A Document Management System (DMS) or Enterprise Content Management (ECM) is an electronic catalog or library of documents. For each document the system will detail what it’s about, who wrote it, who can see it, who can change it, who has changed it – and where and how it can be found. If documents are to be shared internally or externally, then these things need to be managed and audited. In this way, document management software helps businesses with regulatory compliance and audit requirements.
This is the ability to scan paper documents and have them stored in a database. The document imaging application may also include processing such as optical character recognition (OCR), converting the document to a PDF, or making the scanned document available for workflow processing.
The Intelligent Data Capture system learns to recognize, classify, extract key index information, and automatically route to appropriate document workflows for review and approval. Your organization can process large volumes of inbound delivery tickets, invoices, and sales orders from a wide variety of vendors and customers using your business rules.
Employs content storage as well as document management functionality such as the ability to create folders/subfolders, check in/out, audit history, and other basic document management functions. Instant search and retrieval of content through indexing of metadata is the chief benefit for the everyday user. Administrators can assign security privileges such as edit or view only to users and security may be at the site, file folder, document level. Integration with other applications via an API is also available.
Workflow enhances existing document driven business processes, improving productivity and business process insight. Benefits emerge quickly as documents and other business content are directed automatically to the right place at the right time with email notifications — simplifying collaboration and improving efficiency throughout your organization.
This aids an organization in its retention and document destruction requirements throughout the entire document life cycle. Create rules to govern storage, retrieval, distribution and destruction of all your digital documents. Users can easily generate reports showing where documents are in their life cycle and what documents are eligible for retention, transfer or destruction. Records Management promotes regulatory compliance with Sarbanes-Oxley, HIPAA, SEC and other regulations.
The average company could realize performance benefits of 49% by employing best practices in document management. – Aberdeen Group
Many of the financial benefits of document management relate to making staff more effective, improving project coordination, reducing time spent searching for or duplicating information, and improving the quality of decision making. However, there can also be benefits from improvements to the workflow process – speeding up document routing, shortening cycle-times, preventing delays and errors while improving customer satisfaction. Document management is most beneficial when it replaces paper-based document-driven processes.