85% of documents stored on a Shared Drive are never retrieved. 50% of documents stored on a shared drive are duplicates and 60% are obsolete. Recent research has shown that over 50% of employees openly admit to not being able to find documents which have been stored on the company’s shared network folder or an employee’s own computer. For these reasons, it is imperative to understand that a Document Management System is needed in every business because documents whether in paper or electronic form are the tools that help run a business every day.
A shared drive does not offer sufficiently effective search tools to enable employees to find a document in a system containing vast amounts of data. Most employees would try to retrieve documents based on the concepts they relate to but this is not necessarily reflected in the search capabilities of a computer or a shared folder.
Here are some of the other Dangers of using a Shared Drive to Manage Documents:
- Doesn’t record an effective audit trail of who has accessed or changed a document
- Allows for duplication of documents and confusion as to what version is the latest
- No document or file folder naming convention
- Doesn’t facilitate circulation of documents from a single source to multiples channels
- Inaccessibility of information
- Storage and maintenance costs
A solution to this is to implement a Document Management System like Informa Software’s IQmfp or Dokmee which are two solutions that provide a highly logical structured repository for documentation. When looking for a good Document Management System, businesses should understand that not all Document Management Systems are created equal and here are some key characteristics to look for in Document Management Software.
- Store and Manage Any File Type
With documents being in paper and electronic form, it is important to have a document management system that allows you to save and manage your documents in their native file format.
- Security, Audit Trail, Compliance, and Access Control
Recording an effective audit trail of who has accessed or changed a document are keys in demonstrating your company being complaint with the government laws and minimizing risk and legal issues.
- Document Relationships and Cross Reference
Having the ability to assign metadata to classify and tag documents allow for documents to be found with an easy search and cross reference similar documents.
As businesses continue to evolve and documents whether in paper or electronic form continue to be a key tool in business can your business rely on a shared network drive as your Document Management Solution?