Can Document Management Help My Industry?

Regardless of which industry your business operates in, there’s a good chance you have dozens, hundreds, or even thousands of documents to manage on a regular basis.

Some of these documents may even contain sensitive information, which makes secure and responsible storage even more important.

On top of that, certain industries need to comply with specific compliance regulations regarding the secure storage of work-related documents. The most common example is the Health Insurance Portability and Accountability Act (HIPAA), which applies to all businesses operating in the healthcare field. These regulations can add yet another layer of complexity when it comes to document storage.

With all this in mind, there’s no denying the importance of having a tried-and-true document management system (DMS) in place at your business.

Unfortunately, if you’re still relying on filing cabinets and “old-school” methods of filing, tracking, and retrieving documents, you’re probably wasting a lot of time (and money).

Enter document management software — a digital solution for storing and tracking even your most sensitive documents with ease. By understanding how document management systems work and how they can help your specific industry, you can explore options and choose a solution with confidence.

What Is Document Management Software?

In simplest terms, a document management system refers to your organization’s way of filing, storing, and retrieving documents. However, document management software is a digital solution that allows you to upload all of your company’s documents and files to a centralized server, thus reducing or even eliminating the need for physical document storage.

There are many different types of document management software available, but all of them essentially operate on the premise of using digital means to store documents — as well as tagging and searching features that make it easier and faster for your employees to retrieve documents when they need to access them.

Many document management software programs also have different permission settings available so you can decide who has access to different types of documents. For example, if your business works with some sensitive financial information, you can set up access control to ensure that only the employees you designate can have access to these files.

Cloud-Based Vs. On-Site Solutions

One of the more important distinctions to be aware of when looking at document management software is whether it’s an on-site or cloud-based option. On-site document storage software will mean hosting your own server, where all your files and documents will be stored.

This can be a viable solution, though you will likely need guidance from an experienced IT team to get things set up and keep them running smoothly.

Cloud-based document storage solutions are a bit more popular because they allow your business to use a third-party server to host and store your files. With a cloud-based solution, you don’t have to worry as much about the “IT” side of things because your hosting company will manage most aspects of your server on your behalf. Likewise, you won’t need to allocate any physical server space at your place of business with this option.

General Benefits Of Document Management Software

No matter what industry you’re in, implementing a document management software system can offer many benefits to your organization.

Improve Regulatory Compliance

One of the greatest document-storage challenges that businesses face is abiding by strict regulatory requirements and restrictions. For example, in the healthcare industry, HIPAA regulations mean strict requirements regarding how health-related documents are stored to protect patients’ privacy.

Being found out-of-compliance can result in hefty fines and penalties that a business may not recover from. With a great document management system in place, businesses can be sure that their most important and sensitive files will be safely and securely stored in such a way that complies with all industry regulations.

Save Time (And Money) Managing Documents

Mismanagement of documents can cost your business big time. In fact, according to a study by Coopers & Lybrand, it costs:

• $20 to file a document
• $120 to locate a misfiled document
• $220 to recreate a lost/missing document

With this in mind, it’s easy to see how document management costs can really add up if things aren’t properly organized at your place of business.

Combine this with the fact that an estimated 7.5% of all business documents get lost, and 3% are misfiled, and you can probably begin to see how switching from a paper-based to a digital document management system can pay off not just in the long-run, but in the short term as well.

Avoid Data Loss And Other Disasters

Speaking of costs, there’s also the potential for huge expenses related to data loss or mismanagement with a paper-based system. A flood, fire, or another natural disaster could wipe out all of your organization’s paper documents in a matter of seconds. And if you don’t have digital backups saved, you could be out-of-luck.

Of course, when a scenario like this actually plays out, it’s more than just money that your business loses. You can also lose a lot of credibility and trust within your industry — and that’s not easy to recover from.

Cut Down On Physical Storage Needs

Think about how much space your current document storage system is taking up at your place of business. If you have rooms full of filing cabinets and other document storage solutions, you could free up this square footage by making the switch to a digital document storage program.

If you opt for a cloud-based program, you won’t even need to set aside space for an on-site server. This is all space that you can put to better use for your clients and employees while also cutting down on unnecessary clutter.

Industry-Specific Benefits Of Document Management Software

Now that the general benefits of document management software are clear, what about industry-specific advantages?

Government

Government agencies face their own challenges when it comes to storing and managing documents. Many of these agencies deal with very sensitive information, ranging from birth/death certificates and marriage licenses to building permits, business licenses, police reports, and everything in between.

Combine this with the many different moving parts and departments that you’ll find in any given government (police, human resources, utilities, etc.), and it’s easy to see how document storage can become a major pain point.

Fortunately, document management software makes it easy to keep sensitive government documents securely filed and organized. Meanwhile, retrieval using meta keywords and a great search bar tool is easier than ever, and access control makes it simple to limit access to different types of documents based on the government agency or department.

Healthcare

Healthcare workers are constantly handling sensitive documents and information, ranging from patient test results to health insurance claims and much more. And because strict HIPAA laws protect these documents and patients’ rights, there is absolutely no room for error from a document management perspective.

Making the switch from a paper-based to a digital document management system is a sensible choice for any business in the healthcare or even the pharmaceutical field. With built-in fail-safes against common HIPAA violations and other compliance features in place, healthcare workers can store and retrieve documents more securely and confidently than ever.

Construction/Manufacturing

The construction and manufacturing industries face their own unique challenges when it comes to document storage as well. One of the biggest is that blueprints and similar files can be large and cumbersome to store physically. Meanwhile, digital blueprints and other files can take up a great deal of digital storage space as well — and special programs may be needed to view them.

There is also the challenge of retrieving files on-the-go, as many construction and manufacturing workers are in the field and not in the office on a regular basis.

This is where having a digital document management platform can really come in handy; saving your business valuable time and hassle. With cloud data storage, saving large documents like blueprint files is easier than ever. Meanwhile, these documents can be quickly retrieved and accessed from mobile devices, so your workers can get the information they need even when they’re on-the-go.

Other Industries

This is just a sampling of some of the industries that document management solutions can help immensely. Some other specific industries that may benefit from implementing an enterprise content management (ECM) system include:

• Energy
• Engineering
• Legal
• Food

Choosing A Document Management Solution

Ready to make the switch from cumbersome and ineffective physical document storage to a streamlined and secure digital document management solution? There are a few things to do as you look for the perfect solution for your company’s needs.

Speak With Others In Your Industry

If you’re not sure where to start, it can help find out what other businesses in your industry are doing when it comes to their document storage. After all, it’s best to choose a document storage solution that is crafted with the unique needs of your industry in mind, whether you’re in healthcare, government, or any industry in between.

Look For A User-Friendly Solution

Choosing an intuitive and user-friendly platform will go a long way and may also save your organization some money. If the platform is cumbersome and difficult to learn, you’ll need to allocate more time (and money) to train your employees on how to use it properly.

This isn’t to say that you’ll be able to skimp on training with the “right” document storage software, though. You should always plan to set aside plenty of time to make sure your employees are properly trained on how to use and navigate the software, especially when it comes to saving and using the search feature to retrieve documents.

The better your employees know the software, the more you’ll get out of it, and the more your initial investment will pay off in the long run.

Don’t Overlook Mobile Access

Many document management solutions these days allow for mobile access to digital documents, making life a lot easier for your workers. However, this kind of feature may be especially important if your industry involves a lot of work outside of a “traditional” office setting.

For example, construction workers will be able to use a document management system with mobile access to pull up copies of blueprints and permits even when they’re on the job site. This access and versatility level can go a long way in saving your company money and making workers’ lives easier.

Focus On Security Features

There’s no overstating the importance of security when it comes to document storage these days. All it takes is one data breach to tarnish your company’s reputation and cost you millions of dollars.

As you explore document storage solutions (especially cloud-based options), be sure to determine what security features are in place to keep your sensitive information and files safe. This should include things like automatic data backup, on-site physical security, server security, and much more.

Of course, if you work in an industry that requires specific regulatory compliance, you’ll want to stick with a software solution designed specifically with those regulations in mind.

Ensure Easy Integration

You can save a lot of money and cut down on hassle by selecting a document storage and management solution that will be simple to implement.

This is especially important if you have a large number of paper documents that will need to be converted to a digital format. Seamless integration will cut down on the amount of time it takes to efficiently upload, process, tag, and store these documents.

Specifically, you’ll want to inquire about open APIs, which will allow you to add your own unique integrations as needed to save time as your business makes the switch.

If you already have scanners at your place of business, you’ll also want to make sure that the software will be easily compatible with those scanners, so you don’t have to spend additional money on new ones.

The Bottom Line On Document Management Solutions

As you can see, the right document management solution can benefit your business no matter what industry you’re in. From healthcare and pharmaceuticals to government, manufacturing, and every imaginable industry in between, great ECM software goes a long way in saving your business money, helping you stay in regulatory compliance, and protecting your most sensitive data.

Now that you have a better understanding of how this software can work to your benefit, all that’s left to do is explore your options and make the switch to begin taking advantage right away!

Author Bio

Alexa Pritchard is the Marketing Communications Specialist at Square 9 Softworks. As a marketing strategist, she develops, drives and executes communication plans that effectively support Square 9’s overall marketing goals and objectives.