How Companies Use ECM to Reduce Compliance Costs

In today’s fluctuating business marketplace, companies from every industry encounter challenges with how to keep on top of frequently changing compliance requirements.

The medical industry must protect an individual’s personal health information under HIPAA.  The financial industry should monitor the processes of producing and changing financial records according to the Sarbanes Oxley Act.  It’s not just specific industries affected; essentially any business with employees is influenced by OSHA, FLSA, FMLA, etc.  Non-compliance of these regulations puts businesses in jeopardy for penalties like fines, lawsuits, damaged reputation and compromised data just to name a few.  Compliance costs companies billions of dollars each year.

One of the best ways for a company to reduce the cost of compliance is to utilize document management software, or enterprise content management (ECM). Since retaining documents is a key factor in compliance, having a solid document management strategy is crucial.  The features of ECM arm a company with multiple highly effective tools.  For example, this strategy can…

  • enable a company to keep track of altered document versions
  • establish a history of when documents are accessed, and by whom, to aide in audits and evaluations
  • streamline business practices by automating processes and activities
  • smooth the progression of changing compliance requirements
  • permit internal IT staff to set standards for managing, retaining and disposing of data under preset rules and schedules

 

ILM devises custom ECM solutions for our clients.  Whether you’re a small business, work in the medical field, or are a government agency, we can equip you with the necessary tools to adapt to a digital strategy.  An increase in digital information, along with the boom in cloud-based services, remote workplaces, social media and mobility, are all driving the adoption of ECM.  The ability to capture, manage, search, retrieve, store and deliver data to who needs it when they need it is invaluable especially in a competitive market and economy.  ECM helps your business reduce risk, and enables you to focus more on what’s important to your success.

 

 

 

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