Even prior to 2020’s pandemic, businesses started to see the value of moving their manual documents to digital systems. However, 2020 expedited the need for document control software as employees immediately went remote. Companies had to figure out how to keep access to files secure through a distributed workforce. Today, the document control software market is projected to keep growing – from $4.89 billion in 2019 to $10.17 billion in 2025 – as more and more businesses recognize it as a solution to staying productive, secure, and cost-effective in remote work era.
There are many reasons to move manual document processes to the digital realm, but three are the most significant. Read on to learn what they are and discover how document control software can help your business digitally transform for today’s remote and hybrid work environments.
First, What Is Document Control Software?
Document control software is a digital system that manages the creation, sharing, securing, and storage of documents and files in a business. It centralizes the electronic document location – whether on-premise or in the cloud – to keep files accessible, safe, and easily retrievable.
Improve Efficiency and Reduce Tedious Work
It’s no secret that manual document processes contribute to lower levels of productivity. Document issues accounted for more than 21 percent of daily productivity loss, and workers spent an average of 18 minutes searching for a document, according to 2018 research. Document control software reduces several aspects of file-related work:
- It reduces the time involved in finding documents as employees no longer have to search for paper files in cabinets and drawers. You can also set tags and customizable key fields to make search and retrieval instant.
- It eliminates the time-consuming back-and-forth work needed to pass documents through different stages of approval. All documents are accessible to the right parties through multiple types of devices.
- Less work is needed to track revisions as the software automates that process – instantly displaying which parties made what changes and when.
- Fixing errors is less labor-intensive as the software stores versions of documents that make it easy to pinpoint when a mistake occurred. You can also revert to an earlier version of a document should the file become corrupted.
- Employees can simultaneously work on the same document together from any location or device – enabling geo-dispersed productivity and efficiency.
- You can integrate your document control software with other business applications, so employees don’t have to toggle between software to work on documents.
All the work reduction ultimately means your business is more productive and efficient – translating into a healthier bottom line. You’ll see cost reduction as you no longer need to store physical documents or pay employees to waste their time searching for paper.
Streamline the Search for Historical Files
Document control software centralizes your data so all documents – including ones in current use and historical files – are accessible and properly stored. Your central structure provides access to documents from any location and device, enabling remote workers to open files just as they would in the office.
Should your business need to go through an audit, this central repository eliminates the risk of misplaced documents or files that have been mislabeled. With easy access to historical files, you can pull any relevant documents from your repository for an audit and track needed records. You’ll also have clear audit trails and will reduce the risk for incomplete documentation and incorrect forms.
If your business has document retention requirements, you can automate mandated record retention as well.
Rest Easy With Enhanced Document Security
One of the greatest advantages of the document control software is the security you’ll enjoy across your centralized structure. With cyber-attacks growing more sophisticated and targeted every day, every business is at risk for ransomware and other cybercrime – and the Ponemon Institute reports that the average cost of a single lost or stolen record is $225. Document control software provides backup, so you can quickly recover documents in the event of a breach. Should you choose cloud-based document control software, your data won’t live on your premise and will be entirely secured by a cloud-based provider.
You’ll get stronger access control so only the right people can open and edit documents, and you can set role-based permissions and custom controls. If your business is in a highly regulated market, you’ll be able to implement multi-factor authentication, other authentication tools, and advanced permission capabilities. The access governance that comes with document control software allows you to protect sensitive information from exposure to inappropriate parties – reducing the risk for information leakage and keeping your business compliant.
See True Digital Transformation With Document Control Software
Ultimately, document control software allows you to reduce costs, improve productivity, and secure your business for a scalable future. It’s a necessary part of any business’s digital transformation into the era of remote work and can be the lynchpin for overall improved operations.