Absolutely! In fact, being an enterprise content management (ECM) system, Microsoft SharePoint is primarily used for document management and collaboration. Part of its core functionality as a document management system are:

• Document Libraries. Store and manage files in a centralised document repository so your users can organise, access, collaborate, and version control files effectively.  
• Versioning. Track changes in your documents and manage document revisions. You can view previous versions, compare versions, and restore earlier versions if needed. 
• Check-In/Check-Out. Check out documents to prevent other users from making conflicting changes in your documents. This feature ensures that only one person can edit a document at a time, maintaining data integrity and avoiding conflicts. 
• Metadata and Tagging. Create custom metadata columns and tags to make it easier to search, filter, and categorise documents based on specific attributes. 
• Document Collaboration. Empower real-time collaboration on documents with your teammates by enabling simultaneous editing of document, viewing of changes made by others, communicating through comments, or assigning tasks. 
• Document Approval Workflows. Streamline document review and approval processes by defining sequential or parallel approval steps, set deadlines, and receiving notifications for pending approvals. 
• Document Permissions and Access Control. Set granular permissions on documents, folders, or libraries. You can restrict access to sensitive documents, control who can view, edit, or delete files, and define permission levels for different user groups. 
• Document Searching. Find documents quickly based on keywords, metadata, or content within the document. The search results can be further refined using filters. 
• Records Management. Ensure compliance with legal and regulatory requirements with SharePoint. It allows you to declare documents as records, apply retention policies, and manage the lifecycle of important documents.