Secure document storage can greatly benefit organizations of all sizes. From data breaches to unauthorized access, protecting sensitive information and making the most of documents has become increasingly difficult. However, modern secure document storage solutions are designed to tackle these challenges head-on. In this post, we'll explore three common issues organizations face with document storage - data security concerns, limited access, and disorganization - and how secure storage solutions are addressing them effectively.
Challenge #1 - Data Security Concerns
Data security is of critical concern for organizations managing sensitive documents (such as contracts, for example). Sensitive documents often contain confidential information, including personally identifiable information, financial details, contract amounts, delivery terms, etc. This makes them prime targets for unauthorized access. Without robust security measures, organizations face the risk of data breaches, loss of client trust, and legal issues. Inadequate protection of documents can also lead to regulatory non-compliance, which can then result in penalties and fines.
Secure document storage solutions boast recognizable and reputable security attestations - such as SOC 1, SOC 2, and Privacy Shield compliance. These certifications provide a means to comply with data protection requirements when transferring personal data to and from various locations - including support of transatlantic commerce processes. Furthermore, organizations can specify the file extensions they want to be restricted from being uploaded and attached to records. There are also log retention and expiration settings across the system that can easily be configured according to an organization's needs.
Challenge #2 - Limited Access
Limited access can be a significant pain point when managing documents such as contracts, especially in collaborative environments. Restricting access in a disorganized and limited manner can create bottlenecks, slow down workflows, and frustrate team members who need specific information to complete their tasks. If access controls are too restrictive or confusing, employees might need to resort to workarounds such as sharing documents over unsecured channels. This situation not only hinders productivity but also increases the risk of unauthorized employee access and general data leakages.
Secure document storage with the ability to control access in cloud storage offers highly configurable, user-friendly security options. Document management system administrators can create permissions associated with creating, reading, viewing, updating, editing, and deleting document records, including contracts, requests, vendors/customers, employees, and more. Permissions can be based on metadata fields associated with each document record area, including out-of-the-box and user-created fields.
User permissions can also include conditions on when said permissions take effect. For example, permission can be configured to allow editing of document records that are a specific contract type, over a certain contract amount, and more. Secure document solution system administrators can also define field-level alteration privileges for each document record field and viewing privileges for each attachment (document, file, etc.) on an employee basis. Security groups and roles can be defined to easily establish permission levels for multiple secure document storage solution users with identical access, viewing, and/or alteration privileges.
Challenge #3 - Disorganization
Disorganized document storage can be a major challenge - especially for organizations managing crucial documents like contracts. When files are scattered across different locations and difficult to search for, it becomes time-consuming for employees to find the up-to-date documents they need. This disarray can lead to missed deadlines, overlooked contract terms, and errors in decision-making due to the presence of outdated documentation. Furthermore, disorganized document storage makes tracking document versions and auditing difficult. Without a well-structured document management system, organizations can increase risks, decrease productivity, increase costs, and run into problems that could have otherwise been avoided.
Secure document storage solutions are highly searchable down to the file, field, and search term level. With saved searches, search history, and "Did you mean...?" functionality, employees can search for the documents they need quickly and effectively down to a granular level. With numbered version tracking and comprehensive audit trails, organizations can be confident that they are bringing the most up-to-date document to compliance audits and the negotiation table. Key metadata can be extracted from documents as fields for easy searching, tracking, and inclusion for workflows.
If you are interested in how the functionality mentioned above can benefit your organization and solve your challenges, book a free demo of our award-winning, secure document storage and contract lifecycle management solution today!
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
