Document Management

Document Management

What is Document Management?

Being efficient is a never-ending process. Companies are always striving to increase efficiency in operations while minimizing process defects and improving overall performance. In addition to the environmental benefits and cost reductions associated with moving to a paperless environment, going paperless decreases the time involved in nearly every aspect of traditional document processing.
The depth and breadth of paper use in our society is overwhelming. The more society grows, the more complicated it becomes to gain access to accurate and relevant information and so the process slows. Conversely, the public’s expectations for quick, immediate access to information continues to increase.
Document Management

Manage the creation, storage, revision, approval, processing and consumption of documents more efficiently and effectively.

Regardless of whether you call the person whose documents you’re handling employee or customer, people desire their information to be maintained confidentially, with secured integrity and availability when needed. These three tenets of information protection are difficult at best to maintain in a paper-only environment, driving the need for a document management system. Just as it is generally understood that streamlining and consolidating servers and infrastructure will maximize data center utilization and enable businesses to more quickly respond to changing IT needs, a document management system offers a solution to paper-intensive operations that provides similar economies of scale.
Document management systems come in many shapes and sizes, from systems designed to archive medium-size office documents to full-scale enterprise solutions. They all serve the same goal: to provide a systematic method for creating, capturing, categorizing, storing, locating and retrieving documents. An effective DMS facilitates the sharing and secure distribution of documents and helps reduce the costs of document distribution and filing.
A DMS should also improve and protect access to information, comply with government regulations and improve upon operational efficiency. Whether your company is a medium-size operation or a large retail chain, a DMS can meet demands to efficiently organize and manage the flow of information both internally and externally, and may substantially reduce the cost of operations.

Document Management System Benefits:

Simplify document review process
Access correct and most current document version
Content Approval and Publishing features
Relieve paperwork burdens with improved process efficiency
Minimization of the possibility of lost information and liability
Increased productivity
Sharing of information among many users simultaneously
Improvement of service and response to customers

Video: What is Document Management Software?

How does it work?

Document management systems turn paper into digital images such as PDF or TIFF files that can be stored electronically and, with some software help, searched or edited. These systems also can improve electronic filing, retrieving and secure access to information.

At its simplest, a document management system consists of a scanner and software that convert paper documents to electronic PDFs/TIFFs. And you can get less expensive software to make PDFs searchable and editable. Here are several things to look at when considering EDM Software:

  • • Will it allow you to create PDFs and convert the images to searchable files?
  • • Will it automatically recognize text with Optical Character Recognition (OCR)?
  • • Will it scan documents like receipts and invoices, pull off key information and then make it portable to applications such as Quicken and Microsoft Excel and Outlook?

You’ll need to develop a system for managing electronic files. Here are a few suggestions:

  1. Create an online filing system as you would for paper in a filing cabinet. Use file and document names that will be easy to find and remember.
  2. Use the “print to file” option to save electronic documents from outside, like e-mails or online statements, to their correct electronic files.
  3. Back up your files regularly, probably at least weekly.
  4. Make a master list of file folders that you can refer to.
  5. End the year by reviewing your files. Trash any that you no longer need, move files that are going to storage (like the year’s invoices) and set up new files for the new year.

Keep in mind that you’ll also have to maintain paper files and weed through them at the end of each year, although the amount of these files should be much smaller than before. These documents include notarized documents and materials you need to prepare for tax season.

While you may be tempted to scan your receipts and toss the paper originals, don’t do it. You may need them as proof for a tax audit. Keep all bills, invoices, receipts and canceled checks related to deductible expenses for three years after filing tax forms. At that point, shred them to prevent identify theft.

All document management systems are not created equal, so you’ll want to be discerning when determining the right one for your company. When chosen correctly, a sound DMS will ease continuity and disaster-recovery planning efforts, and help your business maintain regulatory compliance and avoid legal entanglements or penalties.

Unleash Your Full Business Potential

Making the right decisions can be a tricky thing to do, especially if you don’t have the right information. Missing, old or incomplete information can impact decisions, delay healthcare decisions, compromise legal cases and otherwise misinform.

So how do you make informed decisions when information influencing the decision is spread between different applications, stored in different locations, hidden within network directories, strewn through various e-mails or is isolated on a particular workstation? The answer is as easy as Central Business Systems, Inc.

Keeping your documents in a central, secure repository that is accessible virtually anywhere there is web or mobile access ensures that you have access to the most recent, up-to-date version of the document. There is no need to comb through files, folders or e-mail attachments. A quick index or full-text search delivers the document along with all prior versions of the document. If a change was made minutes ago at head office, the worker on the road or in a satellite office will access that new version.

And if needed, all previous versions of a document remain available. So, if you need to find a deleted paragraph from a policy document, you have it; if you need to know when the comments from a different doctor were added to a patient’s x-ray, you can find out; and if a building development data analysis spreadsheet needs updating, it is at your fingertips.

Best of all, Central Business Systems, Inc. is able to manage all of this without the need for tedious check-out and check-in procedures. Users that have editing privileges will be able to launch the documents in the native software application and make the necessary changes and then store them back into MaxxVault as a new version. A user need only click the “version” button and the software will store the previous version as a link under the Versions tab. To prevent simultaneous edits, only the first user to access the document will have “Save” ability. All other users will only be able to view the prior version as “Read Only”. Microsoft Office 2007 and 2010 users will also be able to save the document as a new version from the MS Office toolbar. They even have the ability to save the current version as a PDF to prevent further changes.

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