How can LuitBiz DMS help companies in USA?
In USA, with laws and regulations like HIPAA, NARA, GLBA, FINRA, FACTA, SOX, SEC, GMP and the HITECH Act, etc, the need for a well-structured records management system in business is paramount. Enforcement for noncompliance can be severe, including subpoenas, legal actions, and costly penalties. Some of the document related compliances required in USA are:
Requirements under the Federal Records Act (44 U.S.C. 31)
- The Federal Records Act (44 U.S.C. 31) and corresponding Code of Federal Regulations (CFRs) require all federal agencies to maintain records that document their activities, file records for safe storage and efficient retrieval
- These records need to be disposed off according to agency schedules
Requirements under National Archives and Records Administration (NARA), 2016
- All Federal agency records need to be preserved in a secure format and be readily available during inspections to authorized personnel.
- Disposal of records should be recorded and stored for future reference.
Requirements under the Gramm–Leach–Bliley Act (GLBA), 2003
- Financial records must be properly secured, safeguarded, and eventually completely destroyed so that the information cannot be further accessed
- Access must be controlled to protected financial data via means like unique user-rolls and user-based permissions
Requirements under the Health Insurance Portability and Accountability Act (HIPAA), 1996
- Health records should be completely controlled and only authorized personnel should have access to electronic health records
- Ensure the confidentiality and safeguard of health information when it is electronically transmitted to ensure it is physically, electronically, and administratively secure
Requirements under the Sarbanes–Oxley Act (SOX)
- Access must be controlled to protected financial data
- Financial control and risk mitigation processes must be documented and verified by independent auditors
- Business records must be kept for not less than five years
Requirements under the SEC Rule 17A-4
- Records that must be maintained and preserved must be available to be produced or reproduced in digital format along with the different versions of the documents
- Original copies of all communications, such as interoffice memoranda, should be preserved for no less than three years, the first two in an easily accessible location
Requirements under the Good Manufacturing Practice (GMP) Act
- All documents related to the manufacture of intermediates or APIs should be prepared, reviewed, approved, and distributed according to written procedures in paper or electronic form.
- Revision histories of all documents and audit trails must be maintained
Requirements under FDA 21 CFR Part 11
- Protection of records to enable their accurate and ready retrieval throughout the records retention period
- Time stamped audit trails of documents must be maintained
- Document approval processes must be streamlined with electronic signature
Requirements under FINRA
- There must be written and enforceable retention policies
- There must be a searchable index of stored data
- Data must be readily retrievable and viewable
- A backup of data must be stored off-site
Keeping all these requirements in mind, LuitBiz DMS is best suited for companies in USA because LuitBiz DMS offers:
The number of smartphone users in USA was estimated to be around 275.7 million in 2020. LuitBiz DMS is completely responsive and can be accessed via any mobile device connected to the Internet making it a very practical document management system for the US market.
Every screen of LuitBiz DMS has audio and video guides that helps users get started with the system within minutes of signing up. This is very practical for US companies who can save a lot of training time of their employees.
Most US companies have a sizeable amount of paper documents that need to be digitized and stored in a document management system for easy retrieval. The automatic OCR feature of LuitBiz DMS indxes your scanned documents without having to upload 2 copies - one image and the other OCR copy of each document. You only need to upload your scanned image in LuitBiz DMS!
In USA, 19.8 % of business time – the equivalent of one day per working week is spent by knowledge workers looking for the right document. The built-in version control system of LuitBiz DMS helps you maintain complete historical records of all the different versions of the documents with complete document usage history
The easy-to-configure workflow feature of LuitBiz DMS helps automate approval processes without any manual intervention significantly reducing document turnaround time. Additionally, LuitBiz DMS allows users to configure document retention periods for statutory compliances.
The Voice-to-text feature of mobile browsers is very useful for approvers who can approve documents while on the move via their mobile devices without even having to type their approval comments
Professionals in USA spend 49% of their time searching for documents and their related information while 33% struggle with the document versioning. LuitBiz DMS allows you to store and search information not included in the body of the document. This saves a lot of time as already researched and collected information do not get lost and can be retrieved immediately
LuitBiz DMS Enterprise comes with various template documents that are required for Income Tax, ISO and other compliances. This helps users in having the correct document template for ensuring various compliances
All document formats can be stored in LuitBiz DMS (barring some executable file formats)
LuitBiz DMS supports multiple business locations. Tere is no limit on the number of business locations that can be added to LuitBiz DMS
The "View Users" module of LuitBiz DMS allows secured sharing of documents with those users who just need to view documents and not perform any operations on them.
LuitBiz DMS can be customized to meet your company's document management requirements. This ensures that you need not change the way you work by switching to LuitBiz DMS - rather the system can be customized to suit your processes
LuitBiz DMS helps you free up your knowledge worker's time spent in chasing trails of paper documents and increases their productivity by around 50%!
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