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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Documents & Drawings Management Register (DDMR) (Excel workbook). Documents & Drawings Management Register (DDMR) is a Master List of Documents and Drawing Transactions used by all Client, Design Consultant, Project Management Consultant, Main Contractor from Design till As-Built Stages in all Infrastructure, Engineering, Oil & Gas, Construction, [read more]
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What Is Document Management Software?The best meaning or definition for a document management software/system (DMS), as the name says, is software that allows the storage, creation, indexing, managing, recovery, and protection of digital paper, commonly known as documents.
Although the high percentage of document management software for bookkeepers reserves all of your digital papers in the cloud, they are even more than just cloud storage. A document management software is a substructure that clears the easy flow of critical information across the organization.
The rapid digitalization of our world has led to explosive growth in business data and content. Every day and every month, your company manages and creates many business documents, blog posts, onboarding material, contracts, etc.
These documents are often dispersed all over the place on your digital devices like you may have Google Drive or Dropbox plans.
What happens when you can’t file a file or document in the middle of a meeting? Or when your boss immediately needs a file or document, but you don’t really know where you have saved it?
The organization of your digital files has always been a missing aspect of being organized. Since you can’t see the digital mess you’ve created, unlike the paperwork mess during the old-file cabinet times, you may not feel like you have an issue until you cannot find a particular file.
Have you ever wasted auspicious time searching for a document on your laptops or computers, in chat messages, etc.?
Document management software plays a vital role in making all the tasks related to documentation management faster, easier, and efficient.
There are many reasons why an organization needs to deploy document management software immediately.
Some of them include:
1. Reduce dependence on paper
If your company still uses paper documents, the best suggestion is to make them switch to document management software. It can quickly help reduce the dependence on paper and save extra costs for storing, filing, etc.
2. Safe and Secure
So, these days, everybody knows the best way to keep a document safe and secure is to have it digitally preserved in document management software.
3. Scalability
As the business becomes successful and eventually starts growing, you will produce a more significant number of documents over time. More documents will ultimately lead to more clutter, more folders to browse through, and even more email attachments to locate. Document management is vital as it is easily scalable.
4. Makes information access a blow
Since all your essential work and documents are dispersed over OneDrive, email, Google Drive, it will make working more manageable and even more enjoyable.
Every company needs to manage the massive amount of content that they have produced, have access to streamline it and make it available to workers, employees, and other stakeholders at the correct time. If you understand the necessity, invest in LedgerDocs ; one of the high suggested document management software for bookkeepers.
You can download in-depth presentations on Document Management and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
