Businesses produce a vast amount of contracts, documents and other files that must be accessible. If there isn’t a good document management plan in place, it could take hours or even days for employees to find the information they need. This can have an impact on productivity, and even lead to revenue opportunities being lost.

Setting up a central document repository is the first step towards making a successful document management process. After the process has been implemented, companies will begin to see improvements made in processes and workflows which were affected by prior document issues.

One of the most important elements of a document management system is having an assigned owner or person who has the ultimate authority to make decisions. Document processes will become unstandardized and ad hoc if there is no accountable person. This can result in frustration and a reduction in efficiency.

A business should also establish standards for the name of folders and types, as well as indexing them to ensure the system is running efficiently. This will prevent the duplicate document creation and improve document quality.

It is also crucial for companies to consider the length of time it will keep each document before deciding on a retention policy. Certain documents need to be stored for legal reasons whereas others are not required for operational reasons. By determining how long time to keep each document, a business can make sure that it does not use up storage space or resources on documents that are not relevant or beneficial.

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