Document Versioning and Audit Trails in DMS
Updated: Jan 6
Auditing and Versioning are two words that are self-explanatory and important.
Version control is a way in which items are tracked, incremented, and updated throughout the life cycle of a document. By using the appropriate mechanism, employees will always work with the most up-to-date version of their files.
In the absence of version control, your employees and decision-makers may be forced to deal with outdated, incomplete, or missing content across departments and individuals, leading to significant cost and efficiency challenges.
In addition to storing all relevant company information in one location, ECM will help companies stay compliant with increasing regulations, boost productivity, and perform auditing and versioning regularly which will result in smoother, faster business processes.
As your business grows, your data will become more and more abundant. User access to unauthorized documents may occur and administrators may be required to manually revise old files and synchronize them; this contributes to high total costs of ownership.
Document versioning ensures that a company's content stays relevant, accurate, and up-to-date. By using a standardized process, documents and data assets can be created, revised, and deleted quickly. Multiple revisions make it easy to keep track of documents.
Users can check in and out of documents. There is no limit to the number of revisions you can store. It is possible to see the changes in history and comment on them.
This tool provides users access to the right files and gives administrators the power to assign them to specific documents while restricting access to others. This software organizes files in the background and creates an audit trail so that they can be reviewed and audited.
A notification will appear once the audit trail is accessed or changed. The risk exposure will be reduced since you'll know who acted, when, and what was done instantly.
Auditors require documentation from businesses. There's no way to overstate the importance of providing documented information. An ECM solution allows you to manage and sort documents. Recording those documents' details with a timestamp facilitates compliance with regulations and auditing.
As a final note, this is usually part of an ECM solution, however, checking how many levels of versioning are possible or which information is included in the audit trail could be useful depending on your business needs.
Excellent - let's start going paperless now.
Let us Wrap Up
It is crucial to choose an enterprise content platform that offers all these features and has been specifically designed for your enterprise. You should also ensure that the tool fits the needs and expectations of each user and that it integrates seamlessly with your overall content strategy.
While evaluating your vendor, do check this.
Please connect with us, as we offer one solution embedded which is low-code and customizable. Get a free consultation. You can follow our LinkedIn page and our hashtag - #dxsolutionadvisor, on LinkedIn.