Document management software consolidates data storage that allows employees to access the information whenever required. This allows businesses to respond quicker to requests from customers and to complete important business processes. It also lets them adapt quickly when their needs change. Document management systems can help to prevent hidden time-suckers that impede productivity. They allow people to collaborate across offices, departments and even across locations.

Modern document management systems can handle many different formats of official statement documents, both digital and paper. Typically, these files are either scanned into the system, or uploaded either manually or automatically. Many systems are equipped with Optical Character Recognition (OCR) software, which converts text from images to editable and searchable content. Search by document type or keywords, index value and full-text.

Many software systems provide versions control. This gives you a complete history of changes to a document so it’s easy for you to know who made which changes when, and the reason. This is particularly helpful when you have several team members working on the same document.

Many systems also allow you to connect with your accounting software, enterprise resource planning (ERP) and other software. You can manage the entire lifecycle of a document from start to finish with just one tool. This ensures compliance with all laws and regulations that regulate the storage of records within your organization.

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