The following is a guest post from Jeff Frankel, Executive Vice President and Principal at docSTAR
Sharing data may seem at odds with protecting it in a world of massive security breaches.
The 2014 Ponemon Institute Cost of Data Breach Study estimates that globally, the average cost of a data breach to a company was $3.5 million in US dollars.
Solutions that fit under the umbrella of Enterprise Resource Planning (ERP) provide the foundation for managing information quickly and securely for the entire spectrum of business. Enterprise-focused tools help teams improve the overall efficiency and security of corporate data.
Enterprise Content Management (ECM) can help protect critical data in the following ways:
1. Protect data in a centralized database
Whether sent electronically or scanned and stored, all data can be identified and classified as needed. By structuring the content in a way that fits your business you can identify areas that require security like HR, accounting and other sensitive information, while giving open access to content that is not a security risk like marketing and product knowledge.
With ECM, data is easily identified, managed and shared across an enterprise to create efficiencies with standardization.
2. Authorize access
Ensure employees with the right security credentials are the only ones accessing critical data. ECM systems can not only store documents for tracking regulatory standards, contracts and legal data, it can also ensure best practices for the correct flow of information between departments. Automated workflows for approvals, electronic signatures and other required documentation increase efficiency between employees without opening any vulnerabilities.
ECM can enable secure communication between geographically diverse locations without the added risk of sensitive information getting in the wrong hands. With workflow rules and time stamping on all documentation, you know for sure who accessed your data and can automatically alert the proper parties when there is a potential data breach.
3. Manage your risk
Prepare for the unexpected. There is no telling what disaster – natural or otherwise – that could hit your business and render you inoperable for hours, days or even weeks. With ECM built into an ERP foundation, data is not at risk on site at a physical location that may incur damage due to flood, fire or theft. Instead your documents can be accessible anytime from any location.
Authenticated devices ensure employees have access remotely to keep you in business. With the prevalence of hosted service, small and medium sized businesses can enjoy the same security benefits of the larger corporations with a very low overhead and minimal startup investment, as well as the security of a redundant, disaster-proof data center. Ensuring your employees know how to effectively communicate and access their documents and applications during times of crisis are critical components to a full business continuity plan.
4. Safeguard compliance
Each industry and business has its own rules for compliance – from legal and HR to healthcare, manufacturing and education. ECM systems enable businesses electronically store mission-critical regulations, standards and procedures in a central location that is easily accessed by all employees.
At the same time, companies can implement the correct course of action through automated workflow management tools. These systems can also provide the necessary reports, dashboards and data to assist with improving overall businesses processes as well as ensuring information is readily available for audits and legal procedures.
The Bottom Line
ECM tools are available today in a multitude of formats for each and every business – from large global corporations to small family business.
Manage your company’s governance, compliance and risk with tools that are cost effective and easy to implement and be better prepared for what uncertainty lies ahead.
About the Author: Jeff Frankel is Executive Vice President and Principal at docSTAR, a B2B software firm specializing in cloud document management solutions and business process automation. He has more than two decades experience in corporate business development, working with industry-leading firms including Authentidate Holding Corp, Med-Flash, Health Focus of NY, and Ernst & Young. Jeff offers innovative perspectives on streamlining business for improved efficiency and productivity. You can follow Jeff and the docSTAR team @docSTARsoftware.
