From finance to banking to healthcare to day care, industry regulatory compliance is part of the business of doing business. Part of compliance – a big part – is records management, and many of those records are in paper form. Paper has a long and noble history, but it is a very labor-intensive medium, especially when a compliance audit demands supporting documents for your operations. If your paper documents haven’t been converted into searchable e-documents by a document conversion expert, your mission-related productivity will suffer while your team rummages through files.
OCR adds searchability
Locating a specific piece of information, even if a document has been scanned and filed in an electronic archive, is an arduous and time-consuming task unless the document was scanned via OCR (optical character reader) software. A standard PDF conversion is not readily searchable; to make a PDF searchable, it must be re-scanned through OCR software. Often the OCR software must be custom-formatted to understand certain areas within the document (account numbers, signatures, etc.), a task requiring expertise that may not be part of an in-house administrator’s skill set.
Metadata categorizes and adds history
Auditors may also inquire about a document’s origins: when a document was created, who created it, who scanned it and when, what kind of document it is, and whether it has any related documents or transactions. Tracking down a document’s history is quite time-consuming if there is no metadata. Most documents created on a computer have at least some form of metadata tags (date, file type, and creator, at a minimum), but scanned documents have almost no metadata tags. Metadata tagging can be speeded up through automation, but like OCR scanning, expert customization is needed to make the automation effective and accurate.
Clearly, in any regulated business, it makes good sense to build a searchable, categorized document database that supports compliance. But it’s complicated. And a less-than-expertly created database is unreliable, and often unnecessarily expensive. Follow the advice of Inc. Magazine to find a skilled, experienced vendor to take your enterprise through the document conversion process:
- Talk to a vendor’s former employees
- Talk to a vendor’s customers who have provided testimonials
- Look at employee reviews
- Think like a journalist doing investigative research
With a well-designed and compliant digital document database in place, you can spend your time making your business productive and profitable.
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