Document Management Software

Document management software: 7 steps to intelligent document management

Konfuzio

In every company there are a lot of documents relevant to the business - contracts, attachments, protocols, invoices, account statements, reports, applications, job applications, certificates and much more. Often, paper documents are filed in folders and binders and either physically stored within the company or outsourced to external providers. Finding and using such original paper documents is a difficult and tedious process, especially when dealing with large volumes of documents. Document management software solves such problems related to archiving, indexing, retrieving and processing documents. 

What is document management?

Document management can be defined as the way document management can be defined as the way organizations manage and track their documents (especially in electronic form). Today, document management exists in varying degrees, depending on business needs - from individual standalone applications to large-scale enterprise-wide configurations.

How has document management evolved?

The first software systems for managing paper documents were developed in the 1980s. They dealt with paper records, which included images, printouts, etc., in addition to printed documents.

Later, the need to be able to manage electronic documents as well became clear, and so new software systems had to be created. They were to manage all documents or files created on computers and stored in local file systems or on global servers.

Features of document management software

A document management system is software that provides an automated way to store, manage and track electronic documents.

Originally, a DMS was used to scan or read paper documents and convert them into digital images. But today, a DMS has many more functions.

The software automatically recognizes documents and captures the most important data. PDF files, invoices, insurance policies are easier to manage this way. 

Konfuzio enhances document management software with artificial intelligence. As a module of a DMS, Konfuzio learns with every edit and can thus capture important data from your documents ever faster and more automatically.

What are the advantages of document management software?

Document management software helps companies intelligently manage all documentable workflows. Automated capture and delivery of all types of documents simplifies workflows. Content and information are easier to find and decisions easier to make.

Many businesses have switched from traditional paper filing to document management software because an automated system saves time, money and space. A DMS also eliminates the need for multiple programs to handle your workflows, since all the necessary functions are combined under a single interface. 

Powerful AI-powered document management software is based on process optimization methods to ensure lean and efficient workflows. This includes, for example, process automation, data preparation and error handling. This results in many advantages for day-to-day business.

Implementing document management software in your organization can lead to the following immediate and long-term improvements:

  • Less paper, less cost and less effort
  • More compliance and security
  • Fast and easy integration
  • Improved productivity and automation

How to choose a document management software?

  1. Inventory

    What needs can you identify in the company, where are the problem areas? What do you think the document management system should do and improve? Which technical requirements must be met in advance?

  2. Functionality

    Even if you should only need a limited range of functions at the beginning, be sure to consider what developments you expect in the future. The needs of the company and thus the requirements for the system will increase over time. It is important to set up a precise schedule with corresponding goals and milestones. 

  3. Integration points

    Decide which workflows the document management system will map, which existing processes should be optimized and what the desired DMS structure should look like. Prepare all affected areas and departments for the full implementation.

  4. Document Management Software Vendor Comparison

    A customized solution not only saves you costs at the time of purchase, but also unnecessary effort later on. Unused functions make the system work harder and can lead to delays and crashes. It is also important that the software is compatible with existing systems.

  5. Define schedule

    How quickly should the DMS be implemented in your company? It is important to consider that enough time is needed for technical upgrades, employee training, testing and quality control. A realistic schedule is extremely important. 

  6. Workflows

    To create order, rules must be established for the creation of documents. These include setting up templates for standard business documents, following an internal style guide, dating or time-stamping documents, and procedures for sharing or reviewing documents.

  7. Introduction

    Once you have answered the above questions, you can implement the document management software. Make sure that all employees are well aware of the DMS and follow the appropriate procedures when creating, storing and retrieving documents.

Where can document management software be applied?

When it comes to the question of which documents can be stored and managed with a document management system, there are no limits to the possibilities. All business areas that work with documents or correspondence (on paper or electronically) can be included in the document management system. 

These include: 

  • Finance and accounting (invoices, budget plans, bank statements, payroll) 
  • Contract management (offers, contracts, controlling documents)
  • Digital inbox (automatic conversion of paper mail into electronic format)
  • E-mail archiving

Conclusion 

Document management software can have a significant impact on the smooth running of a business. It makes capturing, digitizing and labeling documents quick and easy. This leaves more time for more important areas of the business. 

Document management software thus significantly increases business efficiency and can provide valuable additional benefits, such as increased security, smooth collaboration, and automated compliance.

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