Did you know implementing a document scanning system reduces risk in your business? Much has been written about the benefits of document scanning. The business world has accepted that keeping electronic copies of documents is less costly and more efficient. Implementing a paperless office and trying to “green” your environment has become a common practice, as well. While document scanning helps to achieve the goals of reducing costs, improving efficiencies and helping the environment, a hidden benefit to a document scanning system is risk reduction.

Governance and the GFC

Governance requirements for even the smallest of businesses are becoming more stringent. The GFC motivated governments all over the world to tighten their requirements for reporting. Transparency of data is vital to all of these new regulations. It’s no longer good enough to capture and store data, companies must now be able to retrieve it from a variety of different angles. Retention periods are becoming longer and disaster recovery is also being examined closely.

Reducing Risk with Document Scanning

How can document scanning help reduce risk? By implementing a strategic document scanning service, organisations can assure their business is not at risk from a governance view. The necessary components of a complete document scanning system include:

1. A central repository – Storing all your document images in one place is a key point of difference in risk management. When your documents are scattered in different places, indexed different ways and with no common access method, your ability to manage those documents diminishes.
2. Integrated products – Document scanning has been around a long time. Many companies have built their EDM holistically. It’s not uncommon to have disparate products involved, as well. To improve efficiencies, it’s important an organisation adopt document scanning solutions that work together and operate as a single entity.
3. Outsourcing – Employing a company to manage document capture and storage increases efficiencies and instils consistency across your enterprise. While best intentions often accompany in-house document scanning operations, the reality is these functions are often pushed aside for tasks that are more pressing. Good intentions are not considered when governance issues are at play.
4. Security – Your information holds your intellectual property (IP) and, quite likely, confidential customer data. While you obviously want to protect your IP for competitive advantage, you are also obligated to secure confidential data of your customer including payment details, medical information or legal issues. You will be liable if sensitive data is exposed due to your neglect.
5. Disaster Recovery (DR) – The best document scanning system in the world is worthless if you don’t have a comprehensive DR system in place. Corporate governance responsibilities mandate your information in protected at all times, in all situations.

Risk reduction is a very real benefit to document scanning systems. While the technology has been around in some form or other for many years, new government requirements are driving the need for a more strategic implementation and management of these systems.

How has document scanning helped reduce risk in your business?