Businesses create vast amounts of contracts, documents and other files that must be accessible. Without a solid document management strategy implemented, it can take hours or even days for employees to find the information they require. This could affect productivity and may lead to lost revenue opportunities.

The first step towards a successful document management process is to establish an online repository for documents. Once the process is in place, companies will begin to see improvements in processes and workflows that have been impacted by prior issues with documentation.

One of the most important aspects of the document management system is having an owner assigned or a person that has ultimate authority to make decisions. Document processes will become non-standard and ad-hoc when there is no accountable person. In turn, this could create frustration and reduce efficiency for everyone affected.

A company must also establish standards for the naming of folders and document types, and indexing them to ensure their system functions efficiently. This will help to prevent creation of duplicate documents and improve overall quality of documents.

It is also essential for a company to consider how long it will keep each document prior to making a decision on a retention policy. Certain documents should be kept for legal reasons whereas others are not required anymore for operational reasons. By determining how long duration to keep each document, companies can make sure that it does not waste storage space or resources on documents that are not relevant or beneficial.

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