In this day and age, document management systems are vital for businesses looking to maintain a strong corporate governance in the rapidly changing workplace atmosphere. Unfortunately, many small businesses fail to make document retention a top priority. Instead, they spend countless hours searching for different documents through email folders, centralized drives, or online storage. These unnecessary efforts impede employee focus and distract businesses away from achieving their core goals.
According to various research, 7.5% of all documents get lost, 90% of documents get shuffled, and professionals often spend 50% of their time looking for missing files. Further investigation also shows that there is a significant correlation between strong corporate governance and higher exit valuations.
To make things more complicated, today’s workforce often finds themselves working outside the office (travel, remote work, etc.). This new flexible workplace certainly has many benefits, but it also creates significant challenges for document management. So, with the changing office atmosphere and heightened demands on document retention, what type of document management system should businesses have?
Today’s document management systems need to be able to convert, store and share a variety of digital documents that are made easily accessible from anywhere. An effective system should also automate the way businesses capture documents, provide easy search functions, and use workflows to intelligently detect the document type. These components will reduce user effort and ensure efficient document retention.
Having a document management system that is clear, powerful and easy to use is crucial for any business today. Such a system will allow businesses to maintain strong corporate governance and meet the changing demands of the workplace.