“If I had eight hours to chop down a tree, I’d spend six hours sharpening my ax.” – Abraham Lincoln
There is no substitute for being prepared. When opportunity arrives – or disaster strikes – successful companies rest easy knowing they have sharpened their ax and are prepared.
These days there is no safety net for companies not actively engaged in managing data safety. Misplaced files, scattered documentation and unsecure file sharing can quickly turn into security breaches, lawsuits and hefty fines that can take a serious financial toll on your business.
On the plus side, proactively protecting customer data and communicating your commitment to safely handling sensitive personal information with your customers can positively affect both client retention and your ability to win against competitors.
Good or bad, you need to protect your data.
With the Sarbanes Oxley Act and the Health Insurance Portability and Accountability Act (HIPAA), compliance has become a major preoccupation for highly regulated U.S. businesses in finance and healthcare.
Whether you are in manufacturing, healthcare, government services, education, banking – ensuring secure access to critical documentation that meets regulatory requirements and industry standards should be at the forefront of your business continuity plan.
“A single data breach is costly—more than $500,000 on average for US companies.” – Ponemon Institute, 2013 Cost of Data Breach Study
The first place to focus your compliance efforts is to assess your current document management processes. How do you handle files that contain mission-critical information, and how do you securely store, access and share that data?
Electronic Document Management Systems (DMS) can be an effective first step to protecting sensitive information– no matter what your business.
“How you manage data privacy and communicate that in the marketplace can distinguish you as a business that is trusted by customers and other stakeholders.” – PWC: 10 Minutes on Data Privacy Feb. 2014
Financial institutions like wealth & investment services, mortgage and brokerage firms are paper intensive businesses. With DMS, these companies can reduce costs associated with paper file storage and management.
By centralizing access to all customer information regardless of location, advisors can not only increase service levels and operational efficiencies for competitive advantage, they can also protect customer information by providing instant document access, enforcing document retention policies, and reducing the burden of audit preparation.
Healthcare providers of all kinds, from large CCOs to small medical practices can automate patient charts, eliminate paper and storage costs, and implement a secure, HL7-compliant document imaging and management program. Access to patient medical records, insurance and financial data is accessed via user-defined settings, ensuring data does not get into the wrong hands.
By integrating a DMS with an EMR / EHR, business can reduce costly Medicare and Medicaid audits and surveys by having immediate access to all patient history and documentation from one secure location.
Insurance agencies can benefit from integrating DMS with their Insurance Agency Management Systems, providing a secure platform to share encrypted data and documents between insurance agents, brokers, insurance carriers and other enterprise distributors, from any device.
With centralized documentation, these businesses can maintain audit trails and guarantee compliance with consistent handling of document storage, indexing, retrieval, approvals and destruction.
Manufacturing Companies can use DMS to create and maintain a central repository of Quality Control Documents including SOPs and Inspection Reports for instant access by all related parties.
Customer service reps can securely access orders from any location and update order status and billing information for improved service. Executives have instant access to accurate reporting of KPI’s across the enterprise –ensuring support for corporate and compliance initiatives and audits.
Government compliance with regulations and policies require agencies to keep records for several years. With document management, agencies can instantly and securely access invoices, contracts, personnel records, correspondence, compliance forms, spreadsheets, manuals, and citizen records – and protect and seal the content of this sensitive information.
With public safety a concern, and as local and state governments become increasingly digital, DMS can be used to store and share incident reports, safety preparedness data and resource planning data. Interactive technologies like MapConnect can integrate with DMS – allowing intuitive, actionable information in the context of a map, and in real time, helping government agencies better collaborate and protect public safety and assets.
With school budgets strained and records needing to be saved indefinitely, DMS can store student records and safeguard privacy at a fraction of the cost of a paper system. Records access and use tools can track who accessed student records and when. AuthentiDate Image Marking technology virtually eliminates any possibility of altering documents without detection – ensuring document integrity.
No matter what your industry, you know data privacy, protection and compliance need to be an integral part of your business. Be prepared.
Don’t let it keep you up at night – start sharpening your ax.
Are you considering purchasing a new business system? Then download our free eBook. Cloud or On-premises? Four Questions You Must Answer Before Selecting Your Next Business Solution.