A major telecom company warehouse in India had outsourced the storage and scanning of its Consumer Application Forms (CAFs) from 1996 onwards. This warehouse unfortunately caught fire in February this year. After this event, it was found that only 8 million forms had been scanned whereas 12 million unscanned forms had been destroyed. This was a major lapse. The incident not only highlighted the fact that important data had been lost completely, but also underscored the slow rate at which the digitisation of subscriber data was being carried out. Following this incident, the telecom service providers have been asked to ensure quick and time bound scanning of all CAFs, proper duplication of records with a mirror image in the archives, storage of the CAFs to have fireproof arrangements and secure from other hazards. (Refer to the news link http://bit.ly/hDH2MC and http://bit.ly/kh8MVP) Just ponder over the loss of imformation and the lack of records!! This would not have happened if all the documents were digitised regularly and stored in a good document management system.
Security of documents isn’t just about access. You have to ensure that your documents do not get misplaced, lost or damaged. Who hasn’t looked for hours through file cabinets to find the document(s) needed? Sometimes documents are misfiled; other times they are left on someone’s desk or the worst case scenario it could be lost due to pest attack or some natural calamities like flood, fire etc. Many people believe storing documents on their computer or on the company network is considered a form of document management. If the files stored in computer are not backed up and something were to happen to the hard drive, all information is lost. A true document management system ensures that your organization’s information is protected at all times, from natural disaster, catastrophe and corruption.
With a document management system, gone are the days of lost documents because they are all in a secure central electronic repository. Also gone are the days of wasted time because multiple people can retrieve documents from various locations and multiple file cabinets. With a document management system, the documents are immediately retrieved for the person looking for information. This not only makes them more productive for that one task, it shifts the focus from the document retrieval to solving the original issue. A good document management system’s aim is to provide everything you need to help your business run more efficiently, ensuring that you do not waste any unnecessary time and space maintaining your documents. It should also enable businesses to easily share and collaborate on documents in an efficient and productive way. A digital document management system is a great way to save time and take the first steps towards a paperless office.
Along with convenient document sharing and data protection, businesses can take advantage of full audit control, reduced storage requirements, put an end to photocopying / misplaced / lost documents. Meeting regulatory requirements such as HIPAA, SEC and FINRA can be a headache. If you use an EDM, many of the regulatory requirements are built right in, helping you become compliant. No matter what your organization does, you find yourself liable to maintain documents. A document management solution secures the documents that are critical to your business so you can remain accountable to your clients.
Contributed by Ashish Baby