Because lost documents can have a profound impact on business continuity, electronic conversion services will continue to be an optimal solution to protect critical files.
A recent survey by the Society of Corporate Compliance (SCCE) and the Health Care Compliance Association revealed that 65 percent of data breaches occur as a result of lost paper files and portable devices. Poor handling of documents by employees can jeopardize sensitive information, and a paperless strategy has the potential to mitigate these risks.
According to the Statesman, Texas’ Williamson County has lost almost $1 million due to the fact that approximately 60,000 mandated mortgage documents simply were never filed. The town clerk, Nancy Rister, explained that it wasn’t until an audit was conducted last Fall that it was apparent many of these records were not filed. However, her concerns began when she noticed that signatures didn’t match up on many of the public records filed in the clerk’s office.
“It means the notary did not verify who that person was,” she explained, “It’s going to take 20 to 30 years to straighten people’s titles up.”
Fraudulent signatures can easily go undetected when an office is responsible for managing massive volumes of documentation. With an electronic system, however, intelligent capture features make it possible to more easily monitor abnormalities and specify standards for specific field input.
Improved profit, reduced loss
Poor document management could also have negative consequences in regard to overall business productivity. Transport Topics reported that document imaging can automate many processes while also removing the risk of misplaced files that hinder profit. An effective electronic document management solution improves employee performance, information accuracy and timeliness of information exchange. Since electronic documents can be accessed immediately and from anywhere, these files can be incorporated with other applications for more complete records that exist in one location.
Most importantly, data security measures are more advanced in a paperless system. Transport Topics explained that multiple security layers can be implemented in an electronic system that specifies user access to each individual file so that employees are only allowed to view documents that are appropriate to their level or role.
The SCCE’s research determined that 59 percent of enterprises suffered up to $50,000 in costs as a result of lost company data, though that doesn’t account for profit impact from damage to the firm’s reputation. Avoiding these detrimental expenditures demands heightened control of corporate information through a digital document management system.
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