What document management challenges are businesses facing in 2024? We explore some key challenges from ensuring compliance, security and privacy, and more.
Efficient document management is a crucial aspect of a business in order to thrive. Whether it’s contracts, reports, or sensitive customer information, the ability to access and maintain documents properly makes all the difference. Businesses often find themselves navigating a complex environment when it comes to organising their documents, so we will explore these document management challenges based on our latest LinkedIn poll.
What is the main document management challenge facing your business in 2024?
The results were split into the following main challenges:
- Ensuring compliance
- Ensuring security/privacy
- Document accessibility
Poll results
Ensuring compliance
42% of respondents identified ensuring compliance as their main challenge of managing documents. Regulations are always evolving with increased scrutiny across industries. Whether it is about data protection laws or global regulations, businesses have to stay up-to-date, adaptable, and ready to align their business expectations with ever-changing compliance.
To address this challenge, it is important to implement robust compliance frameworks, leverage technology to streamline processes, and ensure adherence to regulatory requirements. This can be done by utilising document management software solutions with built-in compliance features to automate compliance tasks. Conducting regular audits is equally important to ensure any gaps can be addressed immediately.
Ensuring security/privacy
42% of respondents chose ensuring security and privacy as a main document management challenge. With cyber threats on the rise, protecting sensitive information from unauthorised access, data breaches, and cyber-attacks should be highly prioritised. A single security incident can lead to significant financial losses and irreparable harm to a company’s reputation. Therefore, businesses must adopt a proactive approach to cybersecurity to mitigate risks effectively.
Adopting a multi-layered approach to cybersecurity is invaluable, making sure it covers encryption, access controls, scheduled audits, and threat intelligence. For example, multi-factor authentication can strengthen access controls and reduce phishing attempts. It is very important to keep software and systems updated so that all security vulnerabilities are protected. Encryption for sensitive documents helps prevent unauthorised access at all times. Most importantly, foster security awareness among employees by conducting training and simulated phishing exercises.
Document accessibility
While compliance and security make up a huge portion of votes, 17% of respondents also recognise document accessibility as a notable document management challenge. Ensuring equal access to information for individuals is important to accommodate different departments involved in the business. Businesses should be mindful when creating documents whether in HTML or PDFs, making sure to match the format preferred by business partners.
Another way to be inclusive is for companies using traditional, printed documents to consider converting to electronic documentation or utilising Web EDI. This provides their suppliers, buyers, or customers with full visibility and access to the necessary documents. It is much easier to stay organised digitally and also beneficial in terms of compliance.
Other
Although 0% respondents chose “Other”, there are a few other document management challenges that could be encountered by a business: managing multiple or duplicate versions of documents, difficulty in finding specific documents when needed, integrating document management systems with other applications such as CRM or ERP systems, and ensuring storage capacity.
Addressing challenges related to document management require a comprehensive approach and the need to be far-sighted in dealing with company objectives. Staying innovative and open to new technology helps businesses to optimise their practices, therefore becoming efficient and successful in driving success.
Learn more about B2BE’s Document Management solution.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.