If meeting compliance regulations is vital to your business and you haven’t deployed an enterprise content management (ECM) tool, you may want to talk to the decision makers within your IT department.
In a recent blog posted by Onbase by Hyland, the vendor addresses how an ECM solution can aid in business when it comes to regulatory compliance. The post mentions an example: the changes at the U.S. food-safety system. The system is now subject to additional government inspections at food processing locations, according to the post, and the Food and Drug Administration (FDA) is able to put mandatory recalls of unsafe food in place.
“Part of the recall process requires manufacturers to provide remote access to critical records and documentation to the FDA for investigation and audit purposes,” according to the post. “That’s a nightmare come true for food producers with scattered and disorganized document management. One that could mean disaster to the business – from lost revenue to facility closure. After all, a typical FDA recall can cost millions of dollars.”
The post went on to say that a good ECM tool can facilitate audits and other compliance requirements with ease. And in the manufacturing space, many companies reportedly save when it comes to audits after deploying an ECM platform.
Finding and implementing the right records management tool is also helpful for business and will allow users to place an expiration date on a document. After the expiration date is set, the tool will either delete it automatically or alert the user, letting them know it’s time to get rid of the file.
Those in financial services can also benefit from an ECM tool as it can monitor Sarbanes-Oxley (SOX) compliance requirements, according to the post. It also helps manage compliance costs.
The blog post also listed other benefits to an ECM tool, including an enhanced response to evolving compliance regulations, storage and communication of changes, the ability to manage the retention of stored docs with predetermined rules and more.
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