What is a Document Management System?

Document management is the process of capturing, digitizing, organizing, storing, securing, tagging, sharing, and managing business documents efficiently. To streamline this process, businesses rely on a Document Management System (DMS)—a powerful solution that goes beyond basic data storage.

A DMS, like Docsvault, helps businesses manage and organize electronic documents and large volumes of paper-based records more efficiently. It offers advanced features such as metadata capture, enhanced collaboration, automated workflows, advanced search, and data discovery & disposition. By improving document security, accessibility, and compliance, a DMS enhances productivity while reducing manual effort and operational costs.

Documents play a critical part in the smooth operation of any business. Every day, you create, manage, and share business documents such as proposals, agreements, contracts, HR policies, training manuals, invoices, and so on.

These documents might be available in paper or digital format, scattered all over the place. What happens when you can’t find a file in the middle of a meeting or don’t remember where you stored it when your manager needs it?

It is not easy to manage this digital mess, which is often unstructured and make documents available to your stakeholders instantly when needed.

A document management system helps make all the tasks related to managing documents easier, faster, and more efficient.

A document management system provides Free Space

If your company still uses paper documents, switching to an enterprise document management system may help minimize paper usage and save money on printing, storage, maintenance, and filing, among other things. According to one study, physical document storage takes up around 15% of the overall office area. In the United States, renting office space costs between $50 to $80 per square foot. That’s a lot of money to spend on document storage at that price.

In today’s era, most of the information and data are available in electronic format. Switching to a paperless office using a document management system would eliminate the issue of space and save companies some real money. Document scanning and digitization aka document imaging is the first step towards digital transformation. No longer will you have to waste time searching for documents in storage rooms or paying for the wasted space that paper takes up.

A document management system saves Time

According to a Wakefield Research and Elastic survey, more than 50% of office pros spend more time searching for files than at work.  The report observed that “loss of time negatively impacts companies and cultures as workers waste energy that would be better spent on planning, strategy, and overall company growth.”

Time is just as crucial as money when it comes to your job.  A document management system solution can save time and money as your team can search by word, phrase, or full text and quickly find what they need. Since all documents are stored in a centralized document management system, your team can collaborate on them easily while reducing costs and saving time.

A document management system is Flexible

A common problem for businesses is how their employees can access files when they are away from the office.  This remote working model was common in the industries of finance, insurance, professional services, and IT. However, recent times have shown  that all types of industries are adopting remote working in some or other form.

Document management system provides freedom and flexibility to employees, allowing them to work from anywhere at anytime. For instance, a web-based document management solution, and its mobile app, enable users to access documents, collaborate with teams, track, and securely share sensitive documents and information from any location with access to an internet connection. Online document management system also enables users to securely share files and speed up document signing. Although accessibility and security were formerly considered to be completely incompatible benefits of software solutions, the document management system incorporates both benefits into a single functional solution.

Read Five Reasons Why You Need Online Document Management

A document management system provides Peace of Mind

Security threats in a company come from all directions ranging from malware and data breaches to theft, fire, or flood, making it essential to incorporate data security in their business continuity strategies.

An electronic document management software solution provides you with the tools you need to keep data safe and secure while also complying with industry regulations. Security features of document management systems include fine grained access control and authentication methods, scheduled automated backups, and the ability to encrypt data at rest or in transit via SSL. Furthermore, document management software security can help to mitigate the risk of internal data breaches. It also creates automated notifications when sharing sensitive data and keeps a comprehensive audit trail of all document-driven collaboration.

360-degree Document Management

The scope of document management software is much wider than managing and controlling documents. Docsvault encompasses various features that go above and beyond document management. To fully know the true capabilities of document management system one must adopt it and see it at work.

Smooth Internal Processes

Businesses can become competent only if their internal processes are running smoothly. Docsvault document management software is capable to take on most processes and departments such as accounts, HR, Sales, etc. that are dependent on documents thus ensuring smooth internal processes.

Built for Small & Large Businesses

Document management is no longer reserved for big companies and corporate firms; it is even adopted by small firms to large companies. Docsvault is built in such a way that it fits all sizes and types of organizations. Its vast range of features makes it truly helpful in all types of businesses.

Ensures Regulatory Compliance

Document management has become a critical necessity for organizations to ensure regulatory compliance. Docsvault offers various features such as version control, audit trail, etc. that enables organizations to make themselves compliant and achieve industry standards.

Human Resources

A Document Management System (DMS) like Docsvault enhances HR operations by digitizing and automating key processes, ensuring efficiency, security, and compliance.

• Employee File Management: Store and manage employee records securely from onboarding to offboarding.
• Policy & Document Control: Create, update, and distribute HR policies with pre-defined templates and web forms.
• Automated HR Workflows: Streamline processes like leave applications, performance evaluations, and approvals with full traceability.
• Digital Signatures: Securely sign and approve documents, including offer letters and contracts, with legally binding e-signatures.
• Compliance & Retention Management: Simplify classification, retention, and disposal of records per internal policies and regulations.

With a paperless and automated approach, a DMS significantly reduces administrative burden, improves data security, and enhances HR efficiency.

Accounting And Finance

Docsvault DMS empowers financial operations by centralizing storage, automating workflows, and securing sensitive data.

• Client Document Management: Securely store and share tax returns, financial statements, and other client documents for easy, anytime access.
• Efficient Document Requests: Simplify the collection of client documents with secure SSL connections, password protection, and predefined expiration dates.
• Advanced Security Controls: Protect confidential financial data while enabling secure sharing. Restrict access to sensitive information by hiding specific document sections.
• Automated Email Capture: Seamlessly store important emails and attachments, such as payroll sheets and faxes, ensuring quick retrieval for compliance and decision-making.

With streamlined document handling and enhanced security, a DMS helps accounting and finance teams improve efficiency, ensure compliance, and reduce manual workload.

Legal

Docsvault DMS empowers legal teams by securing confidential information, automating tasks, and providing instant access to critical case files.

• Secure Document Repository: Centrally store and protect legal documents such as agreements, client records, contracts, and evidence files while restricting access to authorized personnel.
• Automated Document Processes: Reduce administrative workload by streamlining the review and approval of contracts and other legal documents through workflow automation.
• Anywhere, Anytime Case Management: Access critical legal files remotely via web-based technology, ensuring seamless collaboration with colleagues and clients from any device.

With robust security, workflow automation, and remote access, a DMS helps legal teams improve efficiency, reduce manual tasks, and focus more on legal strategy.