What Is Document Management?

Document management is a set of practices that define how an organization manages, stores and tracks its documents.

By implementing a process or system to enforce these practices, an organization can empower itself to more effectively maintain a secure, centralized and organized environment for its content.

Explore document and records management

Core Features

Documents come in a wide variety of formats, from contracts and forms to images and emails. However, whatever form documents take, the principles of document management stay consistent. The common components of document management include:

Storage

Provide a centralized location for documents that’s easy for authorized parties to access and search.

Annotations

Add notes or comments to a document without needing to edit the document itself.

Check-in and check-out

Ensure that changes to documents by different users don’t overwrite each other, with a system that only allows for one party to make edits at a time.

Version control

Track and record changes in real time so that with each new version of the document, you can view the edit history and roll back to a previous version if needed.

Audit trails

Support your compliance initiatives by enabling authorized users to view a log of who has viewed or edited your documents, and when.

Security and access control

Do everything possible to ensure access to documents is limited only to authorized parties. This is especially important in highly regulated industries.

Common Document Management Challenges

Businesses process incredible amounts of data every day, with some estimates putting that daily amount at 163 terabytes. This creates a few challenges for firms that don’t manage their documents properly. These challenges may include:

Information silos

Information that’s sealed off too much from your digital ecosystem can create friction between teams when they don’t have the same information.

Collaboration issues

Poor version control can lead to teams unintentionally overwriting changes to content, resulting in repeat work that could’ve been avoided.

Hard to find content

Without a proper sorting paradigm for your content, it may be hard to search for and retrieve documents when you need them.

Out-of-date information

A lack of control over content may result in an organization acting on information that is no longer relevant or accurate.

Uniformed decision-making

Documents with missing or incorrect reference information can lead to unorganized databases and increased potential for misinformed actions.

Compliance concerns

Improperly stored or organized information can lead to non-compliance with industry or government regulations and potential fines.

Why Get a Document Management System?

Digitization is one of the best ways to standardize and enforce document management practices. Here’s how:

The right document management system can make almost any document full-text searchable. This makes it easy — and increasingly effortless with developments in machine learning and AI — to find information when it’s needed.

Organizations may regularly handle sensitive information about customers, clients or vendors when communicating with them. The right document management system can help ensure information is shared securely and privately.

Most document management systems allow administrators to set security controls for content on an incredibly granular level—ensuring authorized users can access the information they need, and no one else.

Many document management systems provide audit trails: logs of system activity that include document edits, login attempts and user permission changes. This functionality helps to show auditors that your organization is following regulations.

Cloud technologies, combined with the security that advanced document management systems can provide, offers a secure and effective way to ensure information can be communicated between project stakeholders, no matter where they are. Additionally, many cloud systems automatically back up content, providing a foundation for quick recovery in case of a disaster or disruption to business.

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