Businesses create a huge amount of documents such as contracts, files and documents that must be readily accessible. Without a well-planned document management system implemented, it can take days or even weeks for employees to locate the information they need. This could affect productivity and could lead to missed revenue opportunities.
Establishing a central repository of documents is the first step in developing a successful business document management process. Once the process is implemented, companies will begin to see improvements in processes and workflows that were impacted by prior document issues.
The most important feature of a document management system is the assignation of an owner or individual who has the ultimate authority to take decisions. Document processes can be ad-hoc and non-standard if there is no accountable person. In turn, this could create frustration and reduce efficiency for everyone involved.
Additionally, a business should also create standards for folder and type of document name and indexing to ensure that the system is always functioning efficiently. This can stop the revision of documents and enhance overall quality of documents.
Before deciding on a policy of retention, it is important for a company to consider the length of time each document will be kept. This is because certain documents are necessary to keep for legal reasons, and others are no longer needed for operational reasons. By determining how long to keep each document, the company can make sure that it’s not making use of storage space, or wasting valuable time and resources to keep irrelevant or useless information.