What is Document Management?
It is the process of how a company manages the scanning, storing and tracking of the electronic documents.
Document management usually involves using a piece of software to control and organize documents throughout an organization. It incorporates document and content capture, workflow, document repositories, and information retrieval.
Common features in document management include:
- Check-in, check-out, locking, and full audit in order to coordinate the simultaneous editing of a document. This prevents one person’s changes to overwrite another’s and to allow for compliance of documents during the changes and viewing of the documents such as HIPAA that provides data privacy and security provisions for safeguarding medical information.
- Version control, so tabs can be kept on how the current document came to be, how it differs from the versions that came before.
- Roll-back, to “activate” a prior version in case of an error or premature release
- Third party vendors accessing specific areas of your business or specific documents. Allowing a temporary access of specific documents to a third party for a specified timeframe or on a USB drive as needed.
- Integration with EMR or CRM’s that have a customized button for real time searches.
- Workflow integration that allows for processes done in the pre-specified manner as requested by decision makers to shorten processes to save time and reallocate resources to improve efficiencies.
- Reduce space and costly fees of paper storage.
- Locate and access files instantly from anywhere.
- Maintain a greener profile.
- Automating tasks and streamlining the process.
- Increase AP payments time frame by up to 75% and earn an average of 35% of early payment discounts available.
Document management systems today range in size and scope from small, standalone systems to large scale enterprise-wide configurations serving a global audience. Many document management systems provide a means to incorporate standard physical document filing practices electronically.