Alexander Gordon makes a great point in his article [The] Importance of Document Management in Compliance Strategies when he says "Compliance strategies help decrease regulatory as well as litigation risks that the enterprise faces. They help to reduce mismanagement of data, ensuring that the companies secure their information and utilize it wisely."
Gordon's full article is really useful in explaining the value of a document control system, but this particular quote stands out because it speaks to one of the core values of a well-designed document management system ? the ability to help ensure internal and external regulatory compliance.
Industry executives understand that having document control procedures in place improves workflow efficiency, which in turn saves money by eliminating the duplication of employee efforts. But what they often overlook is the value that a simple document management system can offer from a risk prevention perspective.
In 2008, there isn't an industry out there that doesn't have to meet some sort of regulations or risk being penalized. By implementing a document management system corporations can ensure compliance through corporate-wide workflow procedures and real-time status reports.