Best Document Management Software
Buyer's Guide
Our lives are becoming increasingly digital, and the way we do business is no exception. Modern businesses are moving away from the paper filing systems of the past, and are dealing with more content than ever, in the form of digital assets. But how do you keep your business organization with countless digital files in your hands, the number only growing by the day?
That’s where document management software comes in. It organizes your digital assets into an easy-to-use, centralized content repository, streamlining your ability to find, manage, save, share, access, edit and archive your content as needed.
If you’re looking for a way to brush up on your company’s organization techniques, document management software might be right for you. In this buyer’s guide, we’ll go over what the document management software is, how it could help your business and how to pick the best solution.
Executive Summary
- An integral part of CMS, document management software helps businesses manage digital files efficiently.
- Key features include version control, permissions, file locking and web access.
- Some benefits are lower costs, less physical storage and improved security.
- Be sure to ask potential vendors any questions you have about the software before committing to a purchase.
- What Is Document Management Software?
- Deployment Methods
- Primary Benefits
- Implementation Goals
- Basic Features & Functionality
- Advanced Features & Functionality
- Industry Trends
- Software Comparison Strategy
- Cost & Pricing Considerations
- The Most Popular Document Management Software
- Questions To Ask Yourself
- Questions To Ask Vendors
- In Conclusion
- Additional Resources
What Is Document Management Software?
Document management software is a program that allows businesses to upload, track, index, store and manage electronic versions of paper documents captured through a scanner. It's sometimes called an electronic filing cabinet, although it serves many other purposes.
The system is handy for companies with large volumes of content, especially sensitive or confidential information, as it keeps records secure with features like password protection, data encryption and permissions control. It’s also generally safer to digitize your documents instead of using paper file storage, since it keeps your files from getting lost or damaged.
Deployment Methods
Document management systems offer the following main deployment methods:
Cloud-based
Here, the software is hosted by the provider. You can log into the system using any device as long as you have access to a stable internet connection. The provider takes care of installation, overall maintenance and upgrades. Companies don't require an additional IT team to manage the solution.
Self-hosted
In this deployment method, the system is stored on the company server. Only some of the software available in the market are compatible with both Windows and Mac systems, so it's best to check this before zeroing in on a solution. It's an ideal method for those who prefer monitoring and controlling the system.
Primary Benefits
1. Reduced Costs
Document management systems help organizations reduce costs spent on protecting and storing paper files. They also dramatically reduce costs you might incur from mistakes, like common data entry errors and paper waste.
2. Better Collaboration
A recent report by Upwork projects that 36.2 million Americans will be working virtually by 2025. The increase in hybrid working environments makes it imperative for companies to look for platforms that facilitate efficient collaboration even when employees don’t see each other face-to-face.
Document management software lets employees view and modify documents simultaneously from anywhere with an internet connection. They can access multiple versions of files, see all the changes made to each document and work together in real time, reducing time spent in back-and-forth exchanges and forwarding material.
3. Better Security
With paper documents, there's always a chance for important information to get misplaced, stolen or fall into the wrong hands. By making the transition to a document management platform, you can reduce the chances of compromising sensitive files. This also provides built-in protection from natural disasters like floods or fires.
Role-based access control ensures only certain users can access and alter specific documents. Administrators also have complete visibility into who viewed or modified any document.
4. Efficiency
According to a study conducted by DOCUdavit Solutions, 83.3% of respondents said that going paperless saved them time spent on filing and organizing records. Cutting down time spent sorting through paper files or unstructured content allows your employees to focus more on important tasks.
Implementation Goals
| Goal 1 Streamline Workflows | Digitize mission-critical content and move it into a workflow, facilitating automatic storage and categorization. |
|---|---|
| Goal 2 Unify Content Access | Store digitized documents on the local computers of all users or within central servers of a networked system. Quickly locate files from a unified content repository. |
| Goal 3 Improve Productivity | Retrieve documents faster and more efficiently with easy, constant access to necessary information. Improve turnaround times for completed work and issue resolution. |
| Goal 4 Establish Transparency | Access contracts, forms, invoices and other documents in one place. Eliminate any possible discrepancies that could come from staff working on different versions of content by giving all employees access to the same information. |
Basic Features & Functionality
| Document Search | Browse your organization's knowledge base efficiently, searching for content by date, name, file author or other metadata. |
|---|---|
| Drag and Drop | Drag and drop documents from one folder to another. Employees can quickly move files from their desktops or personal documents to the content repository. |
| Version Control | Access all versions of a file or document. Reverse changes, compare different drafts and easily collaborate in real time. |
| File Locking | Prevent employees from making changes to a document until it’s unlocked, preventing redundant changes or unauthorized access. |
| Permissions | Enables users to edit or delete files as needed, and protect important documents from being viewed or altered. Admins can assign specific permissions to each employee. |
| Organizational Hierarchy | Categorize and tag documents according to criteria like subject and priority, allowing your staff to find information more quickly. |
| Web Access | Easily upload, access, modify and download files from any location with an internet connection. |
Advanced Features & Functionality
| Audit Trail | Track all changes made to files across the system. Admins can access detailed file information, including which users were active on the file, the date and time the file was created, and what changes were made. |
|---|---|
| System Access Control | Assign role-based permissions for viewing and editing particular files and folders. Prevent unauthorized access. Restrict certain IP addresses if required. |
Industry Trends
Document management systems provide much more than just a filing system for your documents. Here are some up and coming trends you should know:
1. Cloud Computing
With cloud computing, documents are available for users to access anytime and from any location. Your staff doesn't have to use a specific computer or a closed network to view and edit files. Cloud-based document management also supports scalability, making it a good option for businesses of all sizes.
2. Client Portals
By giving your clients a portal, you can provide them with easy access to necessary information. Clients can view files, make inquiries, comment and download files whenever they need. They can also give you valuable feedback on your products and services.
3. Increased Cyber Security
Cybersecurity has become more necessary than ever, given the current hybrid work environment and its vulnerability to cyber attacks. According to Statista, internet users worldwide saw around 15 million data breaches in the third quarter of 2022.
Document management software comes with built-in security features that are only becoming more advanced. Data encryption, permissions control, password protection and multi-factor authentication are just a few of the ways this software helps keep your data safe.
4. Scalability
Scalable software options make it easier for organizations to grow, whether or not they plan on it. Companies can rapidly expand their digital storage as their volume of documents increases, making it easier to keep up with changing business needs.
Software Comparison Strategy
While many document management software have similar features, it can be overwhelming to decide which solution is actually best for your business.
Start by considering what your business needs. How many employees will use the program? Will they adapt to it easily, or will they need training? It’s also important to think about where your current filing system falls short, and how a document management software could help fill the gaps.
Once you have a sense of what you’re looking for in a software, start evaluating software options. Feeling stuck on figuring out what exactly your business needs? Try using our requirements template to get a clear idea of what your requirements are, and what features would address them best.
When you’ve narrowed down your software options, it’s important to research your vendor. You can check online reviews, read industry guides and ask colleagues for their recommendations. Some vendors may even offer a free trial so you can see how your employees do with the program before committing.
Cost & Pricing Considerations
The cost of document management software can vary a lot, ranging from free solutions to some that might cost you a thousand dollars a month. Expensive doesn’t always mean better, however, so make sure the software you choose actually comes with what you need.
Some programs may require a one-time payment, while others work on a monthly or annual subscription basis. Subscription hosting plans are usually cloud-based, while perpetual license plans are self-hosted. Both models can be good, depending on your budget and needs.
If you don’t want to host and manage your data yourself, you might benefit from a subscription plan where your content is hosted by the vendor company. Usually, the pricing tiers are based on the number of users, as well as other factors like the amount of storage you need.
In the case of perpetual licensing, you only have to pay an upfront fee because the servers and data are hosted and managed by you. Usually, this model comes with a recurring annual fee for maintenance and software updates. It’s best suited for larger organizations with a dedicated staff to maintain the system.
Generally, you should also ask vendors about hidden costs, especially related to implementation, employee training and customer support, to make sure you get full transparency.
The Most Popular Document Management Software
Now that you know what document management software can do, how do you decide which product is the best fit? Our analysts have curated a list of some of the top document management solutions on the market. Check out our picks below!
Box
Box is a cloud-based platform for storing and sharing content for enhanced collaboration. Users can manage files, like documents, videos and presentations, from anywhere with internet access. The platform integrates with Salesforce, Adobe and Microsoft 365. Employees can quickly create workflows and speed up business processes without the need for IT support.
Viewing insights in the admin dashboard. Source
Prezi
Prezi is a web-based platform used for creating presentations for companies and individuals. It's available for desktops and laptops as well as mobile devices. Users can create interactive presentations with animation, speech bubbles, callout boxes and more. Creators can also upload PowerPoint presentations and convert the format.
Navigating across the user dashboard. Source
SharePoint
SharePoint is a cloud-based collaborative platform for creating websites. It’s used to store, organize and share information. It offers functionalities like reporting, analytics, digital and document asset management, and contract management. The solution offers content support for both external and intranet sites. It can be deployed on-premise or hosted on the cloud.
Unified access to all sites simultaneously. Source
Pantheon
Pantheon is a leading cloud-based web hosting solution. Developers and marketers use it to build, launch and host their open-source Drupal and WordPress websites. It allows users to automate tasks like patch testing and version control. The platform offers collaboration tools, customizable templates and web content publishing.
Visualizing site activity on the dashboard. Source
Webflow
Webflow is an all-in-one browser design platform fit for businesses of all sizes. It allows organizations and content creators to design, build and launch websites without writing code. The platform offers editing tools that can be used to create websites on custom templates.
Creating a website from scratch. Source
Questions To Ask Yourself
To get a more detailed understanding of your company’s needs, ask yourself these guiding questions:
- What’s our budget?
- How many employees will use this software?
- Will our employees need training to use the software?
- What features do we need the most?
- What primary problems will this solution solve?
Questions To Ask Vendors
Here are some questions you can ask potential vendors to help you learn more about the software and vendor:
About the Software
- Is the software customizable to specific business needs?
- Is this compatible with our existing software?
- What data security features does the software offer?
- What specific collaboration functionalities does the solution offer?
- How does your software integrate with other software?
About the Vendor
- How many years of expertise do you have in the industry?
- What customer support and training do you offer?
- Do you have experience working with businesses in our industry?
- What company sizes do you typically work with?
- What pricing plans do you offer?
- Are there any hidden costs involved?
- How long does onboarding typically take for your product?
In Conclusion
By providing easy access to all essential information, document management software can improve the collaboration and productivity of your everyday business operations, as well as reduce expenses and save time spent searching for documents.
Ready to take the next step? Get started today with our comparison report to gain insight into top software leaders.
Additional Resources
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