One aspect of business that many companies need to be aware of is industry and government compliance. Whether it's healthcare facilities protecting their patients' information or law offices holding onto trial information for the correct length of time. The use of paper records can make these processes more difficult.
A recent article from Bank Tech profiled how financial institutions have been able to keep up with constant regulatory changes with the help of a paperless system. By going digital, businesses have been able to improve the way they handle data entry processes, limit missing documents and inaccurate data, and do away with stacks of cumbersome paperwork.
The piece continues to mention other ways that the industry can save time and money, such as by reducing document management issues, eliminating paper filing and capturing data from the beginning. With the way technology has advanced, the right document management system can include the ability to electronically sign documents and streamline the information sharing process.
"What's even more helpful, the signed documents can be transmitted from the iPad to the bank's office for processing," the article reads. "An operation that once took two to four days now can take four hours or less. Gone are the lengthy paper trails, filing and scanning. Digital documentation and the capture of an electronic signature guarantee authenticity and increase compliance with governmental standards and audit processes."
Of course, adding a digital system does not automatically eliminate the paper problem. Instead, companies need to partner with a document scanning and management company that can help cut down on the stacks paper that have already been accumulated.
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