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The best document management software improves accuracy, streamlines file access and increases productivity. It frees up office space that was previously used for filing cabinets and expensive storage costs that are offsite. It also eliminates manual processes which can lead to errors and cost increases. It also reduces the risk that data is lost in the case of an emergency such as a fire.

A good digital document storage system transforms paper documents into sharable, searchable and secure digital files that are routinely backup and easily retrievable. It can even automatically index documents for fast full-text searching, which can help users save time. It can assist you in complying with the requirements of regulatory agencies like FINRA or HIPAA. And it can improve efficiency in workflow and collaboration with both external and internal customers and partners.

It eliminates the need to store physical files, which means you can eliminate costly offsite storage and lessening the risk of losing data. It also lets you access valuable workspace previously taken up by rows of filing cabinets and allows you to recover the cost of offsite storage fees.

It is important to realize that digital document storage is more than cloud storage or a simple document scanner. Choose a system that offers scanning and document workflow, mobile applications with advanced features and integrations with popular productivity and business applications. The most robust systems come with a branded client portal along with bank-grade security measures, as well as other tools essential to meet the demands of today’s hybrid and remote workforces.