What is Document
Management
System?

What is a Document Management System?

Known by names like Document Control System or Document Manager, a Document Management System (DMS) or Electronic Document Management System (EDMS) is a tool that helps streamline all your document processes in one place, automates repetitive tasks & enhances document security, thereby reducing documentation costs & time.
A document management system is one of the most important tools for modern-day organizations, due to its ability to reduce document approval delays, accelerate document search, track documents across the entire organization, protect against information thefts & leaks, and improve the overall productivity of the organization.
Digital tools like document management systems have enabled modern-day workplaces to become fast-paced, efficient & more productive. It is estimated that such automation & AI-based digital tools will help add another $13 Trillion to the global GDP by the end of 2030. How can DMS benefit your organization? A robust document management system helps you avoid unorganized filing cabinets, reduces paperwork time, reduces document filing & data collection errors, and all in all, ensures a much more relaxed time at work.
Now that you’ve read about the basics of a document management system, let us tell you how a DMS system works.
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What is the purpose of a document management system?

The key purpose of a document management system (DMS) is to help you digitize, manage, edit, track, search, store & share all your business documents via one common platform. A singular electronic digital storage reduces clutter, improves accessibility, reduces dependency on other single-purpose systems like document editing or storing apps, and streamlines your entire documentation process.

How does a document management system work?

A document management system is designed to reduce your physical documentation work. It automates menial & repetitive tasks that would otherwise take you hours to finish and transforms them into a continuous digital process that the system takes care of on its own. These tasks include organizing documents into groups, faster document search, document indexing & archiving, document versioning & more.
Let’s consider the example of extracting metadata/text from scanned documents or PDF File. PDF files cannot be scanned for text, but a DMS system comes equipped with OCR technology that allows you to extract text from all types of PDF files & images. Most DMS systems even go a step further to automate the data extraction process, by automatically scanning & extracting text from every document that is scanned or uploaded to the system.

What are the benefits of a document management system?

When people hear the term ‘document management system, they think of it as any other document editing or document storage tool. But it’s so much more than that. The system doesn’t just allow you to edit & store documents, DMS also provides other benefits like;
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How do document management systems reduce costs?

Let’s look at this with an example. Say you don’t have a document management system, and in its place, you either use physical documents or separate apps to edit, store & share digital documents. This results in you spending hours organizing, finding, archiving, indexing & versioning your documents.
But with DMS, you don’t just find the solution to all the above problems under one platform, you also save a lot of time & effort that goes into these types of everyday document processes, which can then be utilized to generate more sales or identify new target markets for your business. Over some time, a DMS system pays for itself.

Is document management software important for a business?

Document management software is one of the most essential tools for any business. It is estimated that organizations in the US spend more than $8 Billion on managing paper documents, an average of $20 to file a document, $120 to find a misfiled document & $220 to reproduce a lost document.
A document management software eliminates all these unnecessary document management costs by digitizing & cataloging your entire document database and providing a secure & systematic way of organizing, storing, finding & sharing documents. It also automates document processes like document archiving, indexing, approvals, signing, stamping, etc, and gives you complete control of your documents & information.

What are the types of document management software?

There are two main types of DMS:
  • On-premise DMS: The documents are stored on in-office or on-premise servers
  • Cloud DMS: The documents are stored on virtual cloud servers
But the demand for a system that allows users to work with both paper & digital documents have given rise to a new type of DMS system known as Hybrid document management software. Hybrid DMS systems let you track & manage physical documents through either a document imaging server or a cloud-based document management system.

Why use an On-premise Document Management System?

An On-premise DMS system ensures that your storage servers & data are close by, and under your supervision. The added assurance of data safety is one of the prime reasons why many sectors like government organizations, healthcare providers, legal & accounting firms, and more prefer on-premise document management software.
On-premise DMS provides all essential document management features like automated document approvals, advanced organizational & search features, document access control, document encryption, workflow automation & much more.
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Why use a Cloud Document Management System?

Cloud computing is replacing traditional computing systems at a much faster pace over the last few decades, so much so that it is now being referred to as the Future of Computing. And just like other cloud-based technologies, cloud document management systems are also becoming the go-to document management solution for modern businesses.
Cloud document management system are easily scalable, improve accessibility, eliminate infrastructure costs, provide automatic data backups, and provide a much higher return on investment. Cloud DMS are particularly popular with businesses that work on the go, like marketing consultancies, educational institutes, hospitality brands & more.
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How much does document management software cost?

The pricing of document management software varies depending on its type, no. of users and amount of storage. Most good cloud document management systems are priced anywhere between $99 to $299 per user per month.
There are also a few free document management software available on the internet, but most of them don’t offer advanced features like automated indexing, document encryption, document versioning & more.
For example, a free document management system might allow you to create document versions, but it might not allow you to set the number of versions or add notes, like some other document management systems.
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What is the right way to choose an electronic document management software (EDMS)?

Here is a step-by-step guide on how to choose the best electronic document management software for your business:
  • Talk to your team members about improvements or upgrades that can benefit your organization.
  • List your requirements. This includes existing problem areas, as well as suggestions from your team.
  • Define a reasonable budget wrt the type of DMS system, amount of storage space required, no. of active users per month.
  • Research a few DMS systems that satisfy your requirements & fit your budget. Look for DMS solutions that are user-friendly & have a helpful customer support team.
  • Take a trial & finalize your purchase.

How do you implement a document management system?

So once you have selected the ideal DMS system, here is how you can implement a DMS to get the best outcome for your business.
  • Keep all your physical & digital files handy. Once your DMS is up & running, upload all the files to the system
  • Create a document organization structure to ensure that the documents are organized in their respective folders & document types
  • Design document approval workflows to automate everyday document approval processes
  • Create user roles & assign privileges to the users to control access to your information
  • Import your Windows user directory to allow users to log in using their credentials
  • And finally, train the team on the system’s features & functionalities, so they are all able to get the maximum out of it

List of document management systems

Here are some of the best document management systems in the industry:

 

 

 

 

 

 

*Before investing in any of the above software, understand your needs, see if any of the above software fulfills those needs, take a free trial & only then take the final decision.

What is the best document management software?

If you are looking for one of the best document management software for your business, check out our product GLOBODOX. GLOBODOX is a 5-star rated on-premise & cloud document management system with users in more than 60 countries around the world. GLOBODOX’s user-friendly design & wide range of features have made it the perfect choice for 2500+ businesses, including MNCs like Hutch, Tata, Westin, FDA, Nasa & many more. Here is what some of our clients have to say about us.

GLOBODOX provides features like automated indexing, document linking & stacking, document retention, workflow automation, document access control, document encryption & more. GLOBODOX is compatible with Windows, Mac, Linux, IOS & Android operating systems.
Start your GLOBODOX experience for free with our 30-day free trial, and if you have questions, connect with us at sales@globodox.com
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