How the Pandemic has forced companies to innovate Document Collection practices.

How the Pandemic has forced companies to innovate Document Collection practices.

With the onset of the global COVID-19 pandemic and efforts to contain it through public health measures, social distancing, lockdown, and quarantine measures, the data and assessment landscape is facing long-term impact, which could provide the long-awaited push for all stakeholders providing international assistance to re-invent not only how to collect important business documents in the coming months, but also to translate the accumulated rich experience into current practices.

The difficulties that the pandemic creates in accessing communities and collecting important documents will affect not only the humanitarian community but all stakeholders who rely on up-to-date data for response and planning. Document Collection during a pandemic involves several important challenges. Even while lockdown restrictions appear to be reducing, the techniques utilized in the “old normal” may not be fit for purpose at the current stage of the crisis. Continued restrictions on local and international travel, as well as employee incapacity (or unwillingness) to visit offices and storage facilities, may jeopardize a company’s ability to collect all required documents and data.

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Here are a few suggestions for implementing an efficient document collection and review program during the current pandemic:

Data Mapping is critical

This has always been a crucial tenet for any internal inquiry – but given the complexities of accessing documents, a detailed custodian and data map showing the location and recoverability of physical and electronic documents and data must be developed.

Collating Physical Documents

With the lockdown easing, it is becoming somewhat simpler, if not practicable, to collate hard copy documents. If they can be safely compiled, think about where the physical documents can be delivered. Consider if it is essential or cost-effective to digitize the data using scanning software.
Is there a secure hub nearby that reviewers can access in a COVID-safe manner? If it is not possible to retrieve physical documents safely, businesses should carefully consider how to preserve and secure them so that they can be recovered at a later period.

Electronic documents and data

This is one instance where technology can be advantageous. There are numerous methods in which IT forensic teams may assist businesses in gathering data remotely. This can range from typical in-person attendance at offices to “image” data (although on a socially distanced basis) to full forensic copying of the essential data.

The pandemic’s challenges to successful document collecting can be overcome with a little innovation and innovative thinking, as well as patience and planning. Collecting and verifying proper documents is vital for the success of any organization. MIMO can verify, compile, and deliver required documents to you, and ensure that they are properly obtained, managed, and delivered without delay.

MIMO has proven experience in the Finance industry which includes institutions such as Banks, MFI’s, and NBFCs. Our services in this domain include:

MIMO can compile, gather, and manage vast quantities of documents without risking privacy.

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How does data digitization help you achieve your business goals?

digitization 2

How does data digitization help you achieve your business goals?

Everyone is vulnerable to disruption, regardless of their industry. New or existing entrants may use digital technology to revolutionize how customers view a product or service, rendering what other companies do in that sector obsolete. Do you want to be disrupted or disrupt others? The choice is yours to make.

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What is the concept of digitization?

It is time to describe what I mean by digitization at this stage. Data digitizations are the projects and processes needed to gradually handle information in digital form, whether that information was created digitally (e.g., emails, Word documents, Excel spreadsheets, and eForms) or was converted from hardcopy (e.g., scanned documents).

Digitization’s tactical advantages

The main tactical benefit of digitization is to increase the productivity of core business processes, which can be achieved by taking advantage of digitization’s tactical advantages. Many tactical advantages can be gained by capturing documents and data at the point of origin or receipt into an organization, including but not limited to:

The source of these advantages includes the following digitization initiatives, processes, and activities:

Digitization’s tactical benefits

The benefits of digitization can be leveraged to produce direct, unmistakable financial gains. A few examples are given below:

Although the tactical advantages of digitization are significant, the sense in which digitization should be discussed in the C-suite should be strategic.
Digitization has many strategic advantages, one or more of which can speed up the execution of a corporate strategy or increase the depth of returns that come with it.

Big Data

“Big data” is described as “information assets with a high volume, high velocity, and/or high variety that require new types of processing to allow better decision making, insight discovery, and process optimization.” Big data continues to steal the show when it comes to the strategic advantages of digitization, and it does so for many organizations. Not all businesses have the amount of relevant data needed to reap the benefits of big data. The competitive advantages of digitization, on the other hand, are much more available to businesses than big data.

Risk mitigation and governance

For all operations within an organization, digitization allows for more open governance arrangements. This is possible thanks to digitization, which enables businesses to:
  • A single source of truth.
  • Workflow with audit trails.
  • Documents, folders, individual, location, or workgroup-level security protocols.
  • Automated measures of the success (or otherwise) of processes.
Organization leaders get a clear line of sight over the execution of strategy, the calculation of its level of achievement, and the degree of policy enforcement owing to digitization.

Internal integration

Without geographical barriers, digitization makes it easier to form centers of expertise. Internal integration can be achieved by digitization in a variety of industries, including but not limited to:
  • Education
  • Health-care services
  • Treatment for the elderly
  • Services provided by the government
As integration levels rise, organizations find that they can embark on continuous improvement programs which not only have a positive influence internally but also externally with clients and with vendors.

External Integration

Integration with vendors is almost required to establish effective relationships with engineering and construction service providers. The days of depending on the right copies of paper plans kept in an onsite drawing office and a drawing office at the organization’s and vendor’s head offices are numbered. Digital technologies are being adopted by companies in those industries as a means of storing a common source of truth in a single database and accessing it through an internet-connected mobile device.

Digitization's Future

Organizations must consider digitization when weighing their options for developing their organizational strategy. Business heads must consider how disruptive technologies can affect their value chain and devise plans to respond to them, as well as decide whether they should lead the industry in implementing them.

They must also consider whether digitization is creating pockets of new value in the market, or even in other sectors, that they might transplant into their own.

Finally, they must examine what capabilities and resources they currently have and may need to address the external challenges and opportunities that digitization presents. MIMO has extensive experience in digitization processes and if your company is looking to digitally transform, help is not far away.

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