A well-designed document management system streamlines access to files as well as improves accuracy and productivity. It lets office space go that was previously used for filing cabinets and reduces the cost of storage outside of the office. It also eliminates manual processes, which can cause errors and increase costs. It also reduces the risk of data loss in the case of fire or natural disaster.

A quality digital document solution converts papers into searchable secure and sharable electronic documents. They are regularly backup and are easily retrieved. It can also index documents automatically to facilitate quick, full-text searches to save users’ time. It can assist in ensuring that you are adhering to the regulations such as FINRA or HIPAA. And it can improve the efficiency of your workflow and improve collaboration with both external and internal customers and partners.

It decreases the risk of data loss because it eliminates the need to keep physical documents in storage, reducing the cost of offsite storage and eliminating the need for physical files. It also lets you access valuable space that was previously filled with rows of filing cabinets. It also lets you recover the money spent on storage costs that are offsite.

It’s important to understand that digital document storage is more than cloud storage or a simple document scanner. Choose a service that can provide scanning and document workflow, mobile solutions with advanced features and integrations with popular productivity and business applications. The most robust systems come with an official client portal with bank-grade security and other tools essential for meeting the demands of today’s remote and hybrid workforces.