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

June 10, 2021
7:10 am
data, digitization, document collection, services

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.

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:

NACH Pickup
Loan Application & Documentation
Agreements
Cheque Pickup
Credit Card Application & Documentation
Business Documents
KYC Documents

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

Processes are comprehensive.
We preserve the integrity and authenticity of documents collected.
Company or individual operations are not disrupted.
The chain of custody is not influenced by external factors.
Real-time delivery of data.

Like this article?

More To Explore

All

Beyond Checklists: How Skilled Teams Drive Success in Branch Audits

+91 1141182211 In the current fast-paced business environment, it is imperative for organizations to maintain financial precision and operational efficiency

November 13, 2024

All

How Can You Achieve Reliable Stock Audits with a Trained Field Workforce?

+91 1141182211 In today’s fast-paced corporate climate, keeping accurate stock levels is critical for ensuring smooth operations, maximizing profitability, and

November 4, 2024

All

What Are the Top 10 Benefits of Outsourcing Your Internal Audit?

+91 1141182211 In the dynamic landscape of modern business, ensuring compliance and maintaining quality standards are paramount. One of the

October 30, 2024

Why should businesses choose logistics service partners that employ local resources?

Consumer landscapes are evolving at a rapid pace, while companies adapt to the new standard. Around the world, manufacturers and industrial firms are working hard to sustain and improve their supply chains. Companies that previously relied on foreign sourcing to save money are now looking for more cost-effective alternatives.

Procurement practitioners are increasingly relying on local sourcing. During the COVID-19 pandemic, as other businesses’ supply chains were disrupted, this approach helped many manufacturers maintain business continuity.

Many consumers want to keep the supply chain as close to their homes as possible.
Here is why: Logistics Service Partners

Greater adaptability:

You never know when an opportunity or a challenge will present itself. For example, a great customer might offer you a highly lucrative deal, or a current client may require you to scale up to meet demand. Are you prepared?

If you source locally, the answer is almost certainly yes. This is because local suppliers are usually more sensitive than suppliers who are located farther away where it is much easier for a retailer to organize a shipment across the street than it is to coordinate a shipment across the globe.

Enhanced Control:

You have less leverage over elements of your supply chain the farther you are away from them. Suppliers will claim to treat all customers and purchase orders fairly, but if they expect a site visit or a drop-in meeting from you, they are likely to remember you.

Face-to-face meetings will allow you to discuss any questions you may have and ensure that all items meet your expectations. There is also a smaller risk of something being “lost in translation,” which is normal when dealing with large numbers of people, many of whom are not on the floor and handling the items.

Optimized Supply chain costs:

If you are trying to save money, you can also think about tightening the supply chain. Companies invest a staggering amount of money on logistics per year, with North American companies investing over $1 billion annually.

Localizing the supply chain will help you save money on a lot of these expenses. Additionally, since less money is spent on logistics, the bottom line will suffer less.

Increased Revenue:

Local sourcing can not only help you save money, but it can also help you make more. Since your efforts to maintain a tight and fast-paced supply chain can impress local businesses, which can help you attract new customers.

Make your dedication to local sourcing a part of your marketing and sales plan. Consider incorporating it into your one-of-a-kind selling proposition.

Beneficial for the Community:

It stands to reason that if sourcing locally boosts your bottom line, it will do the same for other local suppliers and producers, which can be a huge win for your community’s economy and residents.

Employees who are happy and well-compensated are more likely to invest in local businesses. Furthermore, well-known, and affluent organizations can give back to their communities by fundraising, volunteering, incentives, and sponsored events.

Eco-Friendly:

Localizing the supply chain is a brilliant way to contribute to environmental sustainability. When you cut down on transport and storage, you cut down on pollution and energy consumption. Local sourcing not only helps you support green production but also helps you create customer confidence.

Launch your products faster:

Locally sourced employment benefits from partnering with businesses in the same time zone, which makes contact simpler and faster. You will be able to solve issues quicker and launch goods in response to spikes in market demand.
Consumer expectations for companies to improve their transparency around ethical supply chains and corporate social responsibility are at an all-time high. Manufacturers should carefully evaluate their third-party vendor risks and supply chain now.

Local sourcing will help the company become more versatile and agile, allowing it to respond to changing market demands and challenges while saving money and improving service levels. Transportation carriers, warehousing firms, freight forwarders, and third-party logistics service providers are among the local networks of businesses that offer a wide range of logistics services. Retailers, suppliers (for both new products and aftermarket parts), and distributors all have distribution operations.

Bottom line, businesses that rely heavily on logistics as part of their service offering or as a significant part of their overall costs need the support of local networks to help them grow and contribute to economic development.