8 Risks of NOT Having a Document Management System

8 Risks of NOT Having a Document Management System

Written by ComplianceBridge Policies & Procedures Team on January 13, 2011

When it comes to risk management, putting money into prevention measures will always pay off in the long run. Document management is one such area of prevention. Having the proper documentation for your policies and procedures will help you in many ways.

As well, lacking a robust document management system that offers up-to-date policies to your employees can create serious risks in your business. Below, we’ve detailed some of those risks and what an effective document management software such as ComplianceBridge can do to mitigate those risks.

Loss of Data

In the event of a disaster, such as a fire, earthquake, or other issue, you run the risk of losing files that are only in paper copy. Even something as simple as a leak in the roof can ruin an entire archive of documents.

Luckily, with document management software such as ComplianceBridge, all policy and procedure documents are kept secure in the cloud. Your files are accessible from anywhere in the world, and from any device you log into.

Communication Gaps

Paper document systems exist only in one place, and are therefore difficult to spread throughout the company. This leads to certain departments only having one, outdated version of a policy while another is working off of a policy that is two revisions old and yet another department is working off of the newest and most updated document. These communication gaps can cause many issues within a business.

A company has many moving parts, various employees and departments. Every part needs access to policy information in order to ensure compliance, make informed decisions and follow procedures effectively. Word of mouth is not an adequate form of dispersal when it comes to policies and procedures; it is important not only that every employee is informed of new documents, but has access to them at any point in time. ComplianceBridge offers targeted dispersal, so documents reach the right audience, along with reminders to review new policies.

Uninformed Decisions

Legal compliance and internal structures are always changing, updating in efficiency – ideally. This can be very hard to do when lacking a document management software. Decision makers will be working off of old data about compliance, about output, about hazards and risks. This leads to decisions that might have worked two years ago, but are woefully behind.

This issue is once again solved by having a cloud-based document management system. Decision makers can see real-time updates as employees sign off on policy and procedure documents, or as approvers comment during the review process.

Time and Cost Overruns

When starting a new project or while a current project is going along, you’re going to need to refer to policy and procedure documents to ensure compliance with internal and external regulations. This is going to take a lot of time, and therefore money, when your employees have to dig through a paper archive to find the files they need.

Accessing information from a cloud-based document management system, such as ComplianceBridge, will make projects and any other document references a snap. As well, you won’t need to rent space to house a paper archive, and minimal staff are necessary for upkeep.

Poor Customer Interaction

Customers are going to have issues, no matter your business. These issues will often send customer-facing staff searching for the appropriate policy or procedure that will help them work with the customer. This is going to be difficult and time-consuming when employees have to search through a paper manual.

The central document storage of a software such as ComplianceBridge will make it easy for employees to find the right document that helps them help your customers. This will prevent any friction and give your customers a chance to leave a glowing review about the timeliness of your staff.

Lack of Transparency

In this digital age, it is imperative that customers and the public have a good opinion of your company, helped along by marketing and employee conduct. When some sort of issue arises, whether it be a conduct or safety issue, it is important to be able to supply appropriate documentation as to the steps taken to correct these issues.

ComplianceBridge offers a public portal, where your company can publish documentation that is not proprietary, but lends itself to transparency and forthrightness with your consumer base.

Losing the Competitive Edge

There are a lot more businesses in the world today – the world has been getting bigger and bigger as our technology increases. In order to survive in this crowded business space, companies need to innovate and improve nearly constantly. Clear communication and a solid bedrock of policy and procedure documentation allows for firm footing when charting the next path.

ComplianceBridge saves previous versions of documentation, allowing your decision makers to look back at past decisions and procedures to see where you have improved and how your company will continue to improve.

Failure to Comply with Legal Requirements

Perhaps the most overtly costly, failure to adhere to legalities can cost your company a pretty penny. This happens when safety policies and procedures are not up to date with the newest compliance regulations. This also occurs when your employees are unaware of the documentation and cut corners and create issues.

Escalating reminders in ComplianceBridge help to drill in the importance of new policy documents and to better ensure compliance. As well, you can set up quizzes to judge understanding of the content to better prevent risk.

Digital: More Cost Up Front, Less in the Long Run

These risks are only a few of the biggest when it comes to an inadequate document management system. And, as you can see, they can create major issues within your business, leaving you in the red, losing public respect and losing good employees. Take the time to find a document management system that works for you.

ComplianceBridge, as a policy and procedure management software, offers a central document cloud, where employees can always access the documentation they need to do their work. As well, documents are targeted to the groups that need them, cutting down on the detritus when your employees are looking for specific information. Policy creation, review, approval and distribution are all part of our automated workflows, saving you time and ensuring documents get to where they need to go.

Try ComplianceBridge today and avoid these risks – and reap the benefits.

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