When you hear “document lifecycle management,” you may quickly file the expression into your mind as another company buzz phrase that can be ignored. However, this is not always the case, especially when it comes to time-sensitive or confidential material.
What exactly do we mean by document lifecycle management?
Here, we’re referring to the process of a document from its initial inception to proofing, approval, implementation, archiving and, eventually, destruction.
It seems simple, but unless there is a set system in place, it can be easy for documents to get lost in the shuffle of everyday work. This is especially true when so many different types of documentation are required: W2s, direct deposit stubs, payroll timesheets, accounts payable, accounts receivable, invoices, contracts, drawings, photos, HIPAA forms, etc.
However, the implementation of an electronic document lifecycle management system can easily help you streamline this process. Here are just a few of the benefits:
- Simplicity - By creating and implementing a customized lifecycle schedule for each document within each project at its beginning, you won’t have to remember or store a schedule in a separate place. It’s all done for you!
- Efficiency - No more searching through filing cabinets and stacks of paperwork! With all documents organized in one place, it’s easy to find and share documents easily with co-workers, project managers and clients.
- Establish clear audit trails - If you find yourself in the middle of an audit, you’ll easily have documented evidence of your important information from every step of the process. This also assures that your documents are kept for the correct amount of time established by your local government, which helps to ensure the most accurate information.
- Security - Easily place limited user access on documents containing personal or sensitive material to ensure private and important information is only seen by those who need to see it.