Document/Knowledge Management System
To understand the market landscape for document management and knowledge management systems for financial services companies.
- Document management systems (DMS) are used to store, manage and track documents electronically. The system should control and organize the documents (or document images). These systems should have document capture, workflow, repositories, COLD/ERM, output systems and retrieval systems. It should track and control the documents, especially helping in creating audit trails.
- Whereas knowledge management systems (KMS) are more general, in that they control and store knowledge itself rather than just documents. It should improve collaboration, locate the knowledge source(s), find any hidden knowledge and overall enhance the knowledge management process.
- However, defining knowledge management systems is difficult, as there is no universally agreed-upon definition.
- Therefore, while the two could overlap, in that a DMS can exist within a KMS, they are slightly different. Modern KMSs do generally help organize and manage documents.
- One source verifies this and describes KMSs as a more holistic product. Their intent is document management, yes, but it also goes beyond that "with the goal of retaining various types of organizational knowledge". For example, a KMS could include a document library along with other tools like a wiki, knowledge base, collaboration elements and a robust search tool.
- Businesses are encouraged to closely examine their needs and motivations before determining which tool (DMS or KMS) they need.
- Capterra's top KMSs are Zendesk, Thought Industries, Bloomfire, Litmos LMS, SABIO Knowledge Management, Knowledge Center, Bold 360, Inmagic Presto, Zoho Desk and Favro.
- TechRadar's list of top DMSs includes Templafy, M-Files, Docuware, MasterControl Document Control and XaitPorter.
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