When small businesses are looking to improve their bottom lines, one of the most effective ways they can do so at minimal initial cost is by adopting ongoing document management platforms.

This might require some initial backfile scanning efforts that can be somewhat intimidating, but the long-term benefits are significant and could help them cut costs and boost the value of every employee's time, according to Business News Daily. However, companies that are looking to take this step shouldn't do so lightly, and it would be wise for them to examine document management software that will be at least somewhat specific to what they do.

What does this mean?
Many software developers have now created platforms that target specific industries, such as those that make the job of a real estate agent a little easier, or help law firms manage massive amounts of documentation on an ongoing basis, the report said. While there are some one-size-fits-all options, drilling down into more specialized platforms will likely help companies get the absolute most they can out of their investments in document management and setting up critical workflows.

"Industry specific software allows you to benefit from many other businesses such as yours who have had input into the coding of the software," Stephen Babcock, a lawyer and founding partner at Babcock Partners, told Business News Daily.

What's the value?
In addition, many companies that have burgeoning HR departments will almost certainly be able to get a lot of value out of automating aspects of that department's key functions, according to Small Business Trends. For instance, the ability to deal with HR's normal task of processing and uploading data from key paperwork more quickly will likely free up significant man-hours for those in the department (or whose tasks include what would normally be HR work). The same is also true of managing requests for time off and more.

When small-business decision-makers can take a holistic look at their firms' internal needs and determine the ways in which document management platforms will benefit them, they can position themselves well for significant long-term improvements to existing processes.