How to Breakthrough to the Next Level of Document Management Now

Documents. Sometimes paper is necessary and sometimes digital is preferred.

So, where are they? On a desk or in an email?

Keeping up with them is only half of the struggle. There is compliance… Which revision or version are you on? Is this the most recent one? How do you find the one that you need? Is this the document that relates to my concern?

These are everyday issues that arise when your business relies on documents.

A basic document management solution benefits businesses by decreasing misplaced documents, storage space, and search times. Through a secure central storage location documents are able to be better organized and efficiency is created as well as collaboration is increased.

Here in lies the issue. Documents are together and organized, but each holds an overabundance of subjects, information, and data that can apply across many topics and concerns. In addition businesses are diverse with specific needs and methods that relate to circumstances and events centric to each.

To better utilize documents by sharing information, analyzing data, and reporting on changes within documents a more robust solution is needed. Document management software with record management capabilities (DMS) increases document intelligence and takes document management to the next level. Take a look at how it raises the bar in these four areas.

Area 1: Don’t File and Forget.

Paper and digital documents are easily filed and forgotten until issues arise. According to IDG’s 2016 Data and Analytics Research “managing unstructured data is a growing challenge – rising from 31% in 2015 to 45% in 2016.” A report from CompTIA, Big Data Insights and Opportunities, states, “As a result of poor data management and usage, 29% of businesses suffer from inefficient decision-making and inability to reach new customer segments, while 38% suffer from wasted time.” Avoidable issues like these cost time, money, and resources that you may not have.

DMS can be customized to support workflows and increase efficiency with features like routing, notifications, and reminders. When signing is required, e-signature upholds compliance and legal standards. In addition it allows internal and external approvals to be made seamlessly and in a timely manner. Documents and their data are easier maintained and workflows are streamlined.

Area 2: Address Issues Across the Board

Take productivity to the next level by turning documents into information that can be securely searched and shared by any necessary parties. DMS allows documents to go beyond being stored by letting users record and preserve information throughout the workflow process or the document’s life cycle.

Finding a needle in a haystack or specific document(s) based on a specified need is quickened and simplified with features like Optical Character Recognition (OCR) search. It can inquire across pdf, excel, word, and other types of documents to find specific language to guide compliance and regulations.

Document management software enhanced with record management capabilities also allows documents to be attached to more than one identifier. With record management capabilities your file cabinet expands into a system that allows a document to be connected to and filed under different headers like Purchase Order Number, Name, Date, Company, Issue, Cost, or others. The element of flexibility allows current workflows to be factored in and supported by creating the necessary fields that are filled in at the time of filing the document. The provided information allows electronically stored documents to provide information for quick analysis of any issues, trends, or deviations that could prove crucial to maintenance and advancements.

Managing documents on the cloud provides users the opportunity to access information from anywhere at any time. Today more than 90% of information is digital and 95% of businesses are using cloud computing in some capacity. An August 2016 survey by Xero revealed that 71% of the 1200 small businesses they surveyed have at least one quarter of their business in the cloud.

Cloud computing securely shares documents across departments as well as locations if necessary. Collaboration with parties outside of the company is also simplified by using the cloud. Being in the same place at the same time is no longer necessary and time zone issues are also done away with because information and documents are available whenever and wherever they are needed.

Area 3: Maintain Accountability

Image via LinkedIn

Knowing who has reviewed or made changes to information is essential to ensure a successful management process. Basic features like version control guarantee that the most up-to-date information is accessed. Additional features like redlining and a sign-out stamp make certain that users clearly see any changes being made and are aware of who is accessing the information.

Automation of document management makes keeping track of every move that a document (and its information) makes possible. Each click leaves a foot print or an audit trail that can be traced with reporting in case of an audit or other necessary survey. Reports then provide a big picture view with more specific answers that could otherwise be overlooked.

Area 4: Stay Secure

Security should always be a high priority. Encryption and multi-level access are necessary to guarantee documents and information remain protected.

To defend against a data breach valuable information should be encrypted. Encryption is recommended by the American Bar Association as a necessary safeguard against information falling into the wrong hands and is required to be HIPAA compliant.

Other safety measures include audit trails and multi-level access. Audit trails as previously discussed provide accountability and deter from any inside data breach possibilities. Multi-level access ensures that data is accessed based upon sensitivity level and authorization. These features also address compliance requirements.

The 2016 State of the Cloud Survey by Right Scale sites that only 29% of enterprises are concerned with cloud security. By allowing a cloud provider to handle security, businesses are able to focus on more important information that is needed for their success.

Breakthrough to the Next Level

Get more than just storage and grouping from your document management solution. Stop wasting time and resources on retrieving and re-reading documents to find information. A robust document management software presents the capability to fine-tune organization by creating a record database to track data and gain insight into the necessary next steps. The benefits of decreased risks, increased productivity, and securely stored documents are by-products of the capabilities a document management software provides.

Sources:
IDG’s 2016 Data and Analytics Research
Big Data: Rising In Importance But Still Challenging, New Surveys Say, KDnuggets, Gil Press
CompTIA – Big Data Insights and Opportunities
San Diego County Bar Association – 2012 Legal Ethics
Privacy, Security, & Electronic Health Records, HealthITBuzz, Leon Rodriguez, 12 Dec 2011.
Why Encryption is Crucial to Your Organization, HealthcareITNews, Tim Maliyil, 31 Jul 2014
Top 6 Trends in the US Small Business Economy, Xero Blog, Alexandra Huber, Aug 2016
Small Businesses are Going All In on the Cloud, Inc., Russ Fujioka, 15 Aug 2016
State of the Cloud Survey, Right Cloud, 2016
Small Business Success in the Cloud, Emergent Research & Intuit Inc., 2014
Health Plans, the Cloud, & HIPAA Privacy & Security, American Bar Association, 2012
5 Tips to Keep Your Data Secure on the Cloud, CIO, Victoria Ivey, 16 Dec. 2013
ABA Techreport 2015, American Bar Association, 2015