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Do people often ask what document management is? It is not one of the most interesting topics to discuss but understanding document management can have a major impact on your overall business. In this article, we will discuss the basics and importance of document management in business processes. Document management, also known as Document Management System, refers to the storing, updating, and locating data for better business outcomes and smooth workflow. It makes use of a computer system and software to share and manage different electronic documents. It is also used to manage electronic images captured through a document scanner.
Document management is very important for different organizations in accessing information more effectively and easily, at the same time securing the important data. Document management works by using certain programs and servers. It allows specific authorized users to access the already existing data by containing data within shared files or on a shared server. Due to document management, the important files are downloaded only by the authorized users. Due to a large volume dealt with by organizations daily, they must have an effective document management system that can store and control their important data. Document management is also an important part of Enterprise Content Management.
Components of the Document Management System
The basic components required for the working of a document management system are discussed below.
To divide the system operations, specific servers are used. Servers are an important part of a document management system that affects its efficiency.
Networks act as a gateway to the internet. The different types of networks such as Wide Area Network (WAN) or Local Area Network (LAN) are used to connect various document management components.
It is usually stored for each document. It includes the date on which the document is stored and the identity of the user storing it. The document management system can extract metadata automatically from the document.
Capture means to accept and process the digital images of documents from the scanner. It is one of the basic components of a document management system necessary for its normal functioning.
The conversion of various sized paper files into digital images is called document imaging. The image is commonly formed in Transmission Electron Microscope by scattering of an electron beam. In the latest document imaging processes, paper files are converted into digital images through a scanning process. This process is similar to creating a fax in which a fax machine is used for digitally converting the paper documents and is then sent across various telecommunication lines to its required destination. However, in document imaging, a scanner is used instead of a fax machine due to which the final destination is optical media rather than a piece of paper.
Document imaging is mostly used for systems that are capable of duplicating documents for business purposes. The different forms of document imaging systems include facsimile machines, microfilm, multifunction printers, copiers, and archive writers. The digital images can be stored on various media types such as hard drives, magnetic discs, optical patterns, etc.
Document Management Software
For a long time, paper documents were used for storing information. Not only it was expensive and costly, but a waste of time as well. But nowadays, paper documents are replaced by various document management software which tracks and stores the information more easily and effectively. It is useful for businesses to combine all the papers into digital files and store it into a hub. It is a solution that handles document sharing, creation, and organization more efficiently.
Document Indexing is another very useful feature of document management software. The software helps in performing this task more effectively and requires less time as well. By using document management software, you can certainly improve the efficiency and productivity of your business. So whenever you implement a document management system, your aim must be to use the best document management software available in the market.
Cloud Document Management
In a cloud document management system, your software is accessed online and handled by a third-party. To access the system, you would need a mobile device or an internet-connected computer. Cloud document management is an effective way to create and share information between different people from different locations. People working in offices, homes or any other location can access the electronic files. Its cost involves a monthly fee for each user, which can range from a few dollars to 100 dollars.
Benefits of a cloud-based document management system include no large upfront costs and no IT team to run the software. It is very helpful for businesses because backup happens automatically and access is possible from anywhere. It is a flexible system that can be expanded or contracted according to the company’s needs.
If you choose our cloud document management system, one of our servers, protected by professional backup procedures, will host your application. You will surely get a lot of benefits without putting any effort such as Microsoft Office, Google Drive, and many other online tools.
Capabilities of a Document Management System
Some of the most important capabilities of a document management system are as follow:
The system has the ability for the storage of data and records on a hard-drive or some other device. In case of deletion of files by mistake, the system provides back-up copies of the stored files.
The system must be able to integrate with other information systems. For a system to run efficiently, it should have the capability to share information with other databases.
It is another vital and useful capability of a well-known document management system. To choose an appropriate indexing strategy, an organization’s current and future needs should be addressed carefully.
Pricing of the Document Management System
Usually, document management systems are costly. For even the most basic system, you can expect to pay thousands of dollars. However, if you evaluate the cost of your current paper system, you will become aware of the ROI potential of these systems. Another thing to keep in mind is that the cost per user drops as the number of users increases. For example, a 5 user system ranges from $3,750 to $4,000 and a 10 user system ranges from 46,000 to $ 7,500.
A basic paper-conversion system with an in-house server, scanner, and software costs about $10,000 for the initial setup. Having 10 users, you will have to pay around $11,000. A medium-sized system with web access and support for 100 users range from $20,000 to $40,000. The price of an enterprise-level solution having hundreds of users will probably run $100,000 to $150,000. The pricing of document management systems depends on its features and the integration work you require, so it varies tremendously. Cost also depends on the volume of documents being stored, so its price increases as the number of documents increase.
Looking at the benefits of a document management system, many organizations today are adopting it instead of using paper documents for the storage of data. It saves you precious time allowing you to focus on other aspects of your business. So what are you waiting for! Get the best document management system now and take your business to the next level.
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