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Growing businesses often have a lot of documentation to deal with. As the number of documents continues to increase, businesses eventually have to think about using a Document Management System (DMS) to track all documentation within the company.
Document management simply refers to the processes in place by a company for capturing, storing, reviewing, tracking, and retrieving electronic documents and imagery. Physical documents are often passed through a document scanner before being stored in a centralized repository.
ISO 12651-2 defines documents as “recorded information that can be treated as a unit.” According to this, a document management system is simply software that lets you control, organize, and track documents within an organization.
Most document management systems offer the following features:
Over time, document management was eventually superseded by content management, which generally have a much more complex hierarchy and follows a dynamic, relationship-based structure.
Document management systems play a critical role in procurement and AP departments. AP teams have to deal with a lot of documentation, including invoices, purchase requests, purchase orders, refunds, returns, GRNs, and a lot more.
Without an effective document management system, companies may find it difficult to store and manage all documentation properly. More importantly, there’s also the risk of human error, where data might not be copied accurately.
Instead of relying on physical document management, most organizations now prefer using digital solutions. They offer several major benefits, including:
Documents can be indexed, annotated, and labeled accordingly, thus making it easier to retrieve them.
Access controls can be established and documents can be “locked” so they can only be accessed by relevant parties.
Documents can be shared seamlessly between different parties throughout the organization. Changes can be monitored, and version history is always accessible.
Document management systems often contain content extraction technologies. Powered by ML and AI, these can be used to gain valuable insights into the company’s operational spend and performance.
Documents can be retrieved and filed at the touch of a button. Individuals don’t have to sift through file cabinets to find what they need, which ensures that more work gets done in a shorter time frame.
SoftCo’s solution makes it easy for users to manage and store large amounts of documents in a safe and secure repository. It also offers workflow management solutions, and lets companies automate low-impact tasks throughout the company. More importantly, it integrates fluidly with other SoftCo solutions, and other ERPs.