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Electronic Document Management System

Why is digital transformation important for your company?

Let’s take a look at the key reasons why digital transformation is important to your company and why you should invest in Electronic Document Management System.

Electronic Document Management System

According to research from the international professional services brand, PwC, businesses spend an average of $20 in labor to file each and every document, $120 to search for each misfiled document, and $220 to recreate every lost document. If you add these numbers up to the millions of documents processed by thousands of companies and organizations across the world, the tremendous costs associated with manual document processing become hard to ignore. 

In addition to these costs, manual paper processing is also limited in its ability to scale. For middle-market organizations or large enterprises, growth is vital. However, this growth often means that more paperwork needs to be managed in the form of invoices, purchase orders, and other transactional documents. 

In a short time, your employees can be completely bogged down by piles of paperwork. Errors and misfilings will then increase in frequency, creating even more costs and inefficiency.

For these reasons, many organizations are beginning to make a move to an electronic document management system (EDMS). An EDMS is software that organizes and stores different types of documents for your organization electronically. Most EDMS solutions are designed around the long-term storage of documents that are not frequently changed. 

They facilitate easy and rapid retrieval but are not intended to support collaboration or live editing of documentation. Simply put, an EDMS is an electronic version of a filing cabinet. 

To learn more about the many options available in the market today, we recommend checking out a handy EDMS software list. This can be a way to find EDMS system examples. These lists can be found on several different sites and provide a comprehensive perspective on what options are available. 

However, it is essential to remember that some of the sites are in paid partnerships with certain brands and may be biased in their reviews.

EDMS systems are fairly simple, making them even more attractive as companies rarely have to pay for expensive EDMS software training. If you are interested in ensuring that your employees are prepared to get the most out of your new EDMS, several sites online provide straightforward courses that will deliver the training you need for your team. 

Simple Document Management Software

Even simple document management software can still deliver a wide range of benefits and features to your organization. The best EDMS software will include features such as access control, security features, and cloud-based backups. This means that you can more easily control who and when your employees can access specific documents. Furthermore, you can also use an EDMS to keep your documents more secure. 

Although several high-profile network intrusions have hit the headlines over the years, physically tampering with paper documents stored in filing cabinets is still one of the easiest and most common ways to commit fraud. By using an electronic system, you can keep your documents safe from unauthorized access. 

Cloud-based storage of data means that even if a physical disaster were to impact your data center, your documents would remain safely stored. This also ensures that you will have a backup in the event of a ransomware attack. 

If you are creating an electronic document management system proposal to seek executive buy-in, you should also emphasize the scalability that a simple EDMS can provide. Instead of growth being held back by piles of paperwork, your processes can be streamlined, costs can be saved, and the morale of your employees can be dramatically improved. 

Electronic Document Management System examples

Experts say examples are one of the best ways to learn something new. They are also helpful when comparing products that you may be interested in purchasing. Finding a “best of” list can be one of the best ways to find electronic document management system examples. One software you will likely see on many of these lists is Microsoft SharePoint

Unlike a simpler EDMS that is more for storage, SharePoint expands on that definition to provide collaboration features and remote team support. Available as part of Office 365, many organizations have relied on SharePoint’s features for many years. 

Some document management companies have developed software targeted to specific industries. It is worth looking into these solutions and platforms as they may have just what you need in your organization. For example, an electronic document management system in healthcare might include several features such as HIPAA-compliant security protocols and user activity tracking (which can be essential for mitigating legal risks to your organization). 

For larger organizations, you may want to consider an enterprise document management system. These software solutions are designed to handle documents on a large scale and often feature support for globally distributed teams. 

Types of Electronic Document Management Systems

Although electronic systems such as we have been describing have started to become more widely used in a variety of industries, paper stubbornly persists in specific processes and workflows. 

However, that is beginning to change. There is now a wide variety when it comes to the different types of electronic document management system options available to your organization. This allows you to find the solution that best suits the needs of your particular organization. 

The specific features of electronic document management system solutions will be different depending on which category each falls into. Here are just a few of the many types available on the market:

  • Content Management Systems
  • Workflow Systems
  • Records Management Systems
  • Enterprise Content Management Systems.

Content management systems focus on storing and organizing all the content needed to maintain your organization’s brand. Here, you’ll often find photographs, logos, and other graphic art as often as you’ll find business documents. Workflow systems, by contrast, are more focused on the specific needs of a business. 

Workflow systems provide automation by streamlining a particularly inefficient document-based process in your organization. Each kind of electronic document management system will also provide different document management system reports. These reports can be useful in the way that they display information about how the document has been changed over its lifetime and who has had access to or edited it since its creation. 

Document Management Software

Document management software has many uses and can bring many benefits to your organization. The best document management software is going to be the platform that meets your specific needs. Not all DMS platforms are created equal, which is why it is vital to do your own research. 

We recommend reading a variety of reviews and speaking to other professionals in your industry. What solutions are working for them? There are a number of sites that provide trustworthy reviews of a variety of platforms. 

For example, G2 is a reputable site with reviews on a huge variety of software platforms, including many legal document management software solutions.

Although you may be able to find document management software free options, it is vital to remember that you often get what you pay for, and software is no exception. Free software may be limited in functionality or have less accessibility, requiring more training to use thoroughly. Nonetheless, there are some excellent open source software options available that you can try out to see if going to electronic document management is right for you. 

Best Electronic Document Management System

As with most software, the best electronic document management system is highly subjective. If you are in an industry that is highly regulated, having comprehensive reporting features and easy retrieval can be vital features for you to be able to demonstrate compliance. Security features may also be a must. 

On the other hand, if you are in an organization that produces lots of transactional documents that just need to be safely stored and rarely retrieved or altered, a more affordable EDMS with fewer features may be just right for you. Document management companies try to develop software around the needs of their customers. 

For larger organizations, an enterprise document management system may be ideal. Top features to look for in a platform like this include easy search functionality, workflow operations (form creation), collaboration features, and security permissions. 

Electronic Management System

In many industries, following the electronic records management standard as described in ISO standard 15489: 2001 is obligated. Electronic Records Management (ERM) focuses on ensuring that your organization has the records it needs when they are needed. This is vital for compliance management. 

Records management can be defined as the set of activities required for systematically controlling the creation, distribution, use, maintenance, and disposition of recorded information maintained as evidence of business activities and transactions. In the event of an audit, this recorded information must be immediately presented to the proper authorities. 

An excellent electronic management system will make records management simple and straightforward. All of the electronic document management systems examples we have discussed today follow the ISO management standards. In addition, an electronic file management system can also make your organization more secure. 

The only limitation with a system like this is that many documents arrive from outside your organization in paper or PDF formats. This means that your employees will have to manually enter the data in those documents into your new electronic management system. That’s where Rossum can help. 

With Rossum’s powerful and accurate AI OCR engine, you can automatically extract data from thousands of documents with just a few clicks. Plus, with our easy-to-use API, you can even build integrations with your file management systems and workflow automation tools to streamline your document-based processes even more.

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Eliminate tedious, error-prone manual data entry and keep your data easily accessible for spend analysis and auditing.