Industries must keep data for compliance and legal reasons, and now with electronic data the amount of information is insurmountable and overwhelming.
For brevity sake let's address Educational institutions, and their need to keep student records for the duration of a student's education. Some information, such as college transcripts, may be held for many years. Data is not only for record keeping, but with the information that schools now have on students lives and their studies, it can inform them on how to improve their educational programs.
However, on the other side of the coin, information like this poses a serious risk. If a social security number is leaked, a person's life can be destroyed in an instant from identity theft, for a company the threat is multiplied. In 2014, Target was the unfortunate victim of a massive cyber attack, nearly 70 million people's personal data and credit card information was stolen. Having the proper technology in place, like an advanced and cyber secure ECM could have thwarted such an attack.
In addition, depending on the legal requirements data must be held for a certain amount of time, after that date it must be destroyed. However, electronic data poses a new challenge and a significant problem if not addressed correctly. Many educational institutions are using Enterprise Content Management Solutions to improve their deletion issues. Duplication is a problem, but An ECM captures and organizes all of a student's information in one central repository.
There are many electronic data storage technologies out there, however, they are not all equal and not necessarily resistant to loss, or worse information being hacked. An ECM has highly encrypted technology, making it impossible for "back door" hackers to steal information.
Also there's always the problem of paper documents and records filed haphazardly. An ECM quality company will pick up and provide on-site archival storage in a vault-like setting, along with destruction services once the information is no longer needed for compliance issues. Archiving documents is more than just simply storing them, it's making sure that the compliance and the retention schedule is adhered to.
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Enterprise content management (ECM) solutions organize, manage, and distribute content such as documents, sensitive employee records, health records, surveys, invoices, product information, and just about any online correspondences. Companies that utilize ECM's can store, track, edit, and collaborate on content while maintaining a high level of security. People at every level of an organization can access and share information using an ECM.
Companies, Government Organizations, and Educational institutions are using Enterprise Content Management (ECM) with impressive success. ECM's span a wide variety of systems, strategies and tools that are designed to improve organizational and operational processes. ECM's essentially capture, manage, preserve and share information across an entire network.
Driven by the need to control exponentially increasing amounts of information that resides across the enterprise, many organizations are looking to create order among content chaos by leveraging ECM and document management solutions.
Here are 5 ways to increase ROI with an ECM:
1. ECM's saves time by improving overall operational processes by digitally capturing valuable data
2. An ECM organizes and manages your data, so it's always easily searchable and retrievable
3. ECM's archives & preserves documents & records for regulatory compliance that happens at regular intervals.
4. They deliver & share important information with your team at any time for more of a successful collaboration. You want your team on the same page
5. They secure your data with the highest level of advanced encryption for maximum security
Bottom line: FileBankINC ECM cloud tools help organizations to sustain & grow, without an ECM you're hurting your bottom line.
No question, ECM tools help organizations of all sizes and in all industries better organize their structured and unstructured data in an effort to better manage and harness an ever-increasing amount of content.
An effective ECM solution will reduce the time, cost and complexity associated with storing, locating and collaborating on documents and data. An effective ECM solution will improve operational efficiency and access to critical content, as well as address any quality and compliance and government requirements that may arise.
In the past several years, there have been many studies on how ECM's and document management solutions, like FileBankINC's can help companies to grow, improve operations, protect against hackers, and secure valuable information.
We can help you with your ECM needs. Contact us or feel free to drop us a line firstname.lastname@example.org
Step in the 21st century
Recently, we showcased FileBankINC ECM solutions at the well attended PASBO (Pennsylvania Association of School Business Officials) conference. Pasbo is an event focused on the business side of education, and we met a lot of people interested in new ways to streamline and protect information, such as with an ECM.
An ECM tracks information so you stay reminded of important data. School officials are starting to realize that filing paper documents and records are so "old school". They are becoming very interested in technology that can help access, intuitively organize, and safeguard personal and confidential information.
"Paper documents are fast becoming a nuisance for data management for K-12 schools and higher ed institutions. Also, universities are a major business and if they want to function at an optimal level and remain competitive, they must automate or else they risk staying current."
Enterprise content management solutions allows k-12 and higher education to keep their information current, organized and keep everyone who needs to be on the same page.
ECMS saves money in the short run and the long run
According to many experts in the education field, For K-12 school districts and higher education institutions, budget constraints and increasing requirements have made “do more with less” the mantra that drives their day-to-day administrative operations. However, this old axiom can cost thousands and even millions in the long run.
Unfortunately, schools systems are often are the laggers in catching up to technology. They are outdated in storing records. Considering the operational costs of paper documents; the amount of time that is spent by administrators, and the space to store them can be a bit overwhelming. There is also the threat of physical documents being lost or destroyed. it’s really clear why it's time to reduce the burden and the cost of storing needless amounts of paper. In addition, even if school systems are using cloud platforms to store data, they are not intuitive enough to store, manage and handle the influx of information.
However, there are educational institutions that are expanding their paperless initiatives by turning to new business process technologies such as an enterprise content management (ECM) to help control the flow of information, as well as streamline processes, save money, and bring their students & staff more ease and overall efficiency.
ECM's Provide Data Support
K-12 school districts and higher education institutions often rely on a variety of software systems for a host of operational processes including HR, finance, student records and teacher contract management. Through the use of business process automation solutions such as an ECM, essentially a repository which helps consolidate content and data. ECM's capture information once and intuitively send it out to multiple channels. This reduces the need to input the same information into different areas and reduce the risk for inaccurate data.
For many universities are adopting this solution. ECM which acts like a single repository has been key to helping reduce the onslaught of data by administrators, teachers and students. With an ECM information such as student personal and academic records are kept private and safe. Not too mention, a student has the right to access their information on demand.
Keep An Open Network
Communication is key when many types of data is being used, such as teacher contracts, personal leave requests, students grades. Let's face it information like this play an important part of a school's business process, without them administrators are in the dark. Continued reliance on paper and manual processes often lead to many issues that can cost time and money.
Through secure business-process automation connection among everyone becomes easier and it's facilitated between those parties that need to be involved. In the end, this promotes smoother workflows and provides tracking of content that's needed in order to run the day to day operations.
Simplifying Compliance and Retention
ECM's are one of the most important tools for meeting compliance goals, according to Apoorv Durga, a senior analyst at Real Story Group. Educational institutions have compliance and record retention issues continually,, whether they’re dealing with paper or digital documents. Local, state and federal laws are constantly being modified and staying on top of this can save many headaches. ECM's are powerful to use since they consolidate such regulatory content into a ECM. Now with such technology, institutions can streamline and standardize their content storage, protection and destruction process.
An ECM system automates the retention and destruction of documents based on your preset schedules. An institution can set retention time periods based on federal, state and local regulations. You also have less documents being destroyed by mistake.
As data management becomes increasingly complex for educational institutions to manage ever-changing systems, inter-departmental communication and compliance issues, ECM's can create a virtual paperless environment while increasing efficiency and productivity.
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