Every business depends a lot on documents. In today’s digital age, it is necessary for enterprises to have documents in electronic form. The reason is simple- the paper documents are hard to store and retrieve as and when necessary. The paper-based data can be stolen, leaked, or misplaced easily, and as a result, the company may have to face the consequences.
There, the document management system comes into the picture.
Companies, irrespective of their scale, size, and nature of the business, can leverage the benefits of customized document management solutions. Though such solutions lend a helping hand toward every industry sector through bringing automation and convenience in the system, here we will see how they help shopping malls manage the growing data efficiently.
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Seven Business Benefits of Document Management System for Shopping Malls
Customized document management software or system is designed to provide swift and secure access to the company’s valuable documents.
- Requires less storage space
Let’s face it. Your shopping mall or the retail business generates a plethora of data on a daily basis. The data can be of diverse nature and keep on changing in line with the change in market trends and the customer’s demands. On the other hand, if you store the data in the paper form, it is not possible to save the papers in limited space for a long time. Here, the document management system can reduce the necessities of cabinets, boxes, and storage space for your shopping mall. You can save all sorts of digital data in the cloud-based platform.
- Improved security
Shopping malls or retail business face tremendous competition nowadays. Though the digital solutions and campaigns can enable them to get valuable data regarding the consumer’s behavior and competitors’ moves, it is a big headache to safeguard the data. As compared to the paper-based data, the cloud-based data is much more secure. What’s more, you can give them access to data on the basis of hierarchy. The enterprise content management solution also enables you to check who has viewed a document and whether it was modified. In other words, you can readily trace the documents and keep the access secure.
- Enhanced compliance
Shopping malls have to comply with regulatory provisions that are kept on changing with time. It is necessary for the retailers to keep all necessary documents ready for checking and other official reasons. In the instance of non-compliance, it is possible to pay a hefty penalty or the license can get canceled.
- Quick and easy retrieval
One of the biggest benefits of enterprise content management is you can access the necessary data as and when necessary. For example, you own a shopping mall and want to open a franchise in a distant city or another country. Now, all the necessary documents are available even on your smartphone if you have a proper data management solution in place. As per the PWC survey, organizations spend over $20 in the filing, $120 in finding a misfiled document, and over $220 in remaking the lost documents when it comes to paper documents. The tailored document management solution can assist you to retrieve the necessary documents through a word or phrase in a short time.
- Increased collaboration
The document management system makes data sharing and collaboration easy and simple. Necessary documents can be retrieved from different sources in multiple locations. Also, the data in audio, video, or text form can be readily accessed. You can also monitor who is modifying the data and who has got access. Taking an example of a retail business again, it is possible to giving sharing, viewing, and editing access of critical documents to sales managers and other management members through enterprise content management system that enhances the collaboration among key executives while making decisions.
- Anytime access
Thanks to the integration of ECM (Enterprise Content Management) with the cloud technology, anytime access to important documents of your mall or retail business is possible through smart devices. You can retrieve and share the data as you want that increases the overall efficiency of your business and productivity. Anytime access to necessary documents also enables your employees to show the products, services, and important business activities to the customers in real time. As a result, the trust factor in your retail business enhances manifold.
- Backup and Disaster recovery
Can you imagine a backup or recovery of paper-based documents after any disaster? Well, digital classification of your business documents makes it possible when you opt for enterprise document management solutions. Data backup and disaster recovery plan is a part of such solutions. Paper documents are digitalized and archived in the system. In a way, they can remain protected from fire or any related disasters. Also, ECM can protect confidential company documents from hacking and other cyber attacks through in-built security features.
It is fair to mention that the document management system is a sophisticated and robust approach to maintain documents. It offers benefits like flexibility, competitiveness, better customer relations, and security to your shopping mall business. It also saves your time that directly reflects in higher productivity and sales. In other words, if you want to meet the ever-changing business requirements, you should go for the document management system.
ContCentric is a leading enterprise content management company that offers customized document management solutions across various industry sectors including manufacturing, utility, retail, and real estate. If you have any query or business requirements, just send us an email at email@example.com, and our ECM consultants will contact you soon.