Document Tracking Services 101

What is a document tracking service?

Document tracking services, also known as file tracking services, are software platforms that manage the presence and flow of your business’s digital documents. These services also secure your files, lessening the likelihood that nefarious third parties can reach them.

Document tracking is a key feature in some of the best document management systems (DMS). It automates the process of searching, accessing, editing and managing electronic documents or files. With a document tracker, you can control who can view a document and see who has accessed it, what changes have been made and who the document has been sent to.

Document tracking service vs. document management system

Although document tracking services are very similar to document management systems and a DTS is often included as a feature of a DMS, they are not synonymous. The main difference is that document tracking has a more specialized focus (tracking), whereas document management systems provide a wide range of features, including collaboration, document sharing and transferring. 

How are document tracking services used?

One of the best things about document tracking services is that they provide a company with audit trails. Document tracking services “make it possible for organizations to find out when a document is created, who possesses it, what changes were made to it and where it went during its lifetime,” said Cache Merrill, founder of the software development company Zibtek.

Christina Qi, CEO of Databento, explained how Databento leveraged document tracking to minimize risk while seeking funding. “With [the document management system] DocSend, we could track who’s viewing our deck and how long an investor views each page,” Qi said. “Especially in an era when decks are often forwarded without our permission, using a tool like DocSend helps mitigate some (but not all) of that risk.”

Document tracking systems are most commonly used in the financial, healthcare and legal sectors because of the sensitive nature of their documents. Document tracking services “are purposefully important in regulatory compliance, data protection and improved teamwork … for organizations that handle classified pieces of information,” Merrill said.

>> Learn More: Statistics That Will Make You Rethink Your Document Management

Why should you track your documents?

There are many reasons to track your business’s documents. First and foremost, it provides a big opportunity to optimize your daily operations by speeding up the process of filing and providing you with key data about your business. A document tracking system can automatically collect data on your customers, clients, investors and competitors, and reveal how your employees use (or don’t use) the documents you send them. [Learn why you should always digitize business documents.]

These are some things your DTS can tell you:

• Who opened the document
• When they opened it
• How far they read before closing it
• How often they open it

These are some additional benefits of a DTS:

• Security: Document tracking provides security, especially if your business frequently deals with important or confidential information. You will have complete control over who accesses a document and will be able to see exactly who has viewed it, who has made changes and when those changes were made, and whether the document was sent to anyone.
• Productivity: Document tracking allows you to see edits, which can help you keep your team on track and on the same page.
• Audit trails: Document tracking makes it incredibly easy for your company to create an audit trail by automatically keeping track of all changes made to each document, complete with time stamps.
• Accessibility: Many document tracking systems allow you to access your documents from anywhere and from any device so you and your employees can make changes anytime.
• Low environmental footprint: A document tracking system helps your company go paperless, which benefits both you and the environment by eliminating your mounds of hard copies.
• Third-party integrations: A document tracking service lets you integrate with other productivity-boosting applications, such as your customer relationship management system, accounting software or calendar. This enables a seamless transfer of information across all facets of your organization.

Key document tracking service features

When you’re choosing a document tracking service, there are a few features you should look for. Before you begin your search, list all of the features you think you might need and categorize them into “must have,” “would like to have” and “could live without” to help you make your decision.

Here are a few key features you should look for:

Document storage

A DTS stores all of your company’s documents in one centralized place, which makes it easy to search and retrieve documents. Many systems use cloud storage, which adds an extra layer of security for your documents.

Document processing automation

Document tracking software makes it easy to process your documents with a built-in processor, which can speed up your workflows. This typically includes importing and exporting data from Microsoft Office or Excel.

Collaboration tools

A document tracking service enables easy collaboration for employees by allowing multiple team members to work on a single document without waiting for individual changes to be made. If extra protection is needed, one team member or manager can create access restrictions to maintain security or confidentiality.

Document security

If you work in a field that often deals with sensitive information, such as healthcare or legal services, this is an extremely important feature. Document security allows you to control access to documents, and some systems can automatically follow important regulations under HIPAA, the Sarbanes-Oxley Act, FDA Current Good Manufacturing Practices, and/or ISO 9000/9001.

Merrill named regulatory compliance as an especially important factor for businesses to consider when weighing document tracking services’ security features. “Understand the widest possible framework of regulatory requirements, data security and workflow shortcomings that altogether should point towards the prerequisites that the tracking service should fulfill,” Merrill said.

Disaster security and recovery

It is vital to find a software company that prioritizes the protection of your information and files, since a data breach or storage issue could be disastrous for your business. Look for a provider with an established, flexible plan that can adjust to fit your unique needs.

Version control

Version control, also known as versioning, allows users to safeguard and track changes made to documents within your document tracking system. Version control ensures that all new edits are tracked and saved and that older versions of documents are archived in the system for reference.

PDF document editor

This feature makes it seamless and easy for you to edit PDF documents and add text, checkboxes, text boxes or other customizations.

Bulk upload

If you often need to upload many documents at once, this feature can make the process much faster and more efficient by allowing you to complete the upload with one click.

Mobile access

This feature is great for companies that have remote employees or workers on the go. It allows you to access documents from any device, including laptops, desktop computers, tablets and mobile phones.

Advanced search

If your company deals with a large volume of files each day, an advanced search feature can make your day-to-day life much easier by locating files in an instant. This feature allows you to search by document type, metadata or company-specific information. This process is also called indexing.

Is there a learning curve with document tracking services?

The learning curve for document tracking services is typically low, so the implementation is relatively low-hassle. Qi suggested developing an employee training program and then collecting information on the service’s effectiveness. 

“For a seamless implementation, user training is essential,” Merrill added. “Explain to users how to navigate the system properly, paying special emphasis on security and other best practices that are important in using the system.”

The best document tracking services

To help you choose the best document tracking software for your organization, business.com reviewed the best document management services. These are our best picks:

• M-Files: M-Files is a great option for businesses of any size. In addition to its powerful document tracking tools, M-Files offers easy-to-use collaboration and workflow automation tools. Learn more in our review of M-Files.
• FileHold: FileHold offers several affordable pricing plans and plenty of options to scale as your company grows. Learn more in our comprehensive review of FileHold.
• DocuWare: DocuWare’s capabilities include completely programmable automation tools for human resources, marketing and sales, as well as integrations with several third-party apps. Learn more in our complete review of DocuWare.

Staying on track with your documents

Whether your business handles confidential information or you just want to know who’s doing what with your digital files, document tracking services meet your needs. These services are most commonly located within document management systems, although not all DMS have document tracking. Choose a system with document tracking services included, and your digital file infrastructure will be as good as it gets.

Max Freedman and Sean Peek contributed to this article.