The Best Document Management Software of 2024

Poor document management can damage internal efficiency and leave companies vulnerable to loss of important data and, in the worst cases, subject them to financial penalties for failing to comply with regulations. The latest document management software (DMS), such as Revver and M-Files, solves these issues by storing all of your documents securely in one place and making it easy for your staff to find and retrieve them on demand. To help you find the best document management software for your business, we’ve spent dozens of hours researching all of the top platforms. We compared them against each other on a range of factors from features and ease of use to cost and customizability.

Store files easily and find them quickly using metadata and other criteria. (Source: Revver)

In addition to the five document management software packages reviewed above, the following vendors’ platforms are excellent and you should consider them for your shortlist of suppliers.

isoTracker

isoTracker uses a Windows-based file structure, which makes it easy to navigate. It utilizes several drop-down menus that make inserting and categorizing documents a simple process. The cloud-hosted software provides users with a centralized document repository, valuable workflow tools and automated notifications. It also includes integrated analytics and reports.

isoTracker offers multiple support channels customers can reach out for help on including phone support, online contact forms and live webchat.  We were also impressed with the video guides, which give users step-by-step instructions on how to use the software. They cover topics like how to add new documents and check in a new document version. There is a 60-day free trial to test the system before committing.

Canon

We were impressed at the robust set of security features Canon has built into its intuitive and flexible document management software platform. The technology underlying this is imageRUNNER ADVANCE DX,, specifically designed to maintain data confidentiality, accessibility and availability to the highest standards. Canon’s system allows companies to assign different roles and strictly limit what documentation and associated data is available to people within given roles. The platform also features multiple authentication gateways, including One Login, Azure Active Directory, OKTA, and Open ID. This is great for enhanced security and streamlined access management. We also liked the addition of McAfee’s Embedded Control and Canon’s Intrusion Detection System tech to the platform that continuously monitors for threats like unauthorized access and data breaches.

Kyocera

The intuitive Kyocera dashboard makes it easy to create automated workflows to fit in with or improve your current business processes. We loved the Kyocera Cloud Information Manager (KCIM), a smart tool that reads extra characters from scanned documents with one-click indexing. The file routing is first class and ensures that the right document reaches the right person with the correct access permissions, without the need for manual intervention. Finding and retrieving documents is quick and easy thanks to the platform’s smart management solution. We were impressed with the versioning feature on the Kyocera system, which keeps track of document changes and allows colleagues to see comments. The Kyocera Enterprise Information Manager (KEIM) uses REST API to integrate with third-party platforms for seamless data exchange, ensuring everyone in the business is working from the same data and document resource.

Dropbox

While many document management platforms have created cloud-based versions of their software, Dropbox was built from the ground up as a remote solution.  The platform’s business version enables automatic document synching to all team members and their devices. We like how designated managers can create mobile offline folders to access important documents without an internet connection and perform remote account wipes to manage connected devices, wherever they are. We were impressed with Dropbox’s eSignature tool, which allows team members to create signable documents in just a few clicks and recipients to return them just as quickly. Dropbox offers a free service, so you can test it before committing.

A document management system scans the physical document or downloads a digital version via email or using other applications. Then, the document is classified with tags, keywords and metadata, making it easy for those within an organization to find what they need when needed. From there, the document is organized into a centralized location/folder. Since many document management systems are cloud-based, members of an organization can access files from anywhere with an internet connection.

Pricing for document management systems varies greatly depending on several factors. The hosting method you choose can significantly impact the pricing.

Cloud-based document management software is generally based on a monthly subscription rate, while on-premises solutions require a one-time fee upfront, plus an annual subscription for software updates and technical support. Some companies offer a hybrid model that blends on-premises and cloud-based solutions.

• Cloud-based solutions typically cost $15 to $200 per user per month.
• On-premises solutions generally average $1,000 per user. In addition, you’ll pay setup fees and an annual service subscription for software updates and technical support, which is generally about 20 percent of the initial cost.

Monthly subscriptions are based on a per-user-per-month model, so the number of users you need greatly influences the total cost.

Here’s a closer look at some of the core document management software features we looked for in our best picks:

Search

A search tool lets you quickly and easily filter documents stored in the software. Most search functions include the ability to sort by date created, date edited and a variety of metadata tags, which can be applied to a document upon upload or any time thereafter.

Search and retrieve files quickly with a document management software app. (Source: M-Files)

OCR

OCR automates the process of metadata selection and streamlines searchability even further. OCR turns text from paper documents into searchable text once a file is digitized. Software with an effective OCR tool makes it even easier to organize and sort your documents.

File upload

Most document management software offers multiple ways to upload files, including importing them from another database or scanning them in from a compatible scanner or printer. Once uploaded, documents can be affixed with unique metadata to help organize them for easy search and retrieval later on.

File cabinet navigation

Many document management software employs a file cabinet style navigation. This includes an organization structure that follows a cabinet/folder/file system, similar to the one employed by Windows File Explorer. This system makes it easy to organize documents and locate them quickly, even without using the search function.

Versioning

Version control, or versioning, is critical to safeguarding and tracking editable documents within a document management system. When documents are regularly updated or changed, versioning allows you to keep track of old versions and quickly identify new ones. Minor changes, such as light proofreading, can often be identified by a minor version update (often displayed as “v 1.1”). More significant changes will be denoted by a major version update (which could be displayed as “v 2.0”).

Workflow automation

Workflow automation allows users to assign tasks related to specific documents to other users of the system. Users are then notified that action is needed from them on a particular document. They can then pass off the document to another user once their task is complete. Workflow automation tools can be set up to automatically trigger notifications for documents that follow a routine step-by-step workflow.

Security

Security features are essential to preventing an organizational data breach, especially for businesses that store sensitive customer data or trade secrets. Security features, such as encryption, vary depending on the document management solution. One common security feature, though, is an audit log, which keeps tabs on every single activity performed in the software.

Gain full control over document distribution, access and security with a document management service. (Source: Dropbox)

Mobile access

Many applications come with a mobile access component. As remote work increases, mobile apps or mobile web browser access is an important element of document management software for many companies.

Conduct market research

Document management software is a crowded field, so choosing a vendor can be difficult. The most basic software serves as digitization software and centralized document storage, while more complex systems allow for built-in collaboration and task management among team members. Research the market and read through customer reviews to identify market leaders.

Assess your needs

When choosing a document management system, it’s important to know what you need. Are you looking for a digital archive that can be periodically updated, or do you require software that enables daily creation and editing of new documents? Do you prefer a locally hosted, on-premises solution, or do you prefer a cloud-based solution managed by your vendor partner or a third party?

Regulatory compliance

Many businesses operating in regulated industries are required by law to track, maintain and audit business documents.

Among the document management solutions we reviewed, many comply with the Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley, Good Manufacturing Practices required by the Food and Drug Administration, or ISO 9000/9001 regulatory compliance requirements.

This is a critical capability that many businesses cannot afford to do without. If your business is required to comply with federal regulations, it is critical to know which applications offer regulatory compliance support.

Integrations

If your business utilizes a top CRM application or an ERP database, limit your search to document management software that integrates seamlessly with the programs you use daily. While you can use software that doesn’t integrate with your CRM or ERP program, choosing compatible software allows you to access, edit, back up and monitor digital files and documents created within your CRM or ERP program, further increasing the efficiency of your office.

Vet your options

Pinpointing what you’re looking for is half the battle, and asking the right questions will help you determine which system is right for your business.

Some questions to ask software providers include the following:

• What operating systems support this software?
• Is document imaging and digitization included?
• Are there any collaboration tools, workflow automation options or project management tools?
• How many file types does the software support?
• Is there a versioning feature for tracking changes to documents?
• How many users can access a document at once?
• What third-party software does the system integrate with?
• What level of technical support can I expect to receive?

Put everything in writing

As always, closely read any legal documents, including contracts, before signing. The vendor should put everything you’ve discussed in writing and specify which features you are getting for your money.

Always have an exit strategy in writing as well in case things don’t go as expected. If the service you’re considering won’t allow you to cut ties without paying cancellation fees, consider it a red flag.

• Increased security: Document management software offers a better way to store, sort, search and access records. It also allows administrators to restrict certain files by permissions, ensuring only those who require access to those documents have it.
• Ability to make and track changes from anywhere: Files can be repeatedly edited and updated anywhere. Most applications have a versioning feature, so users can track the changes that have occurred throughout the life cycle of a document.
• Improved collaboration and workflow automation: With most applications, you scan paper documents into digital versions, which are then stored on the platform. The best programs improve your team’s ability to collaborate remotely and around the clock. They also offer workflow automation tools that make it easy to create, edit, review and approve any and all documents necessary to keep your business running smoothly.
• Eco-friendliness: Document management systems offer tools to help you create and manage a paperless office. Rather than using multiple programs to handle the various stages of a paperless workflow, the software delivers all the functionality you need in a single interface.
• Easy importation: Most applications include imaging tools that interface with your scanner, enabling you to scan and import documents directly into a central document repository. In addition to scanning paper documents, many systems let you import most types of digital documents: PDFs, word processing files, spreadsheets, image files and many other file formats. Once a document is imported into the system, it’s stored in a data repository that can be made accessible to others in your office and, in many cases, individuals outside your office.

In 2024, document management software will continue moving to the cloud and away from the on-premises model. While the on-premises model, which allows companies to maintain the software and data on-site in local servers, grants additional control to businesses, it requires a significant upfront capital investment and a team of experienced IT professionals to maintain.

Cloud-based models are more affordable and require little maintenance, putting the burden of ensuring uptime and security on the software provider. For this reason, many businesses have opted for a cloud-based model, and software companies offer several types of subscription-based document management plans. Look for this trend to continue in 2024.

In addition, the expansion of document management software within mobile platforms will continue. As many workers continue to do their jobs remotely, they need to access shared documents on their smartphones, tablets and laptops. Software vendors are increasingly launching apps or enabling usage of their solutions via mobile web browsers.

The document management software industry is experiencing steady growth. Fortune Business Insights’ market research suggests the industry will grow from $6.23 billion in 2023 to $18.97 billion by 2030, representing a 17.2 percent year-over-year growth.

Much of this increase in value is driven by the rise in AI-based solutions. Many document management platforms can now automate workflows and processes, from categorizing documents to extracting and finding relevant data. Businesses can also leverage AI within document management systems to analyze broad data sets, identify patterns and predict trends.

AI-powered solutions can also automatically detect potential threats, encrypt files and prevent unauthorized access, as well as keep document management software in compliance with regulatory requirements. We expect that, with technological advancements, the capabilities and adoption of AI in document management will only grow in 2024.