A DMS or Document Management System is like a digital filing system for your electronic documents that helps you store, manage, track, and retrieve easily. Its main goal is a reduction of paper and enhancing process efficiency. It is often associated with content management systems, however, standalone DMS software is also available that control and organize all documents within an organization effectively.
Many of these DMS available today incorporate the standard practices related to physical documents, digitally. These include but are not limited to the storage location, security and access control, version control, audit trails, check-in/check-out and document lock down.