3 Reasons to Reduce Corporate Risk with Document Management

1. 3 Reasons to Reduce Corporate Risk with Document Management 3 Reasons to Reduce Corporate Risk with Document Management Companies are entering the modern era of digital document management by embracing paperless billing to reduce printing and delivery costs while leveraging digital documents as a tool for customer engagement, promotional advertising, and notifications. However, if your document management strategy is built around a paper-based system, you may use a different approach to keeping your files and important business documents safe. The classic tool for the secure destruction of sensitive documents is a shredder, and the classic tool for safe storage is a locked room for safekeeping. While these steps help minimize some of your business risks, digitizing these steps can further reduce those risks. At a time when most companies are doing their best to scan and index documents, the goal should be to not even use paper documents in day-to-day business by only creating and receiving electronic documents. Going 100% paperless is hard to achieve, but using an efficient document management system can help your company create a paperless work environment and reduce business risk for three reasons: 1) Ri 1) Risk of sk of N Non on- -compliance compliance In regulated industries, the production of non-compliant documents can lead to fines and lawsuits, which can cause not only the public image but financial loss. For some companies, these incidents could result in lost business, and employees responsible for document compliance could lose their jobs.

2. How do you ensure that the documents produced by your company comply with the laws and regulations applicable to your industry? If you thought that checking documentation at design time would be enough, you might be in for a surprise. What was perfect at the time the document was created, may not comply with the letter of the law for many different reasons. Here are some examples of scenarios that could lead to non-compliant documents: Companies use different systems to create electronically delivered documents for printout. The IT department accidentally forgets to change all versions of a document, such as a year- end version that is not updated. An employee manually modified the document and accidentally added some language/wording errors Resources and document templates are stored on the printer. Some printers are not updated and print old document versions. Private data became visible through the envelope window as the inserter operator loaded the wrong material Companies use different systems for different output purposes (print, email, fax, etc.). The output contains different fonts, margins, or layouts due to changes in hardware or software. Printshop uses an old box of preprinted forms instead of the latest box with updated text. As you can see, there are many ways to accidentally create non-compliant items in a document. For business documents, you can use document management to track the flow of documents in your company and understand which documents you already have and which still need to be produced to be compliant. This way, all your document-related work steps are always transparent, and you can easily see what needs to be updated. In the case of interns or external audits, the searchable system makes it easy and fast to find and retrieve the documents you need. 2) Security of 2) Security of B Business documents usiness documents

3. Storing paper documents in physical locations is risky as these documents are vulnerable to different natural or man-made disasters such as floods, bursts or leaking pipes, fire damage, plain old humidity, and other types of physical damage. Digital document management and storage solutions help prevent these and many other types of document corruption and ensure that important business documents still exist no matter what happens to your brick- and-mortar business. Digital document management allows companies to add as many layers of protection as needed to securely store and manage their documents and data. There are many ways to protect your documents. For example, companies can password-protect or encrypt them. As an alternative, files can be stored on secure servers where only authorized employees can access them. Another benefit of digital document management is the option to back up documents within minutes, access them remotely, and even view earlier versions of files, ensuring they are not simply deleted. 3) Responsible 3) Responsible O Organization rganization There are many kinds of people. Some of us like to manage crowds of all sizes. Some of us hate micro and macro management and would rather do the whole project ourselves if it meant they didn't have to manage anyone. But no matter what type of person you are, if you're a team manager with a heavy load on your shoulders, you want specific business documents and projects to be organized and accountable. If someone accesses a paper document in a physical storage room and modifies or even damages something, you generally have no way of knowing who it might be, even if you have log where employees must write when and what they accessed. In a digital In system, you can control the level of access your people have to certain document types and password-protected documents. You can also see who accessed which documents and when. In many cases, this information can be mission critical. If you’ve been thinking about strategies to prevent or minimize risk to your company, now is the time to consider digital document management. Request a consultation today to learn about the opportunities and business benefits of going paperless.