Data is the most valuable asset of a company. Your real treasure is all the information stored in the document management system.
DMS plays a significant role in managing your business documents. It will help organize all your files and documents in one centralized location. This will enable easy access to essential records thereby improving workplace productivity across the entire company.
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This enables easy access to relevant information, thereby enhancing workplace productivity across the whole company. ECM is not just about storing and organizing documents.
ECM is not only to save the documents; it is also to tackle data and use it to make better and more informed decisions which will benefit the business.
This post is about the hidden value of data which you can call ‘business intelligence.’ I will give you a few tips on how to extract valuable information from your DMS/ECM to take your business forward.
What is business intelligence?
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In a nutshell, business intelligence is a process that helps you analyze and transform the company data into valuable and actionable information. It gives us the necessary tools and technologies to extract vital insights. This helps the executives and managers make better business decisions.
So, how does BI work with your DMS or ECM?
By conducting a careful analysis, you can give valuable business data. You can get the most of DCM or ECM and use it for making for better and more informed decisions.
Your document management system has a central storage system for all the documents and files from all areas of the business. If you combine this with a BI analytical tool, you will be able to tackle data for understanding customers, improving internal processes, tracking activity and industry trends.
How to harness business intelligence from your document management system?
1. Know what data you have
It’s essential to know what business data you currently have and where it is stored. Business information can be stored in different places in the organization. It can be on desktops, network servers, websites, social media, the cloud and even physical documents. Hence, we suggest starting with an audit of all your records and files.
Doing an audit will also identify any inefficiencies in your document workflow and processes. It can streamline your document management processes.
It can help optimize how your documents are managed, reduce waste and expose any security risks.
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2. Understand the business objectives
Understand how data will be used by your employees, managers, and executives to support overall business objectives-
- Types of data would they require to achieve their goals?
- What analytical tools do they need to analyze data?
- Which device would they use to access information? (laptop, tab, pc, etc.)
- What processes should be in place to provide faster data?
- How would the analysis and insights be presented and reported?
3. Digitize the information
Managing documents digitally is like having a cup of tea. It is far easier to analyze them than the physical documents. That is why you should confirm that your DMS or ECM solutions can automatically capture, process and store paper documents into digital formats. The audit carried out from step 1 should be able to help you recognize the essential documents and files that need to be digitized.
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Digitizing the information will not facilitate quicker data access and analysis, but it also increases the accuracy of documents, enhance workplace productivity and free up physical storage space.
4. Integrate your DMS or ECM with BI tools
Your DMS should align well with your Business intelligent (BI) tools. Your DMS or ECM needs to work seamlessly with BI tools. So that the users can organize, extract and analyze the required data and report on the results and insights.
Have fully integrated document management and data analytics process that will help you realize the full potential of both systems. Provide with better insights and achieve a higher return on investment ( ROI).
5. Educate and train staff
Analyze how much training would people need to extract and analyze the information they require? All the efforts you have taken improve document management and business intelligence capabilities will be only useful if end users can use the system correctly.
Communicating the process well for the employees is highly essential. Conduct training and workshops and create user manuals to guide people at every stage of the process. This is the time where you need to execute beyond technology. With this process, you will understand how staff, managers, and executives interact and get value from the process and workflow.
With the combination of BI and DMS you can conduct smooth documentation within your organization. Install both of them now to leverage the ROI benefits.