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Document Management: Key Tool of Digital Transformation
Document Management Systems are standard tools for most enterprises. The Document Management market is expected to grow to $6.78 billion by 2023, according to Statista.
Benefits of a Document Management Systems include the following:
Save Space – Digitizing and using electronic files means that the space needed for storing paper in drawers and file cabinets can be freed up.
Security – Computerized storage systems can manage who sees which documents and also can provide an audit history of who authored or modified a document and who has had access to a it and when the access was made.
Regulatory Compliance – Document Management systems can streamline compliance and enable automated classification and application of retention schedules. Non-compliance with regulations can result in high fines and even criminal liability.
Version Control – Keeping track of document revisions, who made changes, and when changes were made are all standard features of Document Managment Systems.
Easy Backup and Recovery – Documents stored electronically enable easy backup and storage of data in secure remote locations so that in the event of a disaster your data is still available and can be recovered.
Workflow and Collaboration – Document Management systems increasingly provide tools for teams to collaborate and to share information, comments, and reviews.
Better Searchability – Search and retrieval of documents is streamlined with computerized storage.
