Document Tracking Services: Advantages and Risks

Today electronic document management significantly optimizes business processes, frees employees from routine work for higher priorities. In this article, we will discuss the functionality of document tracking services, their advantages, and risks for business structures.

What is a document tracking service?

Why do we spend time, money, and human resources on obsolete processes if any primary document can be signed with an electronic signature and sent to your counterparty in minutes? The introduction of electronic document management allows companies to significantly reduce money and time: there is no need to buy paper for printing primary documents, spend money on postal services and maintenance of office equipment. The company does not need to keep entire premises under “paper” archives. And the total saving of administrative costs reaches 70%.

The electronic document tracking service takes an important place in the document management system. This service allows you to automate record-keeping, track the movement of documents within the organization, monitor the execution of orders, and more. The introduction of such a solution into the business process creates a single information space in the organization.

Basic principles of document tracking system process

This system includes a set of types of documents used in classical office work. These documents can be entered directly, and can also be prepared using the mechanism of Draft documents. The projects provide for joint multi-user work on the coordination of the document with the fixation of the result at each stage of the coordination (versions of documents).

Document tracking service also supports automatic numbering of documents when registering them in the office, and it is possible to register both in the main office and in the offices of individual divisions of the company, which conduct their numbering.

What are the benefits?

There are the following advantages of the document tracking service:

  • acceleration and controllability. The service provides availability of information, timely and prompt decision-making, tracking of the document at all stages of its life cycle;
  • optimization of business processes. The general level of quality of preparation of documents and process of their passing raises, control of executive discipline increases;
  • working together on documents. The service allows the separation of powers and access, as well as processing documents simultaneously by several employees;
  • routing of documents. The platform supports both hard (pre-designed) and free routes defined by the user in the process of working on the document. You can create both parallel and sequential routes of documents, combine them with logical conditions and, use notifications about the completion of individual stages of routes, etc.;
  • history and statistics of work with documents. You will always be aware of who is the author of certain changes in the document, how long the document has been edited by the user, and other information, using the history and statistics of working with documents.

Virtual data room – a perfect alternative to document management service

Virtual data room is a universal solution that allows you to organize an electronic document management system in companies of all levels and various industries, including the public sector. The result of the implementation of the software is to increase transparency, controllability, and efficiency. It covers all stages of the document life cycle – from the preparation of draft documents to the organization of archival storage of documents.

Data room allows companies to organize and structure digitized data, quickly search and set up simultaneous work regardless of the remoteness of users. Even if documents are stored on paper, the software feature allows them to be scanned, recognized, and stored.