14 minutes

5 Best Document Management Systems

Q: What is Document Management Software?

Document management software is a class of on-premises and cloud-based software used to store, track, and retrieve documents, offering three key functions: document capture, indexing, and retrieval. By digitizing paper documents and categorizing and tagging them, document management software enables secure, easy access and retrieval of information. Businesses function with data at the center. From company goals to sales executions, all major decisions, feedback, and operations run on capturing, encoding, transferring, and evaluating data. The total amount of data created and consumed globally was estimated to have reached 64.2 zettabytes in 2020. By 2025, this is expected to grow to more than 180 zettabytes. This highlights the need for all businesses to have a system for storing, tracking, and retrieving information.

By

Hannah Donato

Published

September 25, 2023

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Document management systems provide a secure, centralized repository for all of an enterprise’s documents, making it easy to search, retrieve, and analyze information. This access to real-time data is critical to smooth collaboration between teams and facilitates more informed decisions. We’ve researched some of the top document management platforms in the market for this buyers’ guide.

Our Picks	Best For	Pricing Starts At
Try Revver	Best for Security and Compliance	$699 per user per year with flexible options
Try M-Files	Best in Document Retrieval	Custom pricing. Contact Sales.
Try Google Drive	Most Accessible Document Management System	Free forever for up to 15 GB storage
Try DocuPhase	Best DMS And Workflow Automation Solution for Finance Teams	Custom pricing
Try Microsoft SharePoint	Best Document Management Software for Microsoft 365 Users	$5 per user per month, billed annually

project-management.com is able to offer our services for free because some vendors may pay us for web traffic or other sales opportunities. Our mission is to help technology buyers make better purchasing decisions, so we provide you with information for all vendors — even those that don’t pay us.

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Our Picks:

Revver: Best For Security and Compliance

Try Revver

Revver (formerly eFileCabinet) is a platform that digitizes and automates document-dependent work. It helps your team adhere to compliance and governance policies and streamline work with its sophisticated automation features.

Revver features a highly intuitive interface with features readily available to streamline work. — Source: Business News Daily

Pros & Cons

Revver Pros	Revver Cons
• Superb no-code automation features • Intuitive interface • Advanced search features • Advanced zonal OCR for data capture • Automated document organization • Easy integration with CRMs and Microsoft 365 • Bank-grade security • Storage capacity	• Setting up can be challenging; you’ll need to get help from a support desk and will take 4-6 weeks • No mobile app • No free trial (only outdated eFileCabinet is available) • High price compared to other options

Why We Chose Revver

Revver’s intuitive interface and seamless integration with popular productivity tools make it incredibly easy for employees to adopt and use. This reduces the learning curve and increases productivity in an organization. Moreover, Revver’s robust security features ensure that sensitive information is protected from unauthorized access, giving organizations peace of mind.

Best in Document Retrieval

Try M-Files

M-⁠Files is a metadata-⁠driven document management platform that enables knowledge workers to instantly find the right information in any context, automate business processes, and enforce information control.

Every file in M-Files has metadata, which makes them highly searchable. — *Source: Introduction to the M-Files Desktop User Interface | The Smarter Way To Work*

Pros & Cons

M-Files Pros	M-Files Pros
• Easy to use drag-and-drop interface • Advanced search functionality with metadata-driven system • Optical character recognition (OCR) for document capture with automated organization features • Offline access • Workflow automation features • Mobile apps available • Easy document sharing with links • Comprehensive accessible user guides	• Can be jarring to organizations that prefer organizing information with folders • Entering metadata is an extra step in saving documents • Need to install client to recognize a new device • Usability issues on Android app

Why We Chose M-Files

Unlike traditional systems that rely on folders and file paths, M-Files uses metadata and tags to categorize and locate documents. This makes it easier to find and access specific files, even if you don’t know their exact location. With its intuitive user interface and advanced search capabilities, M-Files is a powerful tool for businesses looking to enhance their document management processes.

Google Drive: Most Accessible Document Management System

Try Google Drive

Google Drive is a cloud-based storage and file synchronization service provided by Google. It allows users to store and access their files from any device with an internet connection. Google Drive provides a convenient way to store documents, photos, videos, and other files securely in the cloud. Users can easily share files with others, making collaboration and teamwork more efficient.

Google Drive features an intuitive interface that organizes files into folders. — *Source: How to use Google Drive – Tutorial for Beginners*

Pros & Cons

Google Drive Pros	Google Drive Cons
• Easy to use and access • Integrates with Google Docs, Google Slides, and Google Sheets • Intuitive mobile apps and desktop client available • Revision history available	• Small storage for free plan • No workflow automation • No password protection for shared files

Why We Chose Google Drive

Google Drive offers seamless integration with other Google products such as Gmail and Google Docs, allowing for easy collaboration and sharing of documents. Additionally, Google Drive provides a generous amount of free storage space (15 GB) and offers affordable pricing plans for additional storage needs. Moreover, it is accessible from any device with an internet connection, making it convenient for users to access their documents on the go.

Overall, the combination of its user-friendly interface, integration with other Google products, ample storage space, and accessibility make Google Drive a standout choice for document management.

DocuPhase: Best DMS and Workflow Automation Solution for Finance Teams

Try DocuPhase

DocuPhase is comprehensive document management software specializing in automation solutions for finance teams. It provides a centralized platform for storing, organizing, and managing documents, making it easier to access and retrieve important information. With DocuPhase, businesses can automate various document-related tasks such as scanning, indexing, and archiving.

DocuPhase uses OCR to input relevant details when filing invoices, which makes it easier to organize and retrieve. — *Source: DocuPhase Accounting Automation – Software Demo*

Pros & Cons

DocuPhase Pros	DocuPhase Cons
• Automated invoice and document routing • Customizable indexing • Seamless integration with ERPs • Web forms and e-signatures • Integrated vendor payments	• High learning curve • No free trial (demo only) • Can be challenging to troubleshoot • Can take time to load

Why We Chose DocuPhase

One of the key differentiators is its advanced workflow automation functionality especially catered to finance teams. DocuPhase allows finance teams and businesses to streamline their processes and eliminate manual tasks by automating document routing, approvals, and notifications. This not only saves time and increases efficiency but also reduces the risk of errors and ensures compliance with regulatory requirements. The system also provides comprehensive security measures to protect sensitive information, such as user access controls and encryption.

Best for Microsoft 365 Users

Try Microsoft SharePoint

Microsoft SharePoint is a web-based collaboration and document management platform that offers a range of features and tools, including document libraries, lists, wikis, blogs, and calendars, to facilitate effective communication and collaboration within teams and across departments. It also integrates with other Microsoft applications such as Outlook, Excel, and Word, making it easier for users to access and work on their documents from one centralized location.

SharePoint allows you to create a customized internal website where your team can access relevant information or documents. — *Source: SharePoint Review*

Pros & Cons

Microsoft Sharepoint Pros	Microsoft Sharepoint Cons
• Smooth integration with Microsoft 365 applications • Supports external sharing for better access control • Highly customizable dashboard for employees • Can be purchased as a standalone plan or with a Microsoft 365 plan	• Requires help from professionals to set up • Interface is not very intuitive

Why We Chose Microsoft SharePoint

One key aspect that sets SharePoint apart is its integration with other Microsoft Office applications such as Word, Excel, and PowerPoint, allowing users to seamlessly collaborate on documents in real time. Moreover, SharePoint provides a centralized and secure platform for storing and organizing documents, making it easier for users to access and share information across the organization.

Bottom Line: M-Files

We chose M-files as the best document management system on this list because of its innovative approach to organizing and accessing documents. Unlike traditional file systems that rely on a folder-based structure, M-Files uses metadata to categorize and retrieve documents. This means that users no longer have to remember where a file is stored but can simply search for it based on its properties. This greatly improves efficiency and productivity in the workplace.

Additionally, M-Files offers robust security features, ensuring that sensitive documents are protected from unauthorized access. The system also integrates seamlessly with other software applications, allowing for easy collaboration and workflow management.

Overall, M-Files stands out as the best document management system due to its user-friendly interface, advanced features, and ability to streamline document organization and retrieval processes.

Read More: Top 10 Project Management Software

Document management software is a class of on-premises and cloud-based software used to store, track, and retrieve documents, offering three key functions: document capture, indexing, and retrieval. By digitizing paper documents and categorizing and tagging them, document management software enables secure, easy access and retrieval of information.

Businesses function with data at the center. From company goals to sales executions, all major decisions, feedback, and operations run on capturing, encoding, transferring, and evaluating data.

The total amount of data created and consumed globally was estimated to have reached 64.2 zettabytes in 2020. By 2025, this is expected to grow to more than 180 zettabytes. This highlights the need for all businesses to have a system for storing, tracking, and retrieving information.

FAQ: What Are the Benefits Of Document Management Systems?

Document management systems provide a centralized and organized platform for storing, accessing, and managing documents. This eliminates the need for manual searching through physical files or multiple digital folders, saving valuable time and effort.

With document management systems, employees can quickly locate and retrieve documents with a simple search, reducing the time spent on administrative tasks. Additionally, document management systems streamline workflows by automating processes such as document routing and approval, further improving operational efficiency.

In today’s fast-paced business environment, organizations need to be able to access and analyze their data quickly and efficiently. Document management systems provide a centralized repository for all documents, making it easy to search, retrieve, and analyze information. This allows decision-makers to have access to real-time data, which can help them make more informed decisions.

With a document management system in place, all documents and files are stored electronically, eliminating the need for physical storage space and reducing the risk of misplacing or losing important documents. This allows for easy access to documents from anywhere, at any time, as long as there is an internet connection.

Additionally, document management systems often come with features such as advanced search capabilities and version control, making it quick and easy to find and retrieve specific documents or track changes. This convenience not only saves time and effort but also improves overall productivity within an organization.

One of the key benefits of document management systems is the peace of mind they provide, especially when protected with good security measures.

Without proper security measures in place, there is always a risk of unauthorized access, data breaches, and loss of important documents. However, with a reliable document management system that incorporates strong security features such as encryption, access controls, and audit trails, businesses can ensure that their sensitive documents are protected from unauthorized access and potential threats. This level of security brings peace of mind to both the organization and its clients or customers, knowing that their confidential information is safe and in secure hands.

With a document management system in place, employees have the ability to access and work on documents from anywhere, at any time.

This means that they are not tied to a specific physical location or limited by traditional office hours. Whether they are working from home, on the go, or in a different office, employees can easily retrieve and collaborate on documents, making it easier to meet deadlines and complete tasks efficiently. This flexibility also enhances remote work capabilities, allowing organizations to tap into talent from different geographical locations.

FAQ: What Are a Document Management System’s Key Features

Here are the important things we considered when picking the best document management software available.

Data capture refers to the ability of the software to extract information from various types of documents and convert it into usable digital data. This feature is essential for efficient document management as it enables automatic indexing and categorization of documents. Data capture features can include optical character recognition (OCR) capabilities, which allow for the conversion of scanned documents into editable and searchable text.

Efficient data retrieval is essential for the smooth functioning of any organization. Good document management software should provide advanced search capabilities, allowing users to easily locate specific files or documents based on various criteria such as keywords, dates, file types, or metadata. Additionally, it should offer filtering options to narrow down search results and save time.

The ability to retrieve data quickly and accurately can significantly improve productivity and streamline workflows within an organization. Therefore, data retrieval features should be given top priority when choosing document management software.

Efficient data organization is essential for businesses to streamline their document management processes and access information quickly and accurately.

The software should have features like folder and file organization, keyword tagging, and advanced search capabilities. These features allow users to categorize documents effectively, making it easier to retrieve specific files when needed.

Additionally, the software should support version control and allow for collaboration among team members, ensuring that data is organized in a structured and collaborative manner.

Access management refers to the control and restriction of user access to documents and information within the software. This feature is crucial for maintaining data security and ensuring that sensitive or confidential documents are only accessible to authorized individuals.

By implementing access management features, organizations can protect their sensitive data from unauthorized access, accidental leaks, or data breaches. It allows administrators to define user roles, grant permissions, and set restrictions based on the user’s job role or level of authority.

Access management features are vital for maintaining data integrity and ensuring that only authorized users can view, edit, or share documents.

Workflow automation helps streamline and simplify the document management process by automating repetitive tasks and ensuring documents follow a predefined workflow. This can significantly improve efficiency, reduce human error, and enhance collaboration within an organization.

Some key workflow automation features to consider include the ability to create custom workflows, automated notifications and reminders, document routing and approval, and integration with other systems.

By choosing document management software with strong workflow automation features, businesses can optimize their document management processes and drive productivity.

Integrations allow the document management software to work seamlessly with other applications and systems that your organization may already be using. This ensures a smooth workflow and eliminates the need for manual data entry or transfer of information between different platforms.

For example, integrations with other business tools such as customer relationship management (CRM) systems or project management software can further enhance the functionality and efficiency of your document management system. Therefore, considering integrations is a crucial factor in selecting the right document management software for your organization.

With the increasing amount of sensitive data being stored digitally, it is essential to choose software that offers robust security measures to protect your documents. This includes features such as encryption, user authentication, and access controls. These measures ensure that only authorized individuals have access to the documents and prevent unauthorized viewing or modifications. Also, regular data backups and disaster recovery plans should be in place to safeguard against potential data loss.

Overall, prioritizing security when choosing document management software is vital for protecting your organization’s confidential information.

Backup refers to the process of creating copies of important data and storing them in a secure location. This ensures that if there is a system failure or data loss, the information can be recovered easily. Recovery, on the other hand, involves retrieving the backed-up data and restoring it to its original form.

A reliable backup and recovery system is essential in protecting valuable documents from being lost or damaged. It provides peace of mind knowing that even in the event of a disaster, the data can be restored quickly and efficiently. Therefore, it is imperative to thoroughly assess the backup and recovery capabilities of document management software before making a decision.

When selecting document management software, it is crucial to consider the aspect of cloud access. Cloud access allows users to store, access, and collaborate on documents from any location and device with an internet connection. This feature promotes flexibility and enhances productivity, as it eliminates the need for physical storage and enables remote work.

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Hannah Donato

Hannah Donato is a SaaS freelance writer for project management and productivity. Her works help SaaS brands become more relatable with actionable tips and relevant stories. Currently, she’s also an events manager and brand coordinator for a game development company in the Philippines, with four years of experience as a producer for games on multiple platforms.

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