Fri. Feb 23rd, 2024

No matter if you work for a legal company or a pharmaceutical manufacturer, you can’t stop worrying about the growing pile of paper files in your workplace.

Funny enough, despite doing everything in your ability to find a solution, you still can’t find one for this problem.

We think that lack of understanding is the main issue here. One may only guess at which option best suits their needs given the vast array of alternatives on the market, such as Records Management Systems, File Storage Solutions, and Document Management Solutions.

And because this guessing game is no longer in your best interests, allow us to fill in the knowledge gaps so you can make an informed choice.

What is a Records Management System?

You must first comprehend the primary distinctions between a record and a document in order to comprehend what a records management system is.

The majority of company transactions are documented in order to keep track of activities within the organisation and preserve transparency, therefore a firm produces a number of documents in the course of its daily operations.

Only those of these papers that must be retained by the regulatory bodies for a specific amount of time for compliance reasons are regarded as records.

An organisation’s lifetime of these records is created with the aid of a record management system. The programme assists in automating every step of the process, from the very beginning of record production to disposal and the conclusion of its retention time.

An RMS’s main objective is to assist businesses in adhering to regulatory standards and mitigating legal and financial risks.

What is a Document Management System?

A records management system, on the other hand, is primarily concerned with generating a lifetime for the documents that are digitally saved. A document management system aids businesses in virtually every problem involving paper-based documentation.

To put it into perspective, a document management system enables businesses that are overrun with paper files to produce, manage, store, retrieve, and arrange these paper documents digitally in an efficient manner.

A DMS has a wide range of additional features that enable the firm to fully automate its business processes without having to rely on several platforms.

For businesses dealing with issues related to storage, safety, and retrievability of paper-based documents, a DMS is regarded as an all-inclusive solution.

Difference : Document Management vs Records Management

Read the major difference between document management vs records management.

Purpose

A records management system serves the simple objective of ensuring that the lifespan of a company’s records is properly automated so that it may be preserved for as long as it is necessary to be retained for compliance reasons.

The goal of a document management system, in contrast, is to increase organisational efficiency by digitising papers and establishing a more efficient workflow within businesses.

Functionality

In terms of features and capabilities, these two systems differ greatly from one another. A document management system comes with capabilities that enable businesses to quickly collaborate with staff members or visitors on digital documents.

However, a records management system’s auto-disposal features make it simple for these businesses to reduce clutter.

Additionally, document management systems provide a virtual workplace that makes it simple for workers to interact. However, here is where record management systems differ. Since they hold outdated records, access to them is frequently limited to a small number of personnel.

Benefits

The main advantage of choosing an appropriate document management system is that it aids in restoring productivity and efficiency to your business. By digitising the paper files kept in your archives and facilitating collaboration and retrieval, an effective DMS streamlines the workflow for your business.

However, a records management system helps businesses by helping them maintain track of documents and comply with legal requirements. It steers organisations clear of financial and legal pitfalls and paves a successful path for them.

Storage

In order to give employees easy access to corporate records, documents are kept in a DMS. This enables workers and businesses to effectively utilise the data they still possess.

On the other hand, records are kept in series and are correctly indexed so they can be accessed whenever necessary to meet compliance requirements. These archives are frequently preserved off-site to prevent turmoil, and they are generally not accessible to staff.

Conclusion

Each of these options has advantages and disadvantages. Given the widespread document management-related challenges that businesses face, selecting a comprehensive solution is necessary rather than opting for a different option that simply deals with a specific issue.

A DMS like dox2U makes sense if you’re seeking for a solution that will let you to handle multiple concerns at once. It can assist you in maintaining records while providing you with additional DMS features and advantages. Because dox2U has a lifetime free plan tailored for smaller teams, we can attest to its quality. Grab a free dox2U Workspace right away by clicking here!