The shift of businesses to digital has the technology industry growing faster more than ever. Most organizations have already started migrating online: 48% of businesses choose to store their confidential and important data in the cloud.
This growth has demanded businesses to move more documents into digital formats, including contracts. While cloud-based documentation enables flexibility and security, businesses have underestimated that digital documents are hard to maintain.
This is why cloud-based document management systems (DMS) exist.
They ensure documents including legal ones have the consistency, structure, and transparency that growing businesses require to operate smoothly.
Let’s show you what cloud-based document management systems are and why they're valuable. Later, we'll help you choose the best cloud-based DMS based on the key features and pricing comparison.
Let's get started.
You need a cloud-based document management system because it costs too much not to have one.
Here are some statistics that prove the inefficiency of on-premise paper documentation:
More numbers that show why sloppy documentation (even when it’s online) can still be a cause of losses:
The numbers speak for themselves and they’re alarming. It’s time to make a change and shift to document management in the cloud.
Here are some benefits that online document management system offers:
1. Cloud DMSs let you access documents from anywhere
Documents stored in the cloud can be accessed remotely for as long as there is an internet connection. This includes easy retrieval of documents since they are sorted by defined criteria, making searching for and retrieving them easy.
2. Cloud DMSs regulate your industry compliance
Most cloud-based document management solutions have greater server capabilities than their on-premises equivalents. State policies like tax laws and IT regulations mandate that you organize documents in a reliable host.
3. Cloud DMSs provide a higher level of security
Many cloud providers take security such as encryption seriously. Among them are digital archiving, automatic backups, role-based user permissions, and multifactor authentication.
4. Cloud DMSs are cost-effective
Monthly (or annual) fees for cloud-based DMSes usually cost less compared to maintenance expenses and upgrades like servers, new computers, disk space, paper, ink, that traditional DMSes require. This solution reduces overall expenses for document processing.
5. Cloud DMSs bring more environmental benefits
If you use less paper, you consume less energy. You help preserve the environment this way.
6. Cloud DMSs are flexible and easy to scale
As your documents increase in volume, the need to upgrade your infrastructure and storage also increases. With cloud-based solutions, you can upgrade the need for physical storage expansion.
7. Cloud DMSs let you work with others in real-time
Collaboration and document sharing is much easier and more accurate with cloud-based DMSes. You can control who to give access to, so negotiating with other team members becomes easy.
8. Cloud DMSs improve your company’s productivity
Automated workflows related to document management free up the time that is otherwise tasked to an employer. It means having more time to focus on decision-heavy tasks that directly impact your company’s growth.
9. Cloud DMSs integrate with other useful applications
A cloud-based solution is typically much more integrated and connected. Integrating your DMS with the daily apps you use makes you work faster and more efficient.
10. Cloud DMSs have better disaster recovery
On-premise systems use manual backups. This is very inefficient when unforeseen circumstances like lockdowns, fires, or system failures happen. A cloud-based disaster recovery solution provides continued operations despite disruptions.
Now that we have established the advantages of using the cloud for document management, are you ready to start using it?
We’re here to help you so we compiled some of the best tools to collaborate on documents online.
Avokaado is a cloud-based contract management software that streamlines simple to complex legal documents like contracts and their related workflows. Using Avokaado, businesses can create contracts, collaborate, store and manage all their legal documents on one central platform, enhancing efficiency and productivity.
Avokaado offers a variety of pricing options to suit businesses of all sizes. You can choose from monthly or annual plans based on your number of users.
OnlyOffice centralizes document management using a single system. You’ll have version control of any document you create, edit, or collaborate on in the cloud. The easy exporting of files to multiple formats is an advantage to running your entire business.
OnlyOffice offers 3 plans for their cloud service. They can be in monthly, yearly, or 3-year instalments.
DocuWare is a cloud-based solution that indexes and stores documents with advanced functionality. This online document management system helps replace manual, paper-based, and error-prone workflows, so you won’t need to send a document back and forth physically.
Docuware offers a free demo to discuss your unique business needs. If you're interested, they can set up a free 30-day cloud trial for you.
LogicalDoc is a cloud document management system that provides a secure way to collaborate, create, and share knowledge with people in different locations. Clients and suppliers can access your documents securely from anywhere, without VPNs or complicated infrastructures.
You can book a demo for a pricing quote.
Dokmee is an online document management system that works on the go from anywhere, as long as you have a Wi-Fi connection. It’s easy-to-use and is designed for document capture and storage, search and retrieval, and file sharing.
Dokmee Capture doesn’t publish pricing for its product. Please contact them for their current pricing.
PandaDoc is a user-friendly cloud-based document management system that’s perfect for sending documents that you need to get signed. They make the process convenient for complex documents like contracts. It’s more efficient than the old way of manually generating documents and having them signed.
PandaDoc offers 4 pricing plans based on your needs. Monthly or annual payments are available:
Templafy allows you to create and manage all business documents with consistency. The software is a central place to update brand materials. It integrates essential business tools like Microsoft Office and Google workspace so that there is brand governance.
The best possible experience with Templafy requires them to understand your particular needs. You’ll need to get in touch with them to request a quote.
ContractWorks is a cloud-based contract management software for executing, storing, and tracking corporate agreements easier. Its document management functionality makes it easier for organizations to search and find documents. You also gain control over the signature and storage process of documents.
ContractWorks offers three different pricing levels for businesses of every size. All plans include unlimited users:
Concord is a cloud-based legal software that manages contracts. The real-time editing makes collaboration with the team and external parties easy. With its automatic renewal and/or due date reminder feature, you'll never miss an important deadline again.
Each of Concord's 4 pricing options can be billed monthly or annually. All of them include onboarding within 3 weeks. Below prices are for annual billing:
Contract Logix is a data-driven online contract management solution for automating and streamlining contract drafting, negotiation, approval, execution, and management. The new cloud-based version is easier to navigate, faster, and has better features. You’ll also enjoy simply dragging and dropping documents.
You can get quotes for both of Contract Logix's data-driven contract lifecycle management products, Premium CLM and Express CMS, by requesting a demo.
Onit is a cloud-based contract management software that automates the entire contract management process for legal and business teams. Its automated functionality lets you control the whole contract lifecycle, from capturing and creating a deal to negotiating and approvals, to executing and managing it after it's been signed.
To obtain current pricing, please contact Onit Contract Lifecycle Management.
ContractSafe is an online contract management platform that’s suited for you if you have many contracts with key dates you don't want to miss. Internal and external collaborators both get notifications about the contracts’ statuses. You can also tighten access to a contract to restrict unauthorized views.
All plans include a free trial and are available based on your business size.
Cloud-based document management systems help growing businesses cope with their day-to-day operations so they can scale even faster.
Apart from being the best way to collaborate on documents online, DMS lets you take control over your complex, legal documents without spending hours going through them. They also eliminate the need to worry about not finding the right document when you need it. The best part is that it’s easy to get set up with one of these platforms.
With so many cloud-based contract management systems out there, it’s difficult to choose the best one for your business. We hope our overview of the features and pricing options can help you make an informed decision.
If you want an affordable cloud-based DMS that can manage complex business documents like contracts, try modern Avokaado CLM for free for 7 days.