Managing the Business Document Lifecycle
(#9 of a series.)
In the last blog in this series we discussed how digital document management and workflow solutions make it easier to meet the demands of regulatory compliance, a growing challenge for more and more of us. Today we'll discuss how digital document management solutions simplify the process of managing business documents over their entire lifecycle.
Certain financial documents, for example, need to be kept for 7 years. Beyond 7 years there's really no reason to maintain those documents. You tend not to manage the document lifecycle when you have paper documents stored away in file cabinets. I had that problem at home until I digitized my personal financial records. The folders just kept amassing over the years. With paperless solutions, the system manages the preservation and destruction of your documents based upon prescribed business rules.
Some documents like student records need to be maintained for the life of the student. Some in perpetuity. Physically retrieving paper documents for shredding (like vendor invoices that are over a certain age) can be very time consuming and costly. According to "The Cost of Managing Paper: A Great Incentive to Go Paperless!", an article by K. J. McCorry, across the Fortune 1000, office document management costs exceed a staggering $7,500 per employee. Because physical handling is required, the manual destruction of records also represents a security risk.
Digital document management systems provide for retention schedules to be maintained for each individual document type. At the end of life, document destruction can be managed automatically, eliminating the time, cost, security vulnerability and possibility of error in paper document destruction.
So, save time and money and reduce the risks of security breaches and human error by managing documents digitally throughout their lifecycle.
Until next time,