Why Investing in Document Management System Software is Crucial for Your Highly Regulated Business
Managing electronic documents has become increasingly crucial for businesses in today’s digital age. However, managing multiple fileshares and document management systems (DMS) can be a challenging and daunting task, especially with new regulatory requirements and limitations in capabilities and functionality that come with a DMS.
Investing in software that manages DMS can simplify the process and provide numerous benefits, including increased productivity through accessibility and collaborative features, reduced turnaround times, and decreased likelihood of errors or inconsistencies.
“Managing a DMS can be a headache, but with software that helps manage it, you can ‘manage’ to avoid compliance risk and increase productivity at the same time!”
Document Management System Benefits
One key benefit of using electronic document management system management software is the automation of workflows, from document creation to distribution, which reduces the need for manual intervention and the potential of human error.
Another advantage is the ability to apply retention policies automatically, purging documents that meet specific retention criteria. Thus, reducing storage costs and maintaining compliance with legal, client, regulatory, and audit requirements.
Moreover, document management system management software provides robust searching and reporting tools, enabling managers to gain insights into DMS usage, identify areas for improvement, and make informed decisions.
It also allows for automated document classification based on keywords or other attributes, simplifying the process of categorizing documents and making them easier to find.
At their very core, DMS specializes in storing and archiving, but may come up a bit short when it comes to retention and disposition specifics.
“DMS limitations can impede productivity, hinder compliance, and increase storage costs. Organizations need to address these limitations with effective document management strategies.”
Document Management System Challenges
Document Management Systems have limitations that can be addressed with DMS management software.
For instance, some document management solutions may lack the ability to integrate with other systems or have limited functionality. A software solution provides a single access point for all documents, regardless of their source or format, however, some DMS solutions may not offer advanced document classification capabilities, making it challenging to organize documents.
DMS management software addresses this limitation, automating document classification based on keywords or other attributes.
It is crucial to note that DMS systems may not be able to maintain a permanent audit trail on purged documents, presenting a compliance and regulatory risk. This is particularly prevalent when dealing with financial, legal, or medical industries that require a permanent report of document lifecycles.
This limitation can be addressed by using DMS management software that provides an audit trail for destruction, ensuring compliance with legal, client, regulatory, and audit requirements.
How FileTrail Can Help
In highly regulated industries, FileTrail provides a vital tool that enables administrators and information caretakers to manage documents effectively. Doing so effectively, throughout the document lifecycle, is essential for organizations to increase productivity, reduce risks, and lower costs.
It also ensures compliance and reduces storage, both electronic and physical.
FileTrail is a document management system software solution that manages DMS by investing deeply in that DMS’s management software to fill function gaps and provide routines and workflows.
Using FileTrail, companies of all industries can simplify the retention and disposition process, automate custom policies, gain visibility into document audits, and implement advanced document classification.
As the leader in Information Governance, FileTrail is the most trusted source in records management, across physical and electronic storage services.
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