Document management software is invaluable for a variety of reasons. It streamlines processes and reduces the time data room features needed for manual work. Moreover, it ensures conformity with government regulations. The best document management system integrates all documents into an accessible database that is searchable and provides tools to automate document work. The system also lets employees effectively collaborate with colleagues or partners, even if they work remotely.

Before selecting a system consider your unique business requirements and decide which features are most important to you. For instance, determine whether you require a tool to organize and store files that can be integrated with other systems, such as accounting or email. Or, if you’d like to be able create new documents within the platform. If you are in an industry that is subject to regulation, ensure that the document management solution you choose supports regulations like HIPAA and Sarbanes-Oxley.

Verify the storage capacity of your system and ensure it is able to grow with your needs. In addition, make sure the system has a robust document capture feature that can effectively convert paper documents into digital files. It is also worth looking at the ability of the system to categorize and index files using relevant metadata and a precise tagging system that will enable quick searches and retrieval of any kind of file.

Consider a document management solution that permits simultaneous sharing, editing and collaboration with colleagues or outside parties. It is also important to consider the capability of a system to track and manage versions histories as a key feature for businesses that operate in highly regulated fields, such as the healthcare or pharmaceutical industry, which must adhere to strict standards and regulations.