Document management is the process of handling, organizing, storing, and retrieving documents in both electronic and physical formats within an organization. It encompasses the entire document lifecycle, from its creation to its archival or disposal.

Document management systems (DMS) typically refer to software solutions that facilitate the organization and control of documents. They provide tools for capturing, indexing, storing, and retrieving documents, as well as supporting version control, collaboration, and workflow management. These systems help businesses streamline their document-related processes, improve efficiency, ensure compliance, and enhance information accessibility.

document management solutions

What Are the Key Functions of Document Management? 

Document management includes a number of key functions, including:

  • Document capture: This involves converting physical documents into digital format and extracting relevant data for indexing and storage.
  • Indexing and metadata management: Documents are indexed and tagged with metadata, which includes information such as document type, author, creation date, keywords, and other relevant attributes.
  • Document retrieval and search: Users can search for documents based on specific criteria, such as keywords, metadata, document type, or content.
  • Document archiving and retention: Document management solutions offer features for storing documents based on business requirements and compliance regulations.

Why is Document Management Important? 

Every business can benefit from proper document management software and processes and software. By investing in document management solutions, businesses can achieve:

  • Improved efficiency and productivity: Using automation, document management systems streamline processes and reduce manual work. With quick and easy access to documents and collaboration features, employees can complete tasks faster, boosting productivity.
  • Version control and collaboration: Document management software enables version control, ensuring users are working on the latest version of a document. Plus, simultaneous collaboration features allow multiple users to edit and comment on documents, promoting effective teamwork and reducing the confusion caused by multiple document versions.
  • Document security: Access controls, permissions, and encryption features ensure that only authorized individuals can access sensitive documents.
  • Compliance and regulatory adherence: Document retention policies, document archiving, and audit trails enable organizations to maintain proper records and demonstrate compliance during audits or legal proceedings.
  • Space and cost savings: By digitizing and storing documents electronically, organizations can save office space and reduce costs associated with printing, paper, ink, and physical storage infrastructure.
  • Knowledge management: By capturing and organizing documents, companies can preserve important organizational knowledge, best practices, and lessons learned. This knowledge can be shared to all employees, even after staff turnover, leading to better decision-making and improved organizational learning.
  • Digital transformation and sustainability: By transitioning from paper-based to digital document management, organizations reduce their environmental impact, promote sustainability, and align with modern workplace practices that prioritize digital workflows.

Document Management Solutions from Accruent 

Accruent’s engineering document management software allows for real-time collaboration and a single source of truth for your employees. With Meridian, you can streamline document management, ensure safety and compliance, maximize company-wide collaboration, and achieve a single source of asset information. Watch the video below or schedule a demo to learn more.