Have you ever wondered what exactly the most valuable vertical for your business is? It doesn’t matter which business you are dealing in, Information is the backbone for the growth of every business. It is commonly seen that organizations don’t understand the necessity of information to survive in this competitive market. There is a strong need for any organization seeking growth to manage its data essentially and evaluate it for the further plans and execution of the process.
The growth of a company is directly proportional to the accuracy and relevancy of Data of that organization. Whether you are running an eCommerce platform, healthcare app or any online or offline business in any industry, you need to keep a strict check on the management of the term so-called Data. So, there is always an affinity these days in organizations for a top notch Document Management Services that can help them with their data.
Document Management: Traditional vs Modern Approach
A business firm does not matter of size uses different forms to manage and store their document in the form of documents. The approach may be traditional or modern. In a traditional approach, physical documents are stored in cartons, boxes, and warehouses manually. In a modern approach, documents are stored in physical as well as digital form with the help of AI-assisted software. Let’s have a glance at both the approaches:-
Traditional Document Management Approach
The traditional approach involves the storage of data over magnetic tapes, hard disk, sharing documents via emails or storing physical documents manually in physical storage. As we know the data is multiplying itself in this internet-oriented world, the management with this approach started facing issues and losing its limelight. Here are some issues faced with the traditional approach these days where we produce mountains of data every day:-
Lost Data– Users don’t remember where the information is saved. This approach was working fine until the internet boomed the day to day life of every human being.
No Backup– In case of any problematic situation that may include a natural calamity or any damage to physical documents while storing, there is no back up for the physical data.
Long Retrieval Time– With this approach, users can face long waiting times as manual retrieval of physical documents without any software implementation takes loads and loads of time. According to a survey, an average organization spends about $120 in resource to find a misfiled document and another $220 in resource to reproduce a lost document.
Less Data Security– Physical documents can also get damaged or tampered while manual tagging of documents. Also, data can be also be leaked due to the issue of access to every user helping in management manually.
Modern Document Management Approach
This approach is planned as per the new data requirements of the digital world. Keeping in mind the amount of data produced by every individual these days, this approach helps organizations with astounding data management. Data management here means a complete package of data scanning, archiving, artificial intelligence integration, safe shredding, and physical as well as digital Document Storage Services. Here are some fascinating facts about AI assisted document management approach:-
Top Notch Security– Data Security is a must necessity for any document management system. DMS software offers better control over the security of confidential information. The stored documents are fully traceable with help of notifications and automated alerts. So, chances of data bleeding are quite less in this form of approach to store confidential documents.
24×7 Data Availability– Ideal document management software provides access to real-time data anytime and anywhere. You don’t have to wait for longer time to analyze the data, rather you can access it from anywhere at any moment.
Updated Data– Maintaining all the essential documents centrally or in one place ensures documents can be easily updated without chances of duplicacy and mistakes. Algorithms run in background powered by artificial intelligence and machine learning that continuously roll out to give a step better and updated data results.
Back up Data– Digitization of physical documents helps to maintain a great back up of your companies physical documents. In digitization, the data is stored in physical as well as digital format. So, in the case of damage or tampering of physical documents, you still have an up to date back up for your important documents.
Improved Return on Investment– Enhanced efficiency of resources is a time-saver. Generally, it is also said that time is equal to money in any business, so we can relate to the fact that time saved is the money saved for a company or individual. Better data management adds a great value too the savings of a company ready to compete.
Document management is the backbone of any business and it’s really hard to compete in this growing industry without proper management of data. An Ideal DMS can help you to improve efficiency, remove redundancy, and enhance data security and accessibility of data that will definitely improve the profits of a business. So, find proper Document Management Software like Doxis for your company and unlock the new level of resource management.