What exactly is a “document”, when it comes to managing your business? Simply put, any legal or business records that can be relied upon as evidence of terms, conditions, rates, renewals, or confirmation of compliance. Some examples would be certifications, maintenance records, vendor contracts, or other agreements that are used to manage vendor relationships. Managing this business information, sometimes from several sources, can be a difficult task. Depending on the nature of your company, a document management (DM) solution that captures, stores, and logs vendor criticalities can provide many benefits to your organization.
When looking for a quality DM platform, there are some important things to look for.
Document security is vital to any enterprise. Access to documents can be controlled for different groups or individuals. DM’s also create an audit trail of who has viewed a document, when it was accessed, and how it may have been edited. Managed documents are highly traceable and can be tagged to allow for automated alerts.
Improved Regulatory Compliance
Compliance requirements for certain documents can be extremely complex. Non-conformance can lead to fines, revoked licenses, possibly even criminal liability. Federal and state regulations often mandate strict security and privacy. A document management platform reduces the risk of non-compliance. Records retention schedules, for example, can be automated, and new documents can be more easily classified and stored.
Searching for and retrieving documents can be very time consuming – and we all know time is money. A document management solution, especially a cloud-based platform, can be a powerful, time-saving tool. Your organization can retrieve files using text search, or you can apply index categories to a document or folder. As long as there is an internet connection, documents can be accessed from virtually anywhere.
Escalations and Notifications
Quite possibly this is the greatest benefit of a DM platform. Having a 3rd party system that is properly set up to notify your vendor management team of upcoming criticalities and escalate areas of non-compliance will reduce risk significantly. Manually tracking important deliverables and upcoming contract expirations is a virtual impossibility in today’s business environment. Keeping your organization from being exposed to unnecessary costs and risks will benefit the company and improve your bottom-line.
Better Backup and Disaster Recovery
Any document management solution should include a data backup and disaster recovery plan. Using a cloud based technology of electronic documents, avoids physical documents from being damaged from fire and flood and other disasters. Also, because imaged documents are centrally stored they cannot be lost or misplaced after viewing. Documents are less likely to be misfiled, and if they are “relocated” accidentally, they are easier to locate with cross-indexing.
Whether your business manages your business documents in-house, or works with an independent 3rd party, your company will reduce costs, improve efficiencies & mitigate risks by implementing a good document management platform. You can be certain of that.
About Limitless Technology
Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.
Through our Billing Optimization and Vendor Management Solutions proprietary platforms we utilize technology, processes, expertise, time, and resources to improve our client’s bottom-line.
Limitless Technology manages your vendors, so you can manage and grow your business.
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