Why do Companies Need an Integrated Approach to Policy and Procedure Management?

Organizations rely heavily on policies and procedures for systematic operations. Every function carried out by an enterprise is done within the scope of policies in order to avoid confusion and contradiction during operations. As a system is directly dependent on policies, it is crucial that an organization takes policy and procedure management seriously.

Policy and Procedure Management Software

Policy and Procedure Management is the complete process of creating, maintaining and tracking an organization’s important documents with the use of a system or software. Policy and Procedure Management has a vast scope and hence, a number of challenges. It is difficult to address all the challenges manually, which has led to the need of a cutting-edge software that can automate the tasks and perform all the functions automatically. Artificial Intelligence (AI) is the driving force behind such software as it helps in automating the tasks efficiently. Below is a list of challenges and how they can be solved by Policy and Procedure Management Software:

1. Rapidly increasing number of rules and regulations: Modern day organizations are always on the lookout for expanding their horizons and hence, they are increasingly coordinating with other organizations in order to maximize their potential. Even financial institutions like banks are on the lookout for partnerships to increase their profits. This has led to an increase in the number of policies and procedures they have to abide by, for smooth operation. Rudimentary solutions are no longer good enough and AI backed software is the need of the hour. Automated software like Predict360′s policy and procedure management Software can easily manage a large number of policy changes without breaking a sweat.

2. Storage difficulty: Storing large amount of paper documents is not only messy, but it also takes up a lot of resources. AI backed software come with cloud based storage for safe and secure storage of your most important documents. It is much easier to upload an electronic file into a digital folder than to store paper documents in a physical folder.

3. Difficulty in accessing documents: There is no use of creating and storing documents, if you are unable to access them when you really need them. AI backed software are perfect for finding, sharing and accessing all document types from an easy-to-use and secure environment.

4. Loss of documents: Software like SharePoint are good, however, they only offer basic version control, document approval and acknowledgement workflows. This can sometime lead to misrouting of documents which can be quite a big problem for employees and organizations. Predict360 takes care of this issue by allowing you to integrate workflow tools that facilitate the review, approval, check-out, modification and access of documents from any location in a controlled way. It also has the feature of restoring documents from the “Trash”, if you have accidentally deleted them.

5. Security of documents: Keeping the documents secure is hugely important for an organization. Financial institutions like banks like to keep their data well-hidden which can be quite difficult in a web-based storage solution. AI powered software like Predict360’s policy & procedure management Software comes with the option to restrict who can read, modify, approve or delete documents. This keeps your documents safe and only accessible to intended users.

Benefits of AI in the Procedure Management Software

Artificial Intelligence (AI) is the simulation of human intelligence processes by machines or software. AI is known to make tasks easy for humans as it has the capacity to think and evolve. It has been used to predict outcomes of different scenarios and has found its way into many mainstream applications. Predict 360 is one such AI backed software which is devised in order to address the demands of policy and procedure management.

With an integrated approach towards policy and procedure management, the AI powered software helps in streamlining processes. It also makes it easier to predict necessary actions for every policy change, thereby, cutting down on human involvement and subsequently, helps in saving resources.

Predict 360’s Policy and Procedure Management Software

The Predict 360 Policy and Procedure Management Software contains a set of DMS that can be chosen and applied to any organization for better policy management. Firstly, you have to analyze the competence of current policy and procedure management within your organization. After that, you need to select a DMS that caters to your organization’s requirements. You can easily track/evaluate the positive impact of using a robust system like Predict360 with each passing day.

For more information on Policy and Procedure Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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