By Sanjay Darji 

There are times when you need a specific document, but you can’t find it so you can get your work done. As a startup, you are facing a lot of issues, whether it is leaving your mark in the industry or making your product the best. In between all these hurdles, a well-managed document space will be a huge time-saver.

A document management system (DMS) is software which helps you to track, locate, manage and store your company documents. It keeps you updated regarding your documentation and makes sure you won’t face heavy paperwork. As a startup, here are the benefits of a document management system.

It frees up your office space.

There are tons of documents you go through every day, but not all the documents need to be maintained in a hard copy. A cloud-based or software-based document management system will free up your office space by reducing your paperwork. All of your documents can be stored in software, and people can have access (controlled by you, according to their positions).

It helps you adhere to the law.

As a new business owner, you might not be aware of the all legal formalities and laws. Breaking those laws can hurt the revenue of your company. Document management systems makes sure you are following the government rules at most precise level. It gives you alerts regarding the laws and saves unwanted penalties.

It’s more secure.

Some documents can be shared with everyone, and some can be shared with only a few. A company has conditions for each document when it comes to giving access. Not all people in the company need to know your financial numbers, or every person in your house needs to know your company rules. Document management systems allow you to control access.

It includes backup and recovery.

It is very necessary to have a backup of every document. You must be assured that even if you lose one document, you have a way to get it back. With document management systems, you can be assured that you will never lose the document. DMS has the historical record of each document, so you can track down the activity of each piece. You can figure out who deleted the document or who offered various access.

It allows you to retrieve documents.

According to a research, 7.5% of all the documents get lost and 3% of them never get filed. Your important document can be in that 7.5%, and we all know what mess it can create. With DMS, you can retrieve your documents within few minutes. Many companies spend time and money both to get back their important docs. Document management system can be a great solution for such problems.

It provides an easier workflow.

With good document management, a lot of precious working time can be saved. Imagine a situation if you have to waste your time, just to get the access to one file or an excel sheet. With the well-managed document flow, startups can spend the time on more productive tasks. Document management systems will make sure you never face document-related issues.

As a startup, it is very important that you manage your resources, but you also want to be safe and secure. In each new startup, there may be hundreds of documents involved. Often we hear the news of leaking insider data from ex-employees, and that hurts the current position of the brand. It is very important for a company to revoke access from ex-employees, and this is where document management systems become a great security tool. Hence, it is a smart decision for a startup to adopt a good document management system.