Sensitive information is often present in company documents and must be kept secure. However, manual procedures essentially offer no security protection. These systems are relatively easy to access, and confidential information can be obtained from them. The document management system can be safeguarded in various ways so that anyone requesting access would need to provide identification, restricting access to those who have been granted permission. It also depends on the level of searchability and accessibility you desire for your documents.

When using paper and going through your team's inevitable editing process, it might be challenging to determine whether the document you are handling represents the most recent or final version. Discovering that the paper you spent the most time working on is an outdated version can be incredibly frustrating. Utilizing document management systems with a technological focus will make it easy to resolve this issue. These systems provide tools, with the necessary access permissions, that can track all modifications made to a document and inform you about who made specific modifications or when.

There is always a significant risk that human errors will occur while manually filing paper documents, potentially resulting in a document being filed under the wrong name or getting lost entirely. With a document management system, you can easily find all your files. There are various techniques to recover deleted data, even in the worst-case scenario of someone erasing the document.

Data breaches have become an issue that every company must manage and take precautions against. Document management systems can securely store your documents, guarding against unauthorized handling, theft, fire, and espionage.

A document management system can ensure that every Word document, Excel spreadsheet, PowerPoint presentation, and email signature conforms to your company's corporate design guidelines. With only a few clicks, administrators and/or the team can centrally produce any changes and apply them company-wide.

By using document management software, companies can spend less time managing and securing massive volumes of scanned and digital assets. They can effectively track document modifications and promptly deliver documents to the right approvers and reviewers.

Document management systems have five types: Content Management, Workflow Management, Record Management, Document Imaging, and Enterprise Content Management.

The use of computer systems and software to store, manage, and track electronic documents and electronic images of paper-based information obtained through the use of document scanners is known as document management, also referred to as a document management system (DMS).

The document management application is useful to improve the company's management of various confidential electronic documents. This application can increase document security, thereby reducing the risk of data leakage.

Commercial property costs are expanding, and so is the cost to store paper reports. A software-based DMS that can diminish the requirement for record cabinets, boxes, and storage canisters could be a valuable asset to any enterprise, freeing up precious office space. Documents that have to be kept as hard copies can often be stored in less costly locations, such as an offsite warehouse or vault.

Looking for and retrieving documents can be exceptionally time-consuming - and we all know time is money. The ordinary office worker spends an estimated 30% to 40% of their day searching for printed documents, whereas companies, on average, spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 in labor to copy a misplaced document. These unnecessary document management costs limit a company's budget, obstruct productivity, and restrain growth potential.