The global paper and pulp industry is worth over $348 billion. A share of this market is taken by physical documents still used by most businesses. Despite paperless trends, not all companies are ready to go digital entirely. Moreover, some of them, like healthcare providers, banks, or utilities, are required to keep sending documents by mail.
Under such circumstances, businesses and organizations seek a solution that would allow them to unite paper and digital documents. Electronic document management systems (EDMS) seem an excellent pick.
In 2023, the document record management systems’ market revenue will reach $6.78 billion, up from $3.59 billion in 2017. Almost a double increase proves that more and more companies start leveraging EDRMS benefits. Since such electronic document and records management system software supports both paper and paperless documents, it ensures the balance necessary for modern businesses. They get a chance to automatically switch to the mode of communication required depending on the situation and customer’s preferences.
Want to know more about a document record management system? Read on to learn how it works and the ways to adopt it.
What is Electronic Document and Records Management System Software (EDRMS)?
Electronic document and records management system software (EDRMS) is a platform that enables businesses to process documents automatically. It can handle electronic and physical documents at different stages of the document life-cycle, from document creation to destruction. Companies use EDRMS solutions to centralize documents within an organization and securely manage business records and customer communications.
An electronic document and records management system software differs from enterprise content management (ECM) solutions. Even though they have many common features, an EDRMS is designed to create, track, and store dynamic documents that an organization actively uses. On the other hand, ECM software is mainly intended for storing unstructured documents that are rarely changed. It supports images, web pages, and flash files. Unlike EDRMS, enterprise content management systems don’t have scanning capabilities, such as optimal or handprint character recognition.
Hence, EDRMS are more suitable for organizations that need to automatically process standard documents (e.g., Word, PDF, Excel, or PowerPoint) and optimize workflow management. These are banks, retailers, healthcare providers, utilities, and other organizations generating and sending large volumes of documents.
Four EDRMS Benefits for Businesses and Organizations
Before investing in any software to optimize business processes, companies carefully weigh the pros and cons. The need for digital transformation is absolutely justified from the business point of view. In the long run, automation solutions like an electronic document management system pay for themselves. Why? They have strong EDRMS benefits that can boost any business.
EDRMS Benefits. All Documents Collected in One Place
When digitized physical documents and electronic records are stored in a single system, employees need less time to locate a copy. This makes their work more effective and provides companies with better control over document management and records. Automated records management software also facilitates regulatory compliance. When documentation is organized, a company can easily prove that all the record-keeping and document management requirements are met.
EDRMS Benefits. Smooth Digital Transition Without the Full Switching from Print
Even though paperless document management is one of the EDRMS features, you won’t need to abandon print entirely. Thanks to physical document digitization, you can store the copies of print records online to include them in the system. It’s very convenient for businesses and organizations to support both online and offline document formats. For example, financial organizations need to send bills by mail per customer request. Hence, they can significantly benefit from electronic document and records management system software.
EDRMS Benefits. Storing Documents in the Cloud
Many small and medium businesses prefer to keep data on local servers. This approach is not secure and requires ongoing expenses on server maintenance. Hence, when companies adopt a document record management system that stores digital files in the cloud, they solve two critical problems at once. The security of personal information increases and business expenses are optimized.
EDRMS Benefits. More Accurate and Quality Data
Electronic document and records management system software is nothing like filing cabinets. It automatically generates, tracks, and stores documents recording each new version of the document. This helps businesses to reduce the negative impact of the human mistake factor. Since employees don’t update documents in the document record management system manually, they are less prone to making errors.
How to Adopt a Document Record Management System
If you plan to implement a document record management system, be ready to integrate it with other solutions. Enterprise resource planning and CRM tools are the most common options. Hence, to fully automate document management, you will need to take a comprehensive approach consisting of the following stages:
#1. Understand what records you currently have
Make sure to complete the inventory of all records first. Determine what documents your business uses and how it stores them. After this, you will understand which paper documents can be made paperless and which need to be kept in both formats.
#2. Clarify the rules of document creation and disposal
Think about how long you need to store the copies of delivered documents to stay regulatory compliant while managing records. This will help you create a records retention schedule and have clear document management rules. Later, you will use them to configure the document record management system.
#3. Determine your requirements for a document record management system
Once you know what documents you have and how a company needs to handle them, it’s time to think about the EDRMS functionality. There are lots of electronic document and records management system software options available. Research different EDRMS features, read the case studies and consider the level of automation. If you expect to automate document processing fully, you will need a document record management system with multiple integrations. This will allow connecting it to a CRM and other solutions (e.g., collaboration tools).
#4. Connect the EDRMS and create workflows
When you find the software that has everything you need, take the final step. Connect the document record management system and complete the settings. Most probably, you will either integrate a web solution or use an API. APIs allow layering document management functionality into existing systems. For example, you can add automated PDF rendering to generate PDF invoices in your app. Inkit is one of the document record management systems with both web and API versions.
Inkit as Automated Online and Offline Document Management Software
Inkit is a reach enablement platform (REP) with document rendering and management functionality. Its Render product can automatically generate custom PDF documents from HTML and store them in the cloud. It creates activity logs and tracks documents for record-keeping. When combined with Send, Render can also automatically forward the generated documents for printing and offline delivery. Besides, it smoothly integrates with hundreds of third-party solutions as a web tool or through an API. Hence, businesses can use Render as a document record management system for online and offline document automation.
Want to know more about Render for managing documents or test it? Contact us to get the demo.