In the past, paper documents were used in storing information. After a while, it was shown that paper can be expensive and if used excessively, wasteful. It also took up a lot of room space for its storage, hence, the need for a document management software/system.
According to Business.com, 21.3% of productivity is lost due to document challenges. Little things such as finding it hard to locate or open a document, can lead to a big loss in productivity as it adds up in the long run.
Poor document storage takes an average of 18minutes for retrieval which equates to loosing 50% of time in just searching for a document.
Document management software are simply tools which lets a user manage access, track, edit and neatly store information. It is an electronic cabinet which can be used to organize all paper and digital files.
The software helps businesses to combine paper to digital files and store it into a single hub after it is scanned and digital formats get imported. It is mostly recommended because in using it, you will enjoy a fail-safe environment for safeguarding all documents and data.
Document management software commonly provides storage, versioning, data, security, as well as indexing and retrieval capabilities.
Implementing Document Management Software is not just a luxury but a necessity for document-related business operations.
What is a Document management software?
A document management software is an automated software solution for organizing, securing, capturing, digitizing, tagging, approving, and completing tasks with business files.
The data on the software are stored in the cloud. It takes care of the large amounts of paper which flow into the business. The long process of faxing, searching for information for long periods of time, manually handling documents, forms and more becomes almost nonexistent.
What Does Document Management Software Do?
The management software is a digital tool that helps one to plan, track, organize and review both projects and non-project tasks with the goal of improving business results and team performance.
It enables effective life-cycle management of critical businesses, starting from its capture to its disposition.
A document management software enhances businesses through:
#1 Time and Cost Saving
In a business, saving time means saving money. When the time for searching for documents is cut down, resources and time can be saved.
About 50% of a person’s time is actually spent looking for documents. Hence, this software helps in the speeding up of the finding of these files.
Furthermore, making use of the document management system goes a long way to save time. In most cases, documents come in bulk. Uploading them one by one is time-consuming. With the software, everything can be uploaded once.
It also helps in the reduction of storage space because it is stored in the cloud and there is no need for excessive paperwork. The operation minimizes the waste of paper, ink, and multiple machines to print, scan, and fax your documents as this would be taken care of by a single system.
#2 Centralized System for Managing Documents:
Management software is designed to streamline and automate management processes in order to lessen the complexity of large projects and tasks, as well as encourage or facilitate team cooperation, collaboration, and proper project reporting.
Document Management Software streamlines the way documents are managed. It organizes tasks easily using tags and labels. It allows for a clear view of tasks and their respective statuses and due dates as well as the person assigned to each one.
#3 Increased Collaboration
60% of businesses have increased the collaboration in their business with the document management software.
The document management software ensures that everyone in the team knows where a document is housed and which stage it is at in the review process, what still needs to be added, and whether any other actions might be needed. It aids better collaboration.
Collaborating between teams is one of the major functions of Document management software. The ability to view and edit a document at the same time with teammates cuts down forwarding time and gives a real-time update to everyone
#4 Improved Data Security
Data security is a vital part of any document management system.
In 2019, reports TechRepublic, the number of breaches increased by 54%, 89% of which were outside attacks. Having document management software also increases data security.
Documents are protected from disasters, fires, floods because they are safely stored in the system.
#5 Aiding File Retrieval
Having document management software helps in file retrieval.
Around 7.5% of documents get lost while 3% of them are lost due to poor filing.
The software, being in the cloud helps in easy retrieval, enhanced security, better backup, and disaster recovery.
#6 Better Regulatory Compliance
Compliance requirements for many business documents can be complex and demanding.
A document management software can help to avoid fines, revoked licenses, or even criminal liability by automating key documents within the requirements.
The documents are made very easily accessible. To find a document, one just has to put in a keyword or name tag associated with that document and it immediately pops up.
#8 Easy Scaling
It easily accommodates business growth, and your indexing system can be adjusted with a few clicks.
It reduces the need for physical storage space for files and paper documents.
10 Best Document Management Software In 2021
Below are the 10 best management software in 2022, their pros, cons, and costs:
Research shows Microsoft SharePoint as the overall best Document Management Software.
It is known for its comprehensive features, effective collaboration tools, exceptional scalability, and relatively low cost
Microsoft SharePoint has three plans. Each of them has its own pricing (cost).
The SharePoint Online Plan 1 goes for $5 a month per user; it offers your team access to Microsoft One Drive with 1TB of storage.
The SharePoint Online Plan 2 goes for $10 a month per user. It improves upon its first pricing tier to include unlimited cloud storage, improved search functionality, and higher security for sensitive data.
Its third plan is the Office 365 E3. It goes for $20 a month, per user. With this plan, your team receives custom email domain addresses, unlimited email storage,, and online video conferencing. It provides access to the full suite of Microsoft Office 365 products.
Microsoft SharePoint comes at a reasonable price tag. When it comes to co-authorizing, it is extremely easy to use.
It packs a lot into one platform, making it highly effective for teams that can integrate it with their existing workflows.
Microsoft SharePoint’s biggest limitation is its learning curve. It has a lot of tools and options.
The team would mostly need additional training to make the most out of all its features. Its features are not simple. SharePoint also does not have an option for a free trial.
It is an online tool that lets you edit, sign, and share your files easily through its drag-and-drop feature. It supports PDF, Word, Text, and PowerPoint file formats.
Its document storage is secured with two-factor authentication, signature verification, audit trail, and encrypted folders.
Making changes to a PDF file- such as formatting the document, adding information, and adjusting content are done through its PDF Document Editor.
Cost of the PDFfiller
PDFfiller has three packages. However, users can start with a basic personal plan. It costs $6 per month and is billed annually at $72 for one user.
They offer 24-hour support and a 180-day money-back guarantee to ensure customer satisfaction.
Pros of the PDFfiller
PDFfiller’s drag-and-drop feature makes it very easy to use
Cons of the PDFfiller
The document editor has forms that are not easily understood except with frequent use and (or) watching tutorial videos on how to use them.
This software anticipates the collaboration and sharing needs between teams and clients through organizing and centralizing files and documents. It utilizes folders to ensure easy and quick file retrieval.
Cost of the Proofhub
Proofhub implements simple pricing plans. It has two packages which start at $45 per month billed annually. The higher plan comes with additional offerings such as unlimited projects, a higher storage capacity, and advanced features.
Pros of the Proofhub
Proofhub is easy to understand with little to no learning curve
#4 Rubex by eFileCabinet:
It is recommended as the best low-cost document management software for small businesses in 2022.
Rubexoffers a cost-effective system that doesn’t cut corners on the most important features. It works well on mobile devices as it does on desktop.
This has a wide variety of options available. Freelance users can opt for Express which costs about $9.95 per month billed annually.
Businesses may choose between the multiple plans that are subscription basis for the on-premise and cloud-based deployments.
Prices are available on request only.
It is very easy to navigate. It delivers a comprehensive software application that should suit the needs and workflows.
The interface is sleek, modern, and minimalist. However, the multiple windows and icons will take new users some time to learn.
It is software packed with crucial features for managing documents efficiently. Its file management tools organize all files in one place so they are easy to retrieve.
The cloud file integration centralizes the documents without migration.
It offers a fully free plan that’s packed with the basic, essential document management features. Businesses that need more advanced features and higher storage capacity may upgrade to a pro plan.
Samepage offers a chat tool that is linked directly to the content you are working on. This allows you to work together with your co-workers in real-time and produce better results faster
Its free plan is not for businesses that have advanced features
It is a dynamic template system for organizations that produce thousands of documents, emails, and presentations in a day.
It integrates vital office suites and solutions used by businesses on a daily basis for efficiency and productivity.
One of its core elements is its on-brand and productive document culture. It allows document automation to eliminate the time-consuming process of creating complex documents.
It allows a strict level of quality assurance and governance for those complex files while ensuring its content is up-to-date.
Pricing on Templafy is only available upon request for a quote. They would ask for your business arrangements and requirements to identify your productivity and compliance needs.
Its on-brand and productive document culture eliminate the time-consuming process of creating complex documents.
It is a web-based document management solution that allows users to create, deliver and share documents online and place their legally binding signatures for faster paperless transactions and processes.
PandaDoc supports different document forms including PDFs, Docs, and other preexisting digital documents. It works well with quotes, contracts, agreements, and other sales collateral.
It offers a free eSign plan with 3 paid packages for eSigning and document automation starting at $19 per month per user. It runs an annual subscription
Its smart score is 9.2. User Satisfaction is 95% and its pricing starts from $19.
#8 Zoho Forms:
It is a powerful online form builder that can create or collect forms from multiple systems, platforms, and mobile apps to share with other users.
It transfers the data to the cloud where it is saved and protected for longer than the local systems.
It has four plans. The basic plan goes for $10 a month; the standard plan goes for $25 a month; the professional plan goes for $50 a month and the premium plan goes for $100 a month.
It is practical, easy to use, and affordable, which means it was tailored to suit businesses of all scales. It also has a free plan. The ability to add photos or images to the forms is a great feature.
It is not easy to use because it has no folder structures.
It is a document management software designed to provide easier collaboration and improve organizational efficiency.
Pinpoint offers an automated explorer feature to help organize files, plus a workflow task manager to ensure that no tasks fall through the cracks.
It makes it easier for users to define cabinets and folders and set access levels at the user level and by the group.
PinPoint costs $14 a month
Its strength lies in its ability to organize and secure your files
It has no provision for free trials
It is an easy-to-use document management software that has one of the most intuitive interfaces.
It mirrors the familiar Windows File Explorer interface, so most users will require little to no training.
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They have four plans, each of which has a different set of features. M-files cost is based on the needs of your business and if you go with an on-premises system, cloud system or hybrid.
M-files should be contacted for a custom quote.
It has features for both small business and big ones, making it a scalable solution for growing companies. It is simple to navigate, replicating the familiar feel of the windows explorer layout on PC’s
M-files catalogs several Meta tags on a document to categorize it, and this facet of the software has a slight learning curve.
To make it easier to find, you would need to add your own specialized tags especially if the business deals with a high volume of documents. With this method, it takes more time to get accustomed to the new system.
It is essential to provide a good and conducive environment of work. Making provisions for necessary documents to be found timely and space to react and provide feedback gives value to the business.
Document management software would boost productivity and efficiency and save time used in completing tasks.