Documents are vital to the smooth running of life science companies. If your company heavily relies on various documents for its operations, you may find it challenging to keep them organized. To keep your documents organized, a document management system (DMS) can prove helpful.
A document management system is a type of software that allows users to store, organize, retrieve, and track electronic documents. But how can your organization benefit from a document management system? Here are four benefits of using document management systems for life sciences like the one offered by Egnyte.
Efficient Use of Office Space
Paper documents can take up quite a lot of storage space. Coupled with the high cost of office space, they can be relatively expensive to store. A digital document management system can reduce or eliminate the need for filing cabinets, boxes, and storage bins and free up office space.
Consequently, it can reduce your storage costs, and documents that need to be preserved as hard copies can be stored in more affordable locations like off-site warehouses.
Enhanced Backup and Disaster Recovery
Storing paper documents without a backup can be risky. If a disaster such as a fire, flood, earthquake, hurricane, or other catastrophe strikes, your company could lose years of precious information, and it could adversely affect your operations.
One study by the Federal Emergency Management Agency (FEMA) found that roughly 40 percent of small businesses never resume operations after a disaster. Document loss is one of the major reasons why many companies fail to reopen their doors after a disaster. That’s certainly something you want to avoid.
By implementing a cloud-based document management system, you can store your documents off-site and prevent them from getting destroyed if disaster strikes.
A document management system can improve productivity in various ways. First, it can enable employees to retrieve documents fast. Searching and retrieving paper documents can be tedious. On the other hand, a document management system allows employees to easily search and retrieve documents by simply typing a keyword or phrase to bring up a document.
A document management system also allows employees from different departments to share and work on documents together. For example, the marketing and finance departments may jointly work on a document for a marketing campaign budget.
A robust document management system also allows employees to track edits made in a document. That way, all team members can view all the changes made to a document, view previous versions, and stay up to date with the latest version.
Finally, a document management system allows employees to access documents on multiple devices such as desktop, laptop, and even mobile. Thus, employees can access and work on documents from anywhere without physically being in the office. All these things can enhance organizational productivity.
Many documents contain sensitive information. If sensitive information gets into the wrong hands, it could jeopardize your operations. A document management system allows you to control the individuals who can access documents.
You can restrict access to certain documents. What’s more, a document management system allows you to maintain the fidelity of documents since you can monitor who has viewed or modified a document.
Investing in a sound document management system can offer your life science company all the benefits above and much more. Partner with Egnyte and start reaping the benefits of having a robust document management system.