Data is one of the most valuable assets for any business. According to a Forbes Insights report, data related issues cost majority of the companies surveyed more than $5 million annually. The inability to access the right content at the right time can hinder an organization’s ability to remain competitive.
Traditional paper-based content management is not only costly and time-consuming, but can leave companies open to multiple types of risk such as regulatory and compliance. Businesses that are unable to secure and manage sensitive documents are exposed to serious theft, scams and forgeries.
Moreover, with the latest General Data Protection Regulation (GDPR) going into effect on May 25th, companies who cannot properly secure and manage personal information within their content and data are subject to fines of up to 4% of their annual global revenue.
Document control solutions eliminate the dependence on paper and streamline business processes. This not only increases employee productivity and efficiency, but also helps drive better customer service and reduce overall risk exposure.
Here are five ways organizations across industries are managing controlled content through cloud-based document control solutions:
1) Advanced Document Control
Managing controlled content in any organization starts with a secure solution for creating, sharing and storing documents. Cloud-based document control solutions ensure that proper procedures are followed for managing documents and meeting standards such as ISO 9001.
These type of solutions reduce overall organizational risk by enabling 21 CFR Part 11 compliant electronic signatures, watermarking and overlays. Any changes, revisions and modifications are tracked and monitored by the system to increase accountability. Cloud-based solutions also eliminate duplication, misplacement of original documents and time-consuming retrieval of paper documents.
Ultimately these systems create a single-source-of-truth for every piece of content, removing the possibility of duplication and ensuring that all parties use the same latest approved version of content.
2) Access Control
Leaving sensitive data unprotected and accessible to anyone exposes organizations to significant risk and subsequent financial and reputational consequences. Document control solutions allow you to protect information from unauthorized usage by assigning access to only the right users. An employee would require a supervisor’s approval to retrieve confidential information that he/she doesn’t have access to.
Along with increasing security and reducing risk, access control can also dramatically improve productivity. When employees are only given access to data that they need, they can search and retrieve that information faster and with ease.
Cloud-based document control solutions also enable the participation of third party stakeholders in overall content management and control. With robust access control, companies can now open up a highly secured “window” for their suppliers to directly interact with their document control solution.
This is a key benefit for today’s organizations, many of which interact with high volume of suppliers scattered across the globe. One unified document control system eliminates email and attachment exchanges (which bring risk, exposure and overall inefficiencies) and creates an environment of one single source of truth that all parties interact with.
3) Automated Workflows
Cloud-based document control solutions allow companies to streamline cumbersome activities by automating business processes. Workflows allow you to route documents and data to the right people at the right time and alert employees of documents that require their attention, including any required document training.
For example, a document might require review and approval from multiple parties within a company. Automation helps move the document though the necessary steps of review and approval, saving time and reducing errors and risk.
4) Robust Dashboards
Advanced reporting capabilities and analytics within a modern document control application allow company’s management to monitor and control all content related metrics and overall status. You can easily view real-time status of documents and conduct ongoing analysis to identify areas for improvement. The revision or approval history of electronic documents can also be reviewed to identify, prevent and fix inefficient processes.
5) Integration With Other Systems
Inability to integrate and communicate between different softwares can lead to silos in an organization, which can slow down business processes and result in errors. Cloud-based document control solutions allow a seamless integration with other systems such as quality management (QMS) and customer relationship management (CRM) applications. This increases communication within systems and departments, improving visibility and reducing overall risk.
Looking for a content management solution for your business? Veeva QualityOne’s document control capabilities offer a complete content, data, and workflow management solution to manage your most important processes, documents, and data. Contact us to learn more.