Enterprise document management (EDM) is a strategy for overseeing an organization's paper and electronic documents so they can be easily retrieved in the event of a compliance audit or subpoena. The term originally referred to electronic documents that were created on a computer or paper documents that were scanned into a digital format. The meaning has broadened to include email, images, internal-facing documents -- such as company memos -- and external documents -- such as marketing or sales content.
In the context of regulatory compliance, enterprise document management must address the following:
EDM also stands for electronic document management, engineering data management and electrical discharge machine.
An enterprise document management strategy enables an organization to have a clear plan for its document management processes. An organization can use an EDM strategy to decide how to receive, process, review, store, retrieve and dispose of documents, as well as when the business should complete each step. The EDM strategy determines how the business should adjust the process to increase efficiency.
An organization can use a document management system (DMS) to create a single view of all an enterprise's documents and provide workflow tools to monitor and control modifications. A DMS enables businesses to capture a document by either scanning the physical document or downloading the digital version.
After scanning or downloading the document, the user can tag and index the document with keywords and metadata to enable users to quickly find them by keyword or full text search. The DMS organizes and places the document into a folder which appropriate employees can access. These systems also help ensure compliance by placing permission restrictions on certain documents and providing extra security.
Organizations have vast amounts of content in both paper and digital formats which users may store in public or private networks, shared drives, email or filing cabinets. Storing physical files comes with risks, however.
An EDM system reduces the need -- and associated expense -- of physical storage space. Unforeseen circumstances such as a fire or flood could potentially damage or destroy physical files. EDM systems typically include a data backup and disaster recovery plan, which provides businesses with a digital backup.
Organizations with files in multiple locations may also struggle to find the information that they need -- which is crucial for meeting legal requirements. EDM systems enable greater organization because all files are in one central location and users can easily find files using full-text search. By having all files in one digital location, users can access the files anywhere at any time.
EDM systems can integrate with various other applications including content management systems, Microsoft Office and Salesforce. Because users generally work in other tools within their workflow, it is important for the company's EDM system to be able to integrate with other applications easily.
There are many moving parts within a company, and an EDM system can help decrease bottlenecks and maintain an organized workflow. Version control and security within the EDM system make it easy for users to see who has access to certain documents and what changes other users made, which also ensures an organized workflow.
EDM systems and enterprise content management (ECM) systems may sound similar, but they are not interchangeable terms. Businesses use an EDM system to organize paper and electronic documents and structured content; ECM systems enable organizations to capture, manage, store, preserve and deliver many additional types of content. ECM systems can organize paper and digital documents, but they can also handle other unstructured content such as audio and video files, social media, web pages, contracts, purchase orders, invoices and receipts.
EDM software aims to control the lifecycle of documents and ensure compliance. It focuses on more than storing files, but also on the tools and processes that businesses use throughout the lifecycle of content.
EDM is a subcategory of an ECM, and as a result, an ECM system may not function properly without an EDM system in place.
Document management systems are available as on-premises and cloud-based software.
An on-premises DMS enables businesses to use their own storage and perform their own maintenance. Businesses with an on-premises DMS are responsible for their own security. This type of DMS does not rely on the internet -- if the internet connection goes down, the DMS users can still access all their documents. The downside of on-premises DMSes is the large upfront costs, plus yearly expenses for software updates. Files in an on-premises DMS do not automatically save to the cloud, so backing up frequently is important.
A cloud-based DMS is accessible to the business online. The cloud provider typically charges a monthly or an annual fee which includes maintenance and software updates. Unlike the on-premises option, a cloud-based DMS is not as expensive and there are no large upfront costs. Users of a cloud-based DMS do not need to back up their files because they automatically save in the cloud. Users can access the cloud-based system wherever there is internet, however, if the internet connection fails, the user won't be able to access his or her files. Cloud-based DMSes depend entirely on the provider to keep the system up and running, while the on-premises system depends on the business's own IT resources.
A DMS enables businesses to scan, store and retrieve business documents, but it has additional features that include:
A document management system can improve the way an organization runs and how it deals with compliance and collaboration processes. Here are some benefits of DMSes:
There are many DMSes to choose from with varying capabilities. Here are some top options to consider:
Microsoft SharePoint provides users with document management and collaboration capabilities. Businesses can create custom metadata fields that align with the organization's needs.
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M-Files is a document management system that provides businesses with many features to organize, digitize paper records and automate workflow processes. M-Files offers on-premises, cloud-based or hybrid systems.
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DocuWare is a cloud-based option for document management and workflow automation that enables businesses to transfer their digital and paper-based documents to a unified platform.
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11 Jan 2021