Document Management 101

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What Is a Document Management System?

 

• Document management systems are electronic filing cabinets that provide a framework for organizing all digital and paper documents.
• These systems work in tandem with scanners, which convert paper documents into digital versions.
• Through sophisticated search engines, document management systems allow quick access to any document or file.

 

Functions of these systems:

 

• Storing various document types, including word processing files, emails, PDF and spreadsheets
• Searching an entire library of files by individual keyword
• Restricting access to certain documents
• Monitoring who is viewing documents and when
• Tracking edits to documents
• Retrieving previous versions of edited documents
• Controlling and regulating when outdated documents can be deleted
• Accessing, editing and sharing documents via mobile devices

 

Having a document management solution in place help businesses organize their paper and digital file in one central location where everyone in the office has access.

 

Which system is best for you?

Both self-hosted or cloud-based solutions offer the same features, but they have several key differences.

 

Self-Hosted Document Management System

 

• All the software is stored inside your business on your company's own servers.
• You can store as many documents and files as your server allows.
• The software has a one-time cost based in part on the number of users. Self-hosted systems typically cost at least several thousand dollars. Some systems charge an initial fee for the software, as well as license fees for each user. In addition, some charge an installation fee.
• There is an optional yearly charge for ongoing support and software upgrades.

 

Pros: The biggest benefit of a self-hosted document management system is that you are always in control of your system and not relying on anyone else to keep it up and running. You're not dependent on the internet either. If your online connection goes down, you still have access to all your documents.

 

Cons: The downside comes in the upfront costs, as well as the extra yearly expense of software updates. In addition, it's up to you to make sure you have a proper backup system in place, since your files aren't automatically saved in the cloud. Another possible negative is that not all self-hosted systems work with both Windows and Mac computers; many are compatible with only one or the other.

 

Cloud-Hosted Document Management System

 

• All the software is hosted by your provider and accessible online.
• You can log in to these systems from any computer or mobile device connected to the internet.
• You pay a monthly fee for each user. Costs range from a few dollars to close to $100 per user, depending on the provider, the number of features you choose and the amount of storage you want.
• The system's provider, for no additional cost, handles the software upgrades and maintenance.

 

Pros: The biggest benefits are that you don't need an IT team to install the software and keep it running properly, and that there aren't any large upfront costs. You also can tap into these systems from anywhere that has online access, and you don't need to back up your files, since they are automatically saved in the cloud.

 

Cons: You are at the mercy of your provider to keep the system up and running. If your provider has a problem with its data center, it could prevent you from accessing your files until the situation is resolved. In addition, if your internet connection fails, you won't be able to get to your files. Cloud solutions also have storage limits.

 

Document Management User Benefits

• Easy access:  Having document software in place means you are no longer forced to stockpile loads of files on your desk. Instead, when clients call, documents can be found quickly, making your more productive.

• Easy to search:  Ability to easily search through company documents is a huge benefit.  Quickly search for and retrieve presentations, invoices and notes.
• Better collaboration: Getting rid of hard copies of documents makes it easy for employees to work with each other.  When multiple employees are working off one document and editing is constantly happening, document management systems ensure workers always have the most up-to-date copy. Employees waste no time on printing revisions or double-checking to make sure they have the current version.
• Saves space: Exchanging paper documents for digital versions can save a tremendous amount of physical space.  Transform your office to a paperless environment.   Convert space that was formerly used only for file storage into space that can generate revenue.