Everything You Need to Know About Enterprise Document Management Solution
Updated on March 9, 2023 | by Janvi Panthri
Firms deal with records and paperwork in every function, from supplier agreements to consumer complaints. A manual or segregated approach makes it challenging to keep track of changes when various teams need access to the same document. Also, having all your documentation in one system is crucial for regulatory compliance. Organizations can maintain compliance, manage all documents in a single system, and collaborate with other tools and applications through enterprise document management.
What is Enterprise Document Management?
Enterprise Document Management (EDM) is a strategy used to safeguard and access physical and digital documents within a company. Enterprise document management solutions aid businesses in enhancing efficiency, talent retention, and workflow.
An effective business document management system addresses the following criteria:
- How long should the company keep papers on file
- Where to store them
- How do track modifications make to any documents
- How to retrieve information in the event of a disaster.
What is the Operation of Enterprise Document Management (EDM)?
An organization can clearly outline its document management procedures using an EDM strategy. A company can use this approach to:
- Standardize the methods to accept, handle, examine, store, retrieve, and discard documents.
- Identify the process changes that the company should make to improve efficiency.
Many procedures are involved in the document lifecycle, making it time-consuming for your staff to follow up on actions. All the procedures are automated using document management software, which increases productivity. An enterprise document management solution can consolidate all documents into a single view and offer workflow capabilities to track and manage changes.
Businesses can capture a document using an EDMS by scanning the original paper copy or downloading the digital version. The user can tag and index the document with keywords and information after scanning or downloading it, making it easier to find via keyword or full-text search. The document is organized by the DMS and put into a folder only authorized staff members can access. These systems also ensure compliance by adding security measures and putting permission limitations on specific documents.
Why Should Businesses use Enterprise Document Management Solution?
The reasons behind using an enterprise document management system in the company are:
- Reduces the demand for physical storage space and the costs connected with it.
- It consists of a data backup and disaster recovery strategy that offers firms a digital backup.
- Thanks to its central data storage, users can quickly locate files using a full-text search wherever and at any time.
- It can seamlessly interact with many other apps, such as Salesforce, Microsoft Office, and content management systems.
- May ensure an orderly workflow by reducing bottlenecks and maintaining it through version control and security.
What two Types of Enterprise Document Management Solutions are Available?
There are two types of document management software: on-premises and cloud-based.
- On-premise DMS: Users of an on-premises DMS can view all documents without using the internet because it doesn’t rely on them. Instead, the companies are in charge of using their storage, security, and upkeep.
- Cloud-based DMS: With a cloud-based DMS, companies can pay a provider a monthly or yearly charge that covers maintenance and software updates. In addition, users using cloud-based DMS can use the system from any location with internet connectivity. They don’t need to back up their files because the cloud stores them automatically.
Why Pick an Enterprise Document Management (EDM) That is Cloud-based?
Businesses will have a central repository to generate, alter, evaluate, authorize, store, access, organize, and share documents internationally regulated if they adopt an electronic approach to document management across the firm. With analytics, graphical dashboards, integrated collaboration, and workflow tools, businesses may employ cloud-based EDM to follow every document from creation to obsolescence.
The benefits of a cloud-based document management system are as follows.
- Using a central repository of all documents with the correct file systems, efficient storage makes it easier to store, retrieve, track, archive, and delete documents as needed. This aids regulators in following the paper trail for change management.
- With a cloud-based document management solution, distant teams can collaborate more effectively. They can access the same documents, make changes, and have those changes evaluated and authorized in one location.
- Users can specify access privileges as part of a regulatory need to ensure that only authorized parties can view the documents due to privacy and security.
- Workflow integration is helpful when responding to customer inquiries because other relevant data can be quickly and readily obtained from a central spot for better support.
How can the Documentation Process be Transformed Using an Enterprise Document Management Solution (EDM)?
- EDM makes updating and producing documents easier while ensuring the appropriate templates are used. It does this through a workflow-driven approach supported by secure digital capabilities.
- Regardless of the platform, firms can boost operational efficiency while being cost-effective by enhancing access to the correct version of the information.
- Separate legacies create document silos. It’s simple to communicate and share information utilizing applications like Microsoft, Google, and BOX using a cloud-based EDM platform.
- All facilities may always access the most current set of approved procedures thanks to a cloud-based document control system.
- EDM supports the organization’s adoption of best practices and standards as it routinely onboards new operations.