The right document management system improves accuracy, improves file access and increases productivity. It frees office space formerly used for filing cabinets, as well as expensive offsite storage fees. It also eliminates the necessity for manual processes that can cause errors and increase costs. It also reduces the risk that data could be lost in the event of an emergency, such as fire.

A good digital document storage software transforms paper documents into sharable secure and searchable electronic files that are regularly stored in a backup system and easily retrieved. It can even automatically index documents for quick full-text searches to help users save time. It can help you comply with the regulations like FINRA or HIPAA. It can also help improve efficiency of workflow, and also improve collaboration with your customers and partners.

It lowers the chance of losing data because it eliminates the need to keep physical documents in storage, reducing costs for offsite storage and removing the requirement for physical files. It can also free space previously occupied by rows of filing cabinet and allows you to recover money spent on offsite fees.

It’s important to recognize that digital document storage is more than cloud storage or a basic document scanner. Choose a service that offers scanning and document workflow, mobile solutions with advanced features and integrations with popular business and productivity applications. The more robust solutions will come with a branded customer portal, bank-grade safety measures, and other tools that are essential to meeting the demands of remote and hybrid workers.