Meeting compliance standards is no easy feat. The constantly evolving nature of regulations, coupled with the introduction of new ones, means that businesses must remain vigilant and adaptable. 2023 has already been a banner year for the introduction of new privacy regulations in the United States (US). As of January 1, 2023, two new privacy laws have gone into effect in the US: the California Privacy Rights Act (CPRA), which amends the California Consumer Privacy Act (CCPA), and the Virginia Consumer Data Protection Act (VCDPA). Later this year, three more US-based regulations will take effect. And the General Data Protection Regulation (GDPR) continues to affect companies in the European Union (EU) and across the world because it applies to every company that does business with EU citizens.
Why document indexing is vital for regulatory compliance
Benefits of using document indexing software for compliance
- Elimination of loss or misfiling — Because documents are stored electronically by document type, no processes are stalled because documents are under a pile of paper on somebody's desk or in the wrong file.
- Lightning-fast search — Document indexing software helps organizations quickly find the documents they need. The software's search function has multiple options based on specific criteria such as date range, customer name, employee name, or other ID numbers, making record retrieval fast and efficient.
- Improved collaboration — Document indexing software helps improve teamwork and collaboration since the files can be easily shared and found by every authorized employee. The software ensures that all stakeholders with the appropriate permission have access to relevant documents.
- Better compliance and security — Document indexing software helps keep files better organized, improving compliance with security regulations. The systematic management of documents and records, which includes version control, ensures that they can be easily found, updated, and secured while assuring the confidentiality of the information.
Glossary of indexing terms you should know
- Indexing by data fields enables you to look for a single or a group of search terms. For example, all performance reviews related to a particular employee or invoices over a certain amount. Data fields can also be used to assign permissions to your colleagues. Easily grant them read permissions, print or edit permissions. If you don’t want to share the document right away; you can leave these fields empty. If the document's status changes, you should be able to fill these fields automatically.
- Fulltext indexing simplifies search and retrieval. Every word in the document is indexed into a master word list with pointers to the documents and pages where each occurrence of the word appears.
- Metadata, which identifies the characteristics of the data it describes, can be used as index data. A barcode is a type of metadata. For example, the barcode a manufacturer uses to categorize a product might contain details like size, type and quality specifications. The table row and column headers in a spreadsheet are also considered metadata because they put the information in context. The ability to search for a particular feature of that metadata makes it much easier to locate a specific document.
7 features you should look for when selecting document indexing software
- A user-friendly interface
- A product, company and platform that meets the requirements of standards and regulations to ensure your information and data security.
- AI capabilities like machine learning
- Robust search functionality
- Automated indexing
- The ability to integrate with your other business software
- High-quality customer support
The importance of investing in document indexing software