DMS implementation is a strategic process. When done well, it can bring about significant, innovative changes to your organization. In museums, government agencies, home offices, and major law firms, digitization makes your document-heavy workflow practically weightless.
There are many moving parts and optimization levels to get right, which means that many organizations decide to work with a document management expert like Revolution Data Systems to plan, strategize, and execute their digital transformation so that it goes off without a hitch. And the first step? Digital transformation begins with a document management system.
At Revolution Data Systems, our passion is helping organizations just like yours rid themselves of the problems that paper can cause. Managing paper records and digital content doesn’t have to be a chore. We offer a wide range of digitization solutions to make your systems simple, cost-effective, and efficient.
Frequently Asked Questions
What is document management?
Document management is a system that handles, organizes, and manages documents. Modern technology means that DMS solutions manage things like native electronic files and paper documents by converting them into digital files using scanners. Digital documents can be filed, retrieved, updated, and shared, which cuts down on storage costs and increases productivity.
What is a document management system?
A document management system, or DMS, creates, stores, and tracks documents electronically, including hardware and software systems like scanners, servers, and software to convert full file cabinets and document volumes into digital files.
What does document management software do?
On its most basic level, DMSs scan paper documents and extract the data from both structured and unstructured documents using optical character recognition. This data is then indexed for easy retrieval.
Modern document management software systems make it easy for organizations to manage and control access to records with things like:
Utilization reports
Audit trails
Security logs
eForms
eSignatures
Mobile accessibility
Backups for disaster recovery
Automate digital workflows
Can SharePoint be used as a DMS?
SharePoint is a popular solution for document storage and management in large organizations across the globe. It’s a solution that stores high volumes of documents and pairs them with activity logs, allowing team members to access documents remotely—and even mobile devices.
SharePoint is a Microsoft product, which means that it integrates with software like MS Word, Excel, Powerpoint, and more. Since it’s a platform and not a single product, it’s customizable. There are a few issues with SharePoint though, as it is all custom-built; it won’t work right out of the box. Custom solutions like SharePoint can be expensive and aren’t always necessary when other solutions can fulfill the same operations at a lower price point, right out of the box.
SharePoint gets complicated when you want to do more than store your documents, and setup and maintenance can get pretty expensive.
What are three benefits of document management systems?
Document management systems offer organizations benefits that lead to better time management and improved profitability. These benefits boil down to three main ideas:
Your teams can work remotely and collaboratively and can retrieve and share documents almost instantly from anywhere.
Get secure access to data thanks to features like audit trails and activity logs.
Cut down on labor and save on storage costs.
How do you choose a document management system?
When selecting a DMS, it’s best to begin by identifying the needs of your organization. It’s a good idea to start by listing the challenges your team is facing and then choose a solution that best addresses these issues.
A top priority should be to evaluate the data security features to see if they comply with your industry’s security protocols and regulations. It’s also wise to look for a solution that supports document and data backups.
Next, you want to look for a DMS that is compatible with the way your organization already works. Your DMS should work seamlessly with your internal processes like your accounting software, CRM, and more.
Your DMS should be intuitive to use, with accessible customer support. The vendor should understand your industry so you can optimize your DMS to make full use of it.
What is enterprise content management?
Today, enterprise content management (ECM) is used to collect and manage data no matter what the old format was. ECM systems are ideal for small and large-scale organizations and can handle diverse data formats, including:
Text
Graphics
Video
Audio
They handle more than just word-based documents, making them great options for Clerks of Court, universities, creative studios, and more because they deal with more than only textual data, and ECMs are growing increasingly sophisticated to manage artwork, audiovisual content, meta-data, and more.
What is the difference between enterprise content management and document management?
Many people use the terms “document management” and “enterprise content management” interchangeably, but there are significant differences.
Think of document management as a single, powerful tool, while enterprise content management is more of a comprehensive tool.
A DMS captures and manages structured data, performing functions like search and retrieval, updates, sharing, check-ins and check-outs, access controls, version controls, and workflow management.
ECMs manage structured and unstructured data for everything from documents to employee records and graphics, audio files, and more. They can categorize both web and offline content and security features. ECM solutions enable powerful collaboration, while DCMs are a cost-effective way to manage documents.