Document Management System (DMS):
The process for being efficient is a never ending one, as we struggle continuously while trying to minimize the defects and improve overall performance. Growing business attracts growing complications while handling the relevant documents in paper-only environment and approach.
DMS is system software which provides a systematic method for creating, capturing, categorizing, storing, locating, and retrieving the documents of any sizes and shapes. DMS offers a solution to organizations which deal with unstructured information, which gets generated from multiple sources like paper based documents, electronic documents, faxes, and emails. To ensure that this unstructured information is managed properly, a DMS solution is must for all organizations, as ultimately this is the knowledge of the organization. This certainly cannot be held up in places inaccessible to the users as and when required. It facilitates the sharing and secure distribution of documents and helps reduce the costs of document distribution and filing.
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.
According to Coopers & Lybrand 90% of the corporate memory exists on paper. Of all the documents that get handled each day in average office, 90% are merely shuffled. The average document gets copied 19 times. Companies spend $20 in labor to file a document, a $120 in labor to find a misfiled document, and $220 in labor to reproduce a lost document.* 7.5% of all documents get lost, 3% of the remainder gets misfiled.* Professionals spend 5-15% of their time reading information, but upto 50% looking for it.
10 ways to waste time on Document Management:
The Gartner Group in 1998 produced a report called "10 ways to waste time on Document Management Part 1". The report identifies 10 reasons to adopt integrated document management in environments that are not automated. The time spent on these 10 activities equals 8 hours per week.
- Documents are hard to find (1 hour)
- Document content is hard to manipulate and re-purpose (1.5 hour)
- Documents are hard to update (1 hour)
- Documents are hard to share (1 hour)
- Document content is hard to publish consistently (30 minutes)
- Document creation is an ad hoc process (30 minutes)
- Document review is an ad hoc process (30 minutes)
- The importance of a documentís content is not obvious (30 minutes)
- Paper-based distribution and storage is costly in terms of shortage, copying, and printing (1 hour)
- Paper-based archiving is expensive to maintain and in efficient for retrieval (30 minutes)
Benefits of a document management system:
- Relief of paperwork burdens through improved process efficiency
- Quick & immediate access to accurate and relevant information anytime, thus speeding the process
- Confidentiality, Integrity, and Availability can be maintained thus protecting the information
- Reduces the cost and time nearly in every aspect of traditional document processing
- 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
Electronic Document Management (EDM): Refers to a wide range of technologies and applications which includes
- Digitization (Document Imaging): is the process of converting physical records into electronic form using Document Imaging. The core components of Document Imaging are input, identification, storage and retrieval.
- Document Services technologies: enable organizations to manage documents in electronic format. – Access control; revision/version control, notifications, audit trails etc.
- Workflow technologies: enable the automation of organization’s business processes and enable the users to control the business process logic. The basic components of workflow systems are processes, individuals, tools and objects.
- Enterprise Report Management (ERM): essentially involves recording data from disparate sources and retrieving information from that data.
- Forms Management: enables organizations to significantly improve data collection and collation efficiencies.
- OCR & ICR Technologies are the integration of Artificial Intelligence to recognize and interpret the content in scanned documents.
Enterprises have content coming from varied sources – paper, electronic documents, web as they deal with a plethora of documents –DMS helps users store all types of documents (Paper as well as computer based documents) they deal with in Electronic File Cabinets. It is important that users find the documents when they need them. Finding the specific document / file required becomes very easy since DMS provides elaborate search facilities.
Organizations can effectively reuse the past work done in a similar area instead of ‘reinventing the wheel’ by creating the document all over again. The electronic Archival systems ensure longer life and lower archival costs for documents that are required to be stored for statutory, service and/or commercial reasons. Customizable Security Settings will ensure only authorized access and protects the Organization’s most valuable asset – Knowledge!
Organizational Knowledge is predominantly embodied in Documents! By supporting even paper documents (Journals, Articles, News Paper Items etc.), DMS acts as a powerful Document based Knowledge Management System. Organizations can better utilize the volumes of knowledge that is available in the Organization by sharing the work done across the Enterprise.
Return on Investment:
- Significant Reduction in the usually unrecognized Costs involved in maintaining a paper-based file system
- (Avg. saving in time in retrieval & filing of documents per day)*260*Average hourly cost is a tangible return to the organization
- Reduction in costs and risks associated with loss/misplacement of documents
- Storage space saving in prime real estate
- Immediate and simultaneous access to information to Workforce – translating into productivity gains as well as reduction in copying costs
- In addition to all this, DMS also acts as a cost-effective tool for information protection and Disaster Recovery.
- Many more benefits by way of transparency and productivity enhancement with workflow implementation