Verbal or informal agreements, also known as “handshake” agreements, may have been a popular way of conducting business in the past (although COVID-19 may have decreased their use), but in the modern business world, nothing is considered official until it is documented in writing. Despite the significant advancements in technology, several crucial business processes still rely on physical paper documentation. However, manual paper-based processes are not only inefficient and time-consuming, but they are also less secure than their digital counterparts. Paper documents can be lost, misplaced, stolen, damaged, or destroyed without any record of the events.
To address these challenges, businesses can convert paper documents into fully digital assets using solutions such as Digital Mailroom. Unlike simple image scans, digital assets offer several benefits, including enhanced collaboration, controlled access to critical information, and increased document security and traceability. By embracing digital transformation and document digitisation, businesses can streamline their operations, improve efficiency, and mitigate potential risks associated with manual paper-based processes.
Benefits of Document Digitisation
Implementing digitisation and data capture solutions is a crucial first step for any organisation seeking to initiate their digital transformation journey. This step enables the organization to benefit from downstream automation, enhance security measures throughout the business, and facilitate further digitisation initiatives in other areas of the business.
1. Digital redaction
Tools for document digitisation can provide a quick and efficient way to redact sensitive information from important documents, particularly for law firms. Advanced AI tools that utilize optical character recognition (OCR) technology can identify sensitive information and automatically redact it, saving valuable time and significantly improving efficiency. With paper documents, automated redaction commands, such as batch redaction, are simply not possible.
2. Authorised access
Post document digitisation, you can exercise greater control over access to them and how employees and stakeholders are allowed to interact with them. By creating tiered roles or groups within the document management system, you can grant different levels of access to confidential or protected documents to each group. This allows you to control who can make changes to a document, who can view but not edit it, and who cannot open the document at all. This level of control is not possible with paper documents.
3. Digital revision and signature tools
Revisions are a common part of document workflows, and it’s not uncommon for there to be multiple versions of a document. With paper-based processes, this can pose a security risk, as printed drafts can be lost or end up in the wrong hands, potentially compromising sensitive information. Additionally, outdated or incorrect information may be inadvertently distributed. By centralizing document management in a digital system, the most up-to-date version can be easily accessed and controlled, reducing the risk of security breaches and ensuring accuracy in information dissemination.
4. Secure backups
Even though digital files offer more security than physical paper documents, they are still vulnerable to destruction or loss in unexpected events like floods or fires. However, businesses that digitise important documents are better prepared to recover from such events as digital documents are easier to back up and protect in secure cloud storage. It is advisable to group backed up files in a logical file structure based on access privileges and encrypt them for enhanced security. Many document management tools can seamlessly integrate with secure backups, ensuring better business continuity while preserving critical permissions and security settings.
Document digitisation and management remain an essential aspect of any business, critical in protecting intellectual property, personally identifiable information, and even unfinished or inaccurate drafts. Every part of a business uses documents, and the organisation’s overall security is only as strong as the weakest link. Some core business functions may still be lagging behind in the digital world, posing a potential security threat. Digitising documents and processes empowers businesses to better enforce proper security protocols and practices throughout the organisation. By securing previously uncontrolled document processes, businesses can ensure compliance and reduce business risk.
Find out more about XBP Europe and its suite of digital solutions and document digitisation offerings can help you achieve greater efficiency, data management, and document security through digital transformation.