13 Reasons Why Document Control is Great for Your Bottom Line

Cordage Team
Mar 13, 2020

Document Control is the process followed for the creation, review, modification, approval, issuance, distribution, as well as the accessibility of documents. Today, it is an important practice that has become an integral part of many companies in various sectors.

With document control, businesses can be confident that their official documents can be trusted and contain only reliable, accurate, assessed, and formally approved information.

Document control is used for the effective management of documents throughout their lifecycle. This also means that aspects such as regulatory compliance and certain certification requirements are included in document control. Over time, this, among other factors, can help your business increase its bottom line by growing sales and reducing costs.

Document control can help you grow your business, just like how other methods such as investing in marketing, researching your competition and improving your strategy, and so on can. Here is how:

  1. Access new markets

One effective way of scaling your business is by accessing the market and expanding to other countries. In other words, you would be exporting your products internationally. When you export to new countries, there are tons of regulations, certifications, and standards that you need to comply with, and this is where document control comes in. With document control, your business has the records required to export products, and, in turn, grow your bottom line.

2. Sell in regulated industries

Another way of expanding your business is by selling in other industries outside of your own. This allows you to reach new audiences you wouldn’t normally come in contact with. However, when you sell in regulated industries, you require certification, and document control can help you with this by showing traceability.

3. Sell to larger clients

When you widen your market and sell to larger clients, your bottom line will start to increase. However, this also means that there is more work that needs to be done. Larger clients need to audit your documents as part of a supplier evaluation process, and a document control system can help your business not only provide these required documents but also ensure that they are up to date and provide accurate and reliable information.

4. The first step to achieve an ISO certification

For any business, ISO Certifications provide a differentiator against competitors, giving you a competitive edge. It shows your legitimacy and tells customers that you are a business that can be trusted. Document control is the first step towards an ISO certification because ISO requires that businesses control documents that are required by the quality management system.

5.Reduce costs and scrap

Documented processes that are properly implemented can help reduce scrap and waste, which, in turn, results in cost reduction. When your team follows a process, such as a document control that has been carefully developed to optimize efficiency, it results in reducing the wastage of time, energy, and resources.  This is a huge win for your business as a reduction in costs and scrap eventually leads to an improved bottom line.

6. Reduce reworks

With a great document control system in place, every company document is up to date, and changes made can be tracked easily. Every personnel involved with a certain project or whoever has control access can see the latest, updated version of the document, which reduces reworks.

7. Decrease your total cost of quality

Document control, as a quality management method, enables the improvement of strategies and processes. This results in the reduction of not just the total cost of quality but also the cost of poor quality. The cost of poor quality refers to company costs that would be eliminated with the perfection of systems, processes, and products.

8.Retain your brand equity

Brand equity is a useful tool for any business to have as it can help to increase sales significantly, while also increasing brand loyalty among customers. Poor delivery of products and services does nothing to help your brand equity and only results in poor customer satisfaction. With document control, you get to improve product and service delivery, thus helping you create more happy customers.

9. Easier employee onboarding

A document system significantly simplifies the onboarding system for employees. For instance, the training initiatives are easier to plan and implement, and the required documents can be easily accessed as company information is centralized. A simple and easy employee onboarding process means that you are likely to retain your workforce for a longer period of time.

10. Software can reduce human error

A document control software is used by companies of all sizes across the globe as it makes document control so much easier. It comes with multiple benefits, one of them being the automation of activities and the empowerment of your quality department so that they can do and achieve more. Not only this, automation results in reduced human error.

11.  Increased accountability

With a well-developed document control system in place, activities don’t fall between the tracks, which means that there is an increase in accountability across the board. Changes made to documents can all be tracked; there are other features that ensure that documents are delivered and read. These help to increase accountability.

12.  Respond quicker to change and variations

Documentation can help your business to identify non-conformances easily, and any changes and variations can be quickly and easily responded to. This makes your business more agile and adaptable to opportunities for growth.

13.  Operational efficiency

Document control follows Lean Management Principles for Operational Efficiency, which includes defining value, mapping the value stream, creating flow, establishing pull, and finally, pursuing perfection. This operational efficiency helps scale your business, thus improving your bottom line.

Conclusion

Your business bottom-line can be improved by either selling more or by reducing costs, and one way to achieve this is to improve quality in your company.

Document control, as part of the Quality Management System, has the ability to reduce the Total Cost of Quality inside an organization. When total costs are decreased, it results in streamlined operations, which, in turn, leads to an improvement in productivity, ultimately resulting in an increased bottom line.