Document storage is an essential aspect of file management for any business, and it’s easy to assume that having a storage solution in place is all you need to ensure document compliance and file management. For instance, many businesses in India use Zoho to store their documents. However, while document storage is an essential component, it alone is not enough to solve document compliance and file management problems. In this blog, we’ll explore the reasons why document storage by itself is not sufficient and what Indian companies can do to ensure proper document compliance and file management.
Let’s first define what we mean by document compliance. Document compliance refers to the ability of a company to comply with laws, regulations, and industry standards that dictate how they should store and manage their documents. Failure to comply with these rules can result in significant financial penalties, legal action, and reputational damage for the company.
One of the most significant challenges companies face when it comes to document compliance and file management is the sheer volume of data they generate weekly and monthly. With so much data generated, it can be challenging to keep track of all documents, and this is where document storage solutions come in handy. However, document storage solutions alone are not enough to ensure compliance.
For instance, suppose a company stores all of its documents on a cloud storage platform. In that case, it may assume that it has achieved document compliance as the documents are easily accessible, secure, and backed up. Still, compliance is not just about storage – it is also about the processes that govern the creation, collection, and management of documents. Without proper processes in place, it’s easy for documents to be lost in the “digital pile”, deleted, not up-to-date, or never collected in the first place, which can have severe implications for the company.
To ensure proper document compliance and file management, companies need to consider the following:
- Standardize Document Management Processes – By standardizing document management processes, companies can ensure that everyone is following the same procedures for creating, collecting, storing, and managing documents.
- Invest in File Management Software and more specifically Document Compliance Software- These simple to use solutions can help automate document management processes, reduce manual errors, save 1000’s of wasted man hours, and ensure that documents are stored and managed according to regulations.
- Have Visibility Into Your Compliance – Having visibility is key. By always knowing what is missing, expiring or correct allows owners and HR personnel to sleep easier at night and utilize resources more efficiently.
- Be Ready for Regular Audits – Regular audits from the government can lead to costly fines. Having a system in place allows you to minimize what you need to be ready for the audit and the ability to quickly correct things before the audit occurs.
- Automate, Automate, Automate- Manual tasks cost Indian businesses more than 10x’s what simple compliance management software costs for a business.
In conclusion, while document storage is an essential component of file management, it is not enough to ensure document compliance. Companies need to focus on creating processes that govern how documents are created, collected and managed, invest in compliance management software, provide visibility, and always be ready for audits. By doing so, companies can ensure proper document compliance and file management, reducing the risk of financial penalties, legal action, and reputational damage and have a much more profitable business.
