Businesses generate a lot of contracts, documents and files that need to be easily accessible. It could take employees days or even hours to locate information if they do not have an effective document management plan. This can directly impact productivity and may lead to lost revenue opportunities.

The first step towards a successful document management strategy is to create a central repository for documents. Once the process is in place, businesses will see improvements in workflows and processes that have been impacted by previous documentation issues.

The most important feature of a document-management system is the assignation of an owner or individual who has the ultimate authority to take decisions. Without an accountable person document processes additional reading are likely to become ad hoc and not standardized across departments. This could lead to frustration and a decrease in efficiency.

In addition, the company should also develop standards for folder and document type name and indexing to ensure that the system is always running efficiently. This can prevent the duplicate documents from being created and improve the quality of documents.

Before deciding on a plan of retention, it’s important for a company to consider the length of time each document will be kept. Certain documents should be kept to protect legal reasons while other are not needed anymore for operational reasons. By determining the length of time to retain each document, the company can make sure that it’s not wasting storage space or wasting valuable time and resources to keep irrelevant or outdated information.

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