What is the Importance of EDMS in Business Compliance? In business, compliance means to comply with the existing rules and regulations. It is a must for a farm to stay in business and to gain the confidence of the clients and customers. It is also important to avoid trouble with law enforcement agencies. Like the Sarbanes Oxley Act of the U.S., many of these regulations require maintenance of business records in specific formats for a specific period of time. Systematic attention to compliance issues help to save substantial costs.
For making your business compliant, it is important to train your employees to attend to compliance issues. If your business doesn’t have such trained employees, it can lead to high costs with unsatisfactory results. To be compliant, document maintenance is a must for organization. Most importantly, the organizations have to maintain documents in specific formats and for specific time.
Here lies the importance of Electronic Document Management System:
Electronic Document Management System (EDMS) make compliance easier by ensuring maintenance of records in standard formats required by regulations. They preserve documents for the required specific periods of time. They use retire-by meta-tags to preserve documents. They can make automatic audit trial and detect the unauthentic documents. So it becomes easy to change and delete them. Audit trial records when and by whom a document is accessed, what he/she did with the document. This trial is a great step to ensure the security of the documents. Another important thing is that electronic discovery of particular documents or information is far speedier under an EDMS.
Compliance is a complex process but businesses can’t neglect it. Non-compliance not only leads to trouble with law enforcement authority but can make business damage. Reputation of a business farm will be in a “pressure-cooker” situation if it doesn’t prove it as a compliant farm. Electronic Document Management Systems is the best option to cope with the existing rules and regulations.