Finance
The Document Management Systems Phenomenon
ome of you may be wondering why I'm so cuckoo for document management. Corey Smith, a kindred spirit, recently wrote about Why Document Management Growth is Exploding. He points to several trends that have been fueling the growth of Electronic Document Management Systems.
Corey Smith
Some of you may be wondering why I'm so cuckoo for document management. Corey Smith, a kindred spirit, recently wrote aboutWhy Document Management Growth is Exploding. He points to several trends that have been fueling the growth of Electronic Document Management Systems:
- Low Costs of Electronic Storage. It is now possible to store 10 filing cabinets full of paper in one gigabyte of electronic storage.
- Familiarity with Computer Applications. Today, everyone is trained to be familiar with common computer applications. This means adoption time and training for new applications is minimal.
- High Speed Scanners and Multifunction Copiers. Documents can be scanned quickly and conveniently with sheet-fed scanners, available on most new digital office copiers.
- Need for Privacy, Backup, and Security. Recent government regulations like HIPAA, Sarbanes-Oxley, Gramm-Leach-Bliley, and the Patriot Act are causing more companies to examine their storage, security, and retention policies.
Government Encouragement. Scanned digital documents are common in government applications. As far back as the Paperwork Reduction Act of 1996, government agencies have been encouraged to adopt EDMS technologies to cut costs, improve information access, and save space. In fact, many court systems now require attorneys to file digital documents instead of paper.