No organization wants to waste costs on fixing problems that shouldn’t have occurred in the first place. Document management software is something that the majority of companies have now automated. While handling physical documents is manageable, monitoring and management of electronic documents require a bit more effort and administration.
Poor document control is a significant gamble in companies. It is a factor that could result in substantial financial loss and productivity every year.
For organizations that utilize document control, there are specific areas that require special attention. Focusing on these areas could help avoid disastrous outcomes.
Although there may be many negative costs affecting a company through poor document control, a few of the major expenses include:
- Loss of productivity.
Employees typically spend way too much time searching for information on a system. With a loss of productivity of employees, this could cause them to become oblivious and make losses for a company.
- Regulation violations.
Following the required regulations is vital for companies to focus on. Many companies have been fined millions of dollars for improper record keeping.
Improper document control could lead to sensitive information being leaked or in the wrong hands.
If documents become inaccessible to employees, this would be a significant disadvantage to individuals working on critical files.
If not performed correctly, poor document control can put a company in jeopardy. While considering these factors is essential to every organization, it should be kept in mind that the software itself isn’t the issue, the way it is handled is.
Harrington Group International developed one of the most efficient document control software systems to help companies manage their documents lifecycle from beginning to end. HGI’s software by HQMS is known to be one of the most effective in its industry. HGI makes it a priority to provide businesses with performance improvement solutions for all industries worldwide for optimal organizational effectiveness.