How‌ ‌to‌ ‌improve‌ ‌the‌ ‌entire‌ ‌document‌ ‌lifecycle‌ ‌management‌

Document management is one of the resource-consuming processes of any functioning business. To improve the entire document lifecycle management and streamline the creation and transformation of various documents, many companies extensively use document automation software. What lies at its core, what benefits it can bring to your business, most powerful examples of document automation software on the market — let’s make it all clear. 

The increasing popularity of document automation tools became especially evident amidst the digital transformation wave when the companies felt an acute need for such software. As a result, document management systems (DMS) turned out to be one of the most efficient technologies for seamless document automation. They provide users with functionality that enables simplified work with each of the following stages:

• Document capture. At this stage, the software ensures the proper transformation of physical documents into digital ones.
• Document sorting. The document sorting stage provides an accurate classification of the captured documents, namely, the system indexes all files and sorts them in accordance with certain criteria.
• Document storage. At this point, the DMS saves all the filtered documents in a centralized place.
• Document retrieval. This stage of document automation aims to retrieve documents from a centralized repository.
• Document distribution. The essence of this step is to enable users to find and share the necessary file with the help of the advanced search of already filtered documentation.
• Document generation. Finally, the system helps create documents according to set rules, customize them, convert into templates, and share further. The templates that are created at this stage can contain anything from text blocks to tables, images, and graphs. They are customized to fit exact requirements and enforce crucial business logic. Template use reduces potential inaccuracies that expose organizations to risk.

It’s easier to understand the advantages of document automation via the problems it helps solve. Thus, let’s take a look at the major challenges the companies may face without a properly adjusted document automation:

1. Time-consuming paper-based activities. Employees may spend countless hours working with paper documents if they don’t have a robust tool. Thus, the integration of document automation software can significantly save time spent on the completion of daily manual tasks. According to the research, the document-related tasks that consume more than 20% of a CEO’s time can be cut with modern document automation tools.
2. Unwise resource allocation. Employees can’t focus on higher-value tasks but devote their time and efforts to documents creation and processing (suitable content location, documents styling, reviewing, submitting them for approval, rework on them, correcting, delivering to the appointed recipients, and archiving them in the correct location). The research shows that companies lose from 20-30% of their revenue every year due to poorly functioning manual processes. Thus, a properly adjusted document automation software can not only significantly boost the efficiency of the company’s personnel but also reduce operating costs, such as spendings on storage, printing and copying, disaster-proof archiving rooms, etc.
3. Flaws and errors. The absence of a document automation system may cause document inaccuracies due to manual paperwork and the absence of workflow processes that expose the organization to risk. The adoption of automation software can help companies mitigate such risks preventing numerous aftermaths of human error from incorrect spelling to document loss.
4. Poor compliance. Reduced compliance with stringent legislation and industry regulations may expose the company to litigation, fines, and even incarceration. The system will ensure the company’s documentation meets the most wide-reaching compliance regulations, such as International Organization for Standardization (ISO), The Payment Card Industry Data Security Standard (PCI DSS), The Health Insurance Portability and Accountability Act (HIPAA), etc.

Considering the challenges companies encounter, document automation is applicable to any domain as any business has documentation. Let’s take a look at those industries where such type of software is in especially high demand: 

• Government

Any federal, state or local institution operates vast amounts of documents. Such organizations operate highly confidential information, need to comply with multiple regulations, and have high-level protection. So the streamlined paperless operations, workflow, document protection (roles distribution, authorization, encryptions), and regulatory compliance are the pillars government document operations should stand on.

• Healthcare

Immediate access to patient records, fast documents processing, and delivery is vital to any healthcare institution. The improper dosage or wrong diagnosis can be a consequence of lost documentation. Add GDPR (General Data Protection Regulation), HIPAA, HITECH (Health Information Technology for Economic and Clinical Health Act), and other safety standards healthcare must comply with, and you’ll realize why medical institutions are at the forefront of those that implement document management systems.

• Accounting

Any accounting department has tons of documents to process and operate with. Nothing can be lost, misplaced, or destroyed as accounting ensures statutory compliance, provides government and business stakeholders with accurate quantitative financial information. Such DMS characteristics as customized workflow management, scalability, security controls directly impact the speed and efficiency of accountancy, ensuring your business finances are under control. 

• Logistics

Constantly incoming flow of documentation that should be available around the clock for rapid changes of data is how logistics works. A lot is put at stake: products must be delivered on time while kept up to regulations and laws. Proof of concept, bill of lading, freight bills — any shipping document should always be at hand unified in one system. With a streamlined document workflow, companies can accelerate logistics release time and reduce resources spent on document processing. 

Thus, with all the benefits of document automation systems and areas of their application in mind, let’s review a few tips that should be considered to choose the right document automation tool. Firstly, to select the right one, you should clearly define your business needs: 

1. Define what document issues you are going to solve.
2. Analyze your paper flow to understand what features your DMS should possess.
3. Explore the company’s existing software (ERP, CRM, different file formats) to identify its compatibility with the prospective DMS.
4. Check whether the solution is compliant with the industry and state regulations.
5. Check if the vendor of the proposed software offers any training materials and after-launch support.
6. Point down the security measures the prospective DMS will need to protect your documentation confidently.
7. Check if it supports customizations to fit your internal processes.

Secondly, when choosing a document automation system, consider the following vital characteristics :

• System’s scalability (number of users that can work simultaneously);
• Customization of workflow and flexibility of its management;
• Easy integration with different products to allow data exchange;
• Compatibility with required standards and regulations;
• Extensions availability;
• Security controls;
• Number of collaboration tools;
• User-friendly interface.

For example, popular tools, such as SharePoint, FileHold, Alfresco, Virtual Cabinet, eFile cabinet, and M-Files meet all the requirements of modern software solutions designed for document automation and are well established on the market. When dealing with the integration of document automation software, we often opt for Alfresco capabilities. This platform proved its robustness when we had to transform document-related processes and automate workflow for our customers from the legal and healthcare industries.

Overall, document automation is a rewarding solution for businesses of any size: from small ones to enterprise-level. But its value becomes especially obvious when organizations manipulate a big volume of critical to the success documents making their creation simple, error-free, and a time-saving process.