Information - an asset you can no longer afford to ignore. Learn More

Blog

Is poor data management running wild in your business?

Poor information management puts business at risk of non-compliance

| Business efficiency

At times, data can see like a troublesome child, unruly and difficult to control. However, as with parenthood, such troubles can't be heaped on the child; it's under the parent's remit, much like data mismanagement is the fault of the organisation in charge of it.

Moreover, the downside of either sort of mismanagement is the same for both parents and CEOs: it's incredibly expensive. And yet, while parents might have to pay for broken TVs or spilled drinks, business owners will be part of a fraternity that shells out unfathomable amounts for their mistakes.

In the US alone, poor or dirty data costs businesses and the government a whopping $3.1 trillion each year. Perhaps more important is the risk of non-compliance with a whole range of laws and regulations.

Are your data management processes handling your troublesome child?Data management can be like looking after a troublesome child.

What are the risks of non-compliance?

There's a reason why every organisation should worry about being non-compliant. The business must produce records to prove they are operating within compliance standards; the burden of proof is on them, which can make it an annoyance to regularly go out of your way to do so.

On top of fines and potential legal ramifications, non-compliance works at odds with any business's key motivation – to look after customers. If your data is not secure and easily accessible, it impacts at the end-user level, with reputation on the line and ready to be criticised.

To make sure your organisation does not fall foul of non-compliance, information must be accessible by the right people, not locked away in silos.

What kinds of businesses are at risk?

Every business has compliance measures, regulations and restrictions that it has to work to, making each at risk of failing to do so. What's more, most are struggling to make the process accurate and efficient.

For instance, the latest European Medical Agency (EMA) report, which analysed clinical practice inspections on medical facilities around the globe, found that even this industry is in poor health when it comes to document management.

EMA inspectors recorded 673 compliance issues, with 30 considered critical, 290 major and 353 minor problems. Mismanagement of "essential documents" was the reason for the majority of the most critical and major deficiencies.

Many of these failing practices also had "inappropriate systems" for reporting the violation of protocol, leading to problems with blood test results, delays in clinical trials and the late submission of lab reports.

How can businesses remain compliant?

To make sure your organisation does not fall foul of non-compliance, information must be accessible by the right people, not locked away in silos.

Because finding information to prove compliance is such a time- and productivity-sapping thing to do, the right information also needs to be found quickly and – of course – accurately.

However, pushed for time and resources, many businesses just paper over the cracks in order to pass a compliance audit or respond to a compliance request. Without confronting the core of the issue, they'll find themselves doing the same time and time again.

How we help

Experience Matters specialises in records and document management, and we've helped plenty of businesses improve this burdensome, inconvenient, though no doubt important part of the daily business routine.

This usually begins with a health check, to analyse how your organisation currently handles its information and benchmark this against wider industry best practices. We can report on information management exposures, risks and inefficiencies.

We then help develop tools to improve information management practices and mitigate business and compliance risk. Finally, we'll help you report on compliance activities to ensure you're reaching your goals of cutting time and boosting business efficiency.

So, if your data is unruly, we'll be your super nanny. Give Experience Matters a call today on +61 438 429 144 to make sure your business is at the peak of compliance.

RSS
Follow by Email
Google+
Twitter
LinkedIn