Document Management Solutions: Prevent 5 financial disasters

If your roles and responsibilities lie in safeguarding your organization’s success, you might want to consider document management solutions that can prevent these five financial disasters.

1. Natural Disasters

Some disasters simply can’t be avoided in life and the same thing applies to document management. Employees might have critical information saved in multiple forms, in multiple places, and on multiple devices, but what happens when a natural disaster comes through and wipes out all of those unguarded storage systems? A proper strategy will ensure the data is safe in its resting place, with mirrored servers and off-premises backups. In this case, policies, procedures and training must be in place so employees have access to  documents within that guarded repository.

2. Accidental Loss/Security/Intellectual Property
document management solutions
If you’ve ever watched an episode of any crime show, you know that whenever a murder happens, law enforcement first looks to the spouse. Document security is a little less heinous but similar in the closeness of the criminal to the victim; the most security threats a business will face will come from within its own ranks. A well-planned document management solution ensures those with insider details, will never be a threat. A proper strategy can mitigate document and information loss no matter the possible cause.

3. Bad Response Times and Poor Customer Service

If your company is unorganized or sloppy with its business services and practices, word will spread. Documentation must be organized and easy to access. Organization and punctuality are key not only within a business, but with all external correspondents like supply chain and manufacturing communications or public relations issues.

4. Regulatory Compliance

Prepare for the worst, hope for the best. Be prepared for bad things to happen, The same mantra should apply to ECM strategies. If you’re scrambling to get all of your ducks in a row for an audit, your document management solutions need to be reevaluated. Making sure your company is audit-ready is imperative with the ever-growing number of standards and legislative pressures.

5. Lawsuit, Discovery and Litigation

A lack of ECM strategy compliance can lead to serious legal costs or actions. Litigations can carry on for what seems like an eternity. Slowing down the discovery process is costly, as is keeping documents that you should have destroyed. Proper document management solutions along with a solid Records Management strategy will greatly reduce this risk.

Have questions about a more specific disaster you are facing with your current business?

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