In the modern business world of 2016, document management software is on the minds of businesses everywhere as they strive to cut costs, become more efficient in the way they handle their work and increase profits by removing obstacles to productivity and effectiveness. For many, the idea of implementing a document management system is not so much a question of “why” and more a question of which one to choose. However, some might still be hesitant about making the shift to a more paperless, cloud-based approach to their business. In this article we’ll address some fascinating statistics about making the switch to online document management and then follow that up with a list of the best-rated and highest performing document management systems currently available on the market today in order to help you make an informed decision.
The Rise of Document Management Systems: Surprising Statistics
As the world becomes increasingly digital, so too must businesses who hope to compete in the modern world. In a climate where established businesses are frequently toppled by nimble upstarts (think Uber vs. traditional taxi companies), refusing to adapt to new opportunities to stay current is simply not an option for businesses hoping to remain relevant and profitable against the barrage of startups. Here are some statistics that will highlight just how important an effective document management system is for businesses today.
21% of Productivity Losses Are Direct Results of Document Issues
Each time a client can’t open an incompatible file, a critical document is lost between one office and another, or an employee can’t get a signature on a piece of paper by a certain deadline leading to fines or the loss of business, you’re losing money. A DMS creates a unified system for creating, scanning, sharing and securely storing documents for your business.
If You’re a Business Professional, 50% of Your Time is Spent Searching for Documents
50%! Half of the time you and every one of your employees spend on every single workday is spent rifling around for papers that you need. Imagine the increase in productivity if you had nearly twice as much time in a day to get things done? That’s the power of a streamlined document management system. Need a certain document? Simply enter the title or some keywords into a search bar and it appears on your screen in seconds.
E-Signatures Reduce Closing Time by Up to 80%
Any shrewd businessman or businesswoman knows that the longer a deal is left unresolved, the more opportunities it has to fall through. Studies have found that eliminating physical document signatures reduces turnaround time by 80%. Rather than printing a document, mailing it to a customer, waiting for them to read and sign it, and then mail it back to you, using e-signatures can allow you to receive a legally binding signed document in a matter minutes.
Which Document Management System is Right For Your Business?
Now that we’ve addressed the significance of an effective document management system, let’s take a look at some of the best on the market. This list is taken from a PCMag article highlighting the best-rated and most powerful document management systems available, taking into account effectiveness, features, customer support, price and other factors.
Zoho
With a low price-point, a free option and many of the basic features that makes DMS effective, Zoho is an excellent option for anyone looking to implement the standard features of an effective document management system. Offering online editing, shared folders and offline access, Zoho is a respectable choice in the DMS lineup. Where it falls short is in the support criteria, lacking a chat option for quick online support.
Google Drive
Carrying the powerhouse name of Google, their version of the DMS includes a free option and a payed version costing only $5. Google’s legendary user-friendliness is certainly present here, but it might lack some of the advanced functionality necessary for power users, including a gaping hole in online editing and external user capabilities.
eFileCabinet
Among the most robust in the support department of the DMS on the top list, eFileCabinet also offers shared folders, offline access, and 100 GB cloud storage to go with its highly-rated chat, phone and email support system. Though lacking a free version, it’s relatively inexpensive $30 price point is well worth its many powerful features.
Dropbox for Business
While many individuals have likely used Dropbox to share recipes or other simple files, they also offer a business option which implements many of the more robust features offered by full-fledge DMS systems. Though they offer a free version, the $15 payed fee is well worth the unlimited cloud storage it comes with.
While these are certainly not the only DMS available today, they make up some of the most effective options currently on the market. To find out more about document management systems and how they can transform your company’s productivity, fill out the form on this page for a free 15-minute demo.