With everything going digital, how do you know if your vendor compliance documents are secure?
Gone are the days of heavy file cabinets and physical records. More businesses are going digital, or have plans to go digital, with every aspect of their operations, from client communication to scheduling to payments to record keeping.
But it’s not always easy to put this idea into practice. According to a Deloitte study, 80 percent of small businesses in the U.S. aren’t yet taking full advantage of all the digital tools available to them. New technologies can feel intimidating or risky, and depending on the type of organization, they may not make the most sense for certain functions.
One major area of digital transformation that can be tricky to administer is document storage. When you’re managing an HOA, document handling is a big part of the job. Because your vendor compliance documents are extremely important to the management of your association’s vendor relationships, how do you ensure they’re secure yet accessible?
Let’s look at the types of documents an HOA typically needs to store and the kinds of tools available to assist with security and accessibility.
The range of HOA documents
An HOA’s documents range from communications like letters and emails, to contracts, to governing documents, which include the bylaws and the covenants, conditions, and restrictions (CC&Rs). Traditionally, of course, all documents were stored in filing cabinets or some kind of physical filing system, and things like printed-out emails didn’t yet exist.
Today’s organization managers are tasked with combining both digital and traditional methods of storage. It’s often necessary to keep physical copies of documents, such as certificates or signed contracts. Yet, many documents can be scanned and stored digitally, saving space and often becoming more secure than sitting in an office space.
This is why it’s been a challenge for organizations to go fully digital. With documents, it’s not black and white what should be stored digitally and what should be stored physically. And with ongoing security threats to companies and organizations, it’s easy to see why some managers think going digital presents a risk to important data and assets.
Vendor compliance documents can also be tricky. It’s crucial to have access to these documents, which include a vendor’s certificates of insurance, any necessary licensing, and the like. These documents serve to protect you from risks that can arise when working with vendors. So, what’s the best way to store sensitive documents such as these?
The best way to store documents
Fortunately, there are solutions out there that can both protect vendor compliance documents and give you unlimited access to them when you need them. Document management platforms are becoming the norm for organizations to store their records safely and securely while allowing ease of digital access — documents can be viewed and amended from virtually anywhere as needed.
Benefits of document management platforms include:
- Security: These platforms worry about security so you don’t have to, preventing data breaches to your sensitive information.
- Efficiency: When documents are stored online, sorting or searching through them becomes simple and streamlined.
- Accessibility: You’ll be able to view and manage documents wherever you have an internet connection, and across multiple devices.
- Expiration date tracking: Part of the contract headache comes from expiration or termination dates. These can be hard to keep track of yourself, but a platform can do it automatically and send you alerts.
- Activity tracking: Many document management systems can track when a file was uploaded, who changed it and when, and who has viewed it.
These systems are changing the way that organizations store and secure documents, including vendor compliance documents. They give you peace of mind while taking a lot of paperwork out of your space and streamlining document-related processes.
VendorSmart is an online marketplace that stores and monitors vendor compliance documents. You can rest assured that these important insurance certificates and licenses are safe and secure, and you can access them anytime. Why make document storage harder than it has to be?VendorSmart offers many more benefits for managers running an HOA. We also do the vendor vetting for you. Our team guarantees that all vendors are complying with licensing and insurance requirements, and we source reliable, qualified vendors for any project you may need. To learn more about our solution and how we can minimize your risk of working with third-party vendors, get in touch with our experienced team of professionals today.