It only takes one file to destroy your company. This file doesn’t have to be inherently deceitful, nefarious, or duplicitous; it can get you into hot water for simply existing.
But why? How can you avoid being sucked into the lawsuits that thousands of companies go through each year? Let me teach you what 20 years as a Digital Transformation Specialist has taught me about records compliance in 2 minutes.
What is Records Compliance?
You know those old files you have? You don’t actually have to keep all of them. And the more of them that you have, the more at risk you are.
Depending on your industry, there could be a number of reasons. For example, keeping records for too long can expose a company to significant legal and financial risks, such as litigation due to non-compliance with updated regulations.
Why So Many Companies Get Sued
Keeping up with these things is almost impossible if you’re on a paper-based records system. I know the old-school wick and candle people will probably come at me for saying this, but those who aren’t digital will eventually mess up. If you get sued, those documents you forgot about could become the smoking gun evidence that’ll have you forking over millions of dollars.
Compliance laws change on a regular basis. Even though you might not know you’re doing something wrong, you very well could be. Believe it or not, this happens a lot. When companies don’t have a streamlined process to execute compliance laws, they end up falling behind on destroying records. You may think anybody will find out, but I think it’s not a risk you should take.
How Come Everyone Isn’t Digital, Then?
Maybe you know your existing system is destined to fail, but you’re afraid that a digital transformation specialist will not be able to meet your industry’s standards. To eliminate this fear, it’s important that you understand what those standards are before you complete your transformation. When vetting a digital transformation specialist, ensure they are familiar with all the standards they have to meet.
In fact, if they don’t have documents on hand that list everything that your industry requires, run! They could mess up your whole operation. As long as you have a team that knows what they’re doing and clearly understands the rules, trust us, you will have a successful digital transformation solution.
Why You Need A Digital Transformation Specialist: The Bottom Line
Digitizing your documents and automating your processes will protect your clients, employees and business from a potential loss that could be devastating.
A digital transformation specialist is not just for your records management system. It’s one key component of a larger machine. I always tell my clients, don’t work harder; work smarter.
A digital transformation can automate business tasks, speed up access to information, cut expenses by 40% at times, and make your employees more productive. If you have a problem, there’s always a digital solution. You just have to reach out and ask for one.