Every company is responsible for a plethora of files, faxes, emails, etc. they must organize. While organizational methodologies might vary from one business to the next, the need to process and effectively manage data has become a requirement of doing business in the 21st century.
Despite ever growing volumes of inbound unstructured data and the need to manage it, there are still companies that do not understand the benefits a document management solution provides over outdated filing systems.
Here are 7 reasons why you should be thinking about electronically managing your documents…
1. FDA Regulatory Requirements
The Code of Federal Regulations states that documents must be reviewed for adequacy and approved with a date and signature. Furthermore, these documents must be made available at all locations in which they are designated, while obsolete documentation must be promptly removed. Approvals, signatures, and updates must be readily available across your organization.
2. ISO Document Control Standards
Many ISO standards require an established document procedure for:
- Preventing the use of obsolete documents
- Maintaining legible and identifiable documentation
- The review and approval of documents before and during implementation
- Making sure that changes are clearly tracked
- Proper document versioning
With an electronic document management system, you can ease the workload associated with maintaining ISO standards.
3. Document Security
Keeping data safe should be a concern for every company…regardless of size. While locking a filing cabinet may provide some level of security, it cannot compare to the wealth of security benefits found in an electronic filing system. These features will vary depending on the software solution you choose. However, you will find features such as audit trails, IP addressing, data encryption, and data backups – keeping data thoroughly protected.
4. Unstructured Data
More than 80% of all business data is currently considered to be unstructured. This includes email, word documents, audio files, etc. While a staggering amount of data is unstructured, many companies are not effectively and proactively managing it. A document management solution looks to organize your unstructured data, and transform it into a powerful business tool.
5. Document Creation
Want to ensure document consistency? How about ensuring the usefulness of a document? With an electronic document management system, users can implement templates and metadata to ensure that files are created and used as intended.
Having electronic access to your files can be extraordinarily helpful when improving processes. Many systems will allow users to establish a flow of documents through different employees, and control the path of your files more effectively and seamlessly
Physical storage can be cumbersome. Instead, electronically managing files allows for the storage and distribution of files without the need for physical space.