Key Sections
Summary of Chapter
- Businesses can benefit by implementing document automation software, particularly businesses in regulated industries where adherence to strict guidelines and compliance is non-negotiable.
- Document automation software helps businesses overcome compliance risks by ensuring that their documents are created, managed, and stored in adherence with all regulations.
- Document automation software simplifies processes by automating tasks.
- By automating workflows, document automation software ensures that all documents are accurate and consistent with regulatory requirements and company standards.
- Document automation software provides a centralized platform where all stakeholders can access, review, and approve documents in real time. This fosters better collaboration across departments.
- Investing in document automation software can lead to significant cost savings and a higher return on investment (ROI).
- Look for these document automation software features to take your business processes to the next level.
What is Document Automation Software?
Document automation software refers to tools and systems designed to create, manage, and streamline the process of generating documents. These tools are often used to automate repetitive tasks associated with document creation, thereby reducing the time and effort needed to produce high-quality, consistent documents.
Businesses can benefit greatly by implementing document automation software—particularly businesses in regulated industries where adherence to strict guidelines and compliance are non-negotiables.
We spoke to Brandon Malz, GlobalVision’s CEO, to get his expert insights about this technology and its specific business benefits.
Automate Regulatory Documentation to Ensure Compliance
“One of the biggest challenges in regulated industries is maintaining compliance with ever-evolving laws and regulations,” says Brandon. A document automation software helps businesses overcome this obstacle much more easily by ensuring that their documents are created, managed, and stored in compliance with these regulations.
He also notes that automated templates and workflows help standardize processes, reducing the risk of human error. Brandon notes, “standardization is key for compliance as it ensures that all processes and documents adhere to a uniform set of guidelines and regulatory requirements. This is crucial as it minimizes the risk of errors and non-compliance issues.”
The uniformity that comes with standardization also improves accuracy, simplifies audits, and ensures that the organization consistently meets legal and regulatory standards. Ultimately, this protects businesses against potential fines and legal and reputational damage.
Implement Workflow Automation to Boost Productivity
As the CEO of a lean organization, Brandon notes that productivity is one of the most important factors to running a successful business. “We’re always looking for new ways to improve our processes through automation—make them faster, easier, more lean. This not only helps us build our products at a faster rate, it also helps boost productivity amongst employees – easing their workload while still allowing them to complete tasks at an accelerated rate.This is something regulated industries can take note of and take advantage of as well.”
Manual document creation and management processes are time-consuming which is why businesses should constantly be looking towards automated solutions to achieve success.
Document automation software is a great way to implement automation in workflows as it automates repetitive, manual tasks such as document creation, proofreading, quality checks, and approval workflows.
This significantly reduces the time and effort required to complete these tasks, allowing employees to focus on more strategic activities. The result is a marked improvement in overall productivity and operational efficiency.
Use Automation to Help Eliminate Errors
In regulated industries, accuracy and consistency of documentation are one of the most important factors to ensuring company success. Automation software eliminates the inconsistencies that often come from manual processes.
“For over 30 years we’ve seen firsthand how our automated products have significantly improved the workflows of our customers in regulated industries. In many cases customers have gone from having several errors slip through the cracks to 100% accuracy in their critical content.”
By automating workflows, document automation software ensures that all documents are accurate and consistent with regulatory requirements and company standards.
Integrate Collaboration Tools for Seamless Team Communication
Document automation software provides a centralized platform where all stakeholders can access, review, and approve documents in real time. This fosters better collaboration across departments and ensures that everyone is on the same page. Additionally, automated notifications and reminders keep the workflow moving smoothly, reducing delays and bottlenecks.
“Speaking with our customers, it has become increasingly evident that they all want an automated system that gets their tasks done. No one wants to switch from system to system or platform to platform. They want an all-in-one solution. As we build our products, specifically our flagship product Verify, we keep this in mind. With every new update, we are striving to build a more robust system that executes quality control tasks on documents in record time as well.”
Automate Processes to Cut Costs and Increase ROI
Investing in document automation software can lead to significant cost savings and a higher return on investment (ROI). By reducing the time spent on manual document processes and by minimizing errors, companies can lower operational costs. Additionally, the improved efficiency and productivity leads to faster asset development and time-to-market, further enhancing ROI. The initial investment in automation technology quickly pays off through these collective benefits.
“Simply put, automation leads to increased cost savings. We are consistently hearing how automated software helps businesses save on valuable resources by reducing the need for additional labor or material resources. It also significantly decreases the chances of errors slipping through on critical content—which can lead to detrimental legal fines and financial setbacks.”
Biogen, a longtime GlobalVision customer, was able to calculate the following success metrics they experienced since implementing automated technology into their workflows:
Document Automation Software Features
Along with these valuable insights, Brandon adds that there are key features to look out for in an automation software. He notes that his chosen top three features “will make document automation software an essential tool for any growing business in regulated industries and beyond.”
The three features are:
- Customizable Templates: Helps ensure consistency across all documents, reducing the time spent on manual formatting.
- Data Integration: Allows for the seamless import of information from various data sources, minimizing errors and duplicative efforts.
- Security Features: Having encryption and access controls to protect sensitive information from unauthorized access is key in safeguarding businesses in regulated industries.
FAQs
How does document automation software benefit regulated industries?
In regulated industries, compliance with laws and regulations is critical. Document automation software ensures that all documents adhere to required standards, reducing the risk of non-compliance. It also streamlines workflows, enhances accuracy, and saves time, allowing companies to focus on more strategic tasks.
What are some key features to look for in document automation software?
Key features include robust security measures, compliance tracking, customizable templates, workflow automation, audit trails, and integration capabilities with existing systems. These features help ensure that documents meet regulatory requirements and are managed efficiently.
Can document automation software help in reducing operational costs?
Yes, document automation software can significantly reduce operational costs by minimizing manual labor, reducing errors, and speeding up document processing times. This leads to lower administrative costs and increased efficiency across the organization.
How can document automation software improve data security?
Document automation software enhances data security by providing controlled access to documents, encryption, and secure storage solutions. It also offers audit trails to track document modifications and access, ensuring that sensitive information is protected and regulatory requirements are met.
What is the best document automation software?
Selecting the best document automation software for regulated industries depends on your specific needs and preferences. When choosing the best software, consider your business size, the complexity of your document workflows, integration needs, and budget. Reading customer reviews and consulting with vendors can also help ensure you select the right tool for your regulatory compliance and automation needs.
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