“Data is the new oil,” as British mathematician Clive Humby famously declared in 2006. He was implying that in the same way that oil had driven economic and societal growth globally in the 20th century, data would be the resource driving humanity forward in the 21st. In many respects, this statement has proven to be true, although some argue that it is the analysis and usage of this data, rather than the data itself, that is the main driver.
Nevertheless, technological innovation and the ever-decreasing costs of data processing have meant that the huge volumes of data generated by most businesses over time have become a valuable commodity. Accordingly, the need to effectively manage this data and the documents on which it is stored has thus also increased. And as a result, an array of services has emerged to help businesses manage and benefit from the data their activities create.
Document Management Services (DMS) is one such development, and its growth speaks volumes about the value added by the sector. The market is currently worth around $7.16 billion globally and is predicted to grow at a rate of around 17% per annum to reach just under$25 billion in 2032. But what is document management, and how can it benefit your business?
What Is Document Management?
In a nutshell, document management refers to services related to the creating, storing, retrieving, management, and analysis of both paper and electronic documents. These services may be rendered by humans, software, or a combination of the two.
Every document management service provider will offer its own selection of offerings. Some may present a comprehensive suite of services that run the gamut from creation to analysis. Others may specialize in a single component, such as backing up your data or scanning your paper documents to create a digital filing system.
The right document management service provider for your business will depend on your specific needs and goals, your budget, and your location.
Types of Document Management Services
Here are the main types of document management services available to your business:
Document Management Software
These are software solutions designed to help businesses store, organize, and access a wide variety of documents. They’re sometimes called EDMS (electronic document management systems), and generally reside on your business network, available to your employees to use in-house.
Cloud-Based DMS
In this mode, your documents are stored on a server, somewhere off-site on an EDMS cloud. These services can increase security, are scalable, and offer access to your files from any remote location or device.
Scanning and Imaging Services
One of the most common document management services is the digitization of your existing paper records. You could assign employees to spend their days standing in front of the scanner, feeding it documents page by page and then saving them individually. However, in addition to possibly causing backache and boredom for these unlucky employees, this method increases the risk of human error and may expose inefficient file storage.
As a solution, some document management providers offer professional scanning and imaging services. These will typically include both the physical scanning of the documents and the creation of a robust file-naming and directory system for efficient and easy document retrieval down the line.
Storage and Archiving
You may not have the space at your premises to store the vast amounts of paper your business has generated over the years. Or you might not trust that your business’s electronic and/or physical documents are safe and secure at your location. Some providers offer secure electronic and/or digital document storage off-site to relieve you of these worries.
Records Management
These are document management services geared at helping you to create the ideal system in which your files will be stored. This process can involve designing the file system structure and naming conventions, plus implementing access controls and other forms of security.
Some services specialize in regulatory compliance. That means that they’ll ensure that your documents are digitized and stored in accordance with industry and governmental standards with respect to data privacy, required storage periods, and document disposal.
Some providers will also offer specialized document management services like payroll and accounts management. Others may also offer insights and analysis of your data, which can help spot new opportunities, reduce unnecessary expenditures, and streamline your workflows.
Which Businesses Benefit Most From DMS?
Effective document management (in whatever form it takes) will to a large extent benefit every business. Conversely, badly organized documents and data will almost certainly create inefficient workflows, waste time, decrease productivity, and possibly unhappiness among both clients and staff.
However, there are a number of sectors that garner particular benefits from document management services:
- Healthcare – Document management systems are widely used to store and share patient data, such as treatment dates, financial records, and medication data. Since much of this data is sensitive or confidential, the document management systems must ensure compliance with various regulations. However, the systems also help to improve patient care and streamline workflows.
- Legal – The legal industry is renowned for generating tons of paper, all of which must be filed meticulously, as it may be of consequence even decades later. Law firms and legal departments use document management systems to effectively store and retrieve extensive case documents, contracts, and correspondence. This boosts productivity and makes collaboration easier while enabling greater control over document access.
- Finance – Financial institutions use document management services to store and manage account statements, transactions, correspondence, and other financial documents. They’re also increasingly taking advantage of the opportunities offered by the latest document management software to gain valuable insights about their clients and businesses from the stored data at their disposal. Document management software can also greatly simplify compliance with multiple regulations in this industry.
- Manufacturing – Document management systems can greatly enhance the efficiency of the supply chain. It’s much easier to store and work with documents related to product specs, quality control, and regulatory compliance with a streamlined, easy-to-use system in place.
A Trusted Partner
Whatever your business’s size, number of employees, age, and sector, the chances are that it will benefit from enhanced document management practices. Having an efficient system for creating, storing, retrieving, and sharing your files will save time and money, reduce issues as you scale, and improve relationships with your customers and personnel.
Step one in implementing effective document management strategies is finding the right business solutions partner to assist you. JD Young has been leveraging its experience and innovation for over 70 years to provide superior document management services to scores of businesses. We’re also authorized suppliers of leading document management software.
So, if you’re in the Tulsa area, contact us today to discuss your requirements and get a quote.