A cloud compliance document management system enters as a game-changer, streamlining your document management processes. The transformation from on-premise compliance software to cloud-based software is much needed due to the limitations of the former and the immense benefits the latter offers. Thus, this article discusses the definition, description, importance, and benefits of cloud-based compliance automation software along with introducing ComplyNexus to you. So, sit back and continue reading to ensure that you don’t miss out on the opportunity to scale and grow your organization.
What Is a Cloud-Hosted Compliance Document Management System?
A cloud-hosted compliance document management system is a DMS that enables compliance officers of various organizations to create, edit, store, and retrieve compliance documents in a virtual environment hosted on the cloud. You can call it a document management simplifier.
Based on the above definition, a cloud-hosted compliance DMS ensures that you don’t feel the need to invest your money in any in-house resources. Instead, a stable internet connection would be enough to keep track of your compliance documents from anywhere in the world.
Importance of a Cloud-Based Compliance Management Platform
A cloud-based compliance management platform allows you to manage your documents outside the office premises without compromising efficiency and security – offering you an opportunity to scale your organization and have a single platform for your global compliance teams to work on.
For example, your organization currently operates in one country, and your compliance officers use an on-premise compliance software at the moment. Now, you want to expand your business, but it seems to be impossible because it will be difficult to manage the compliance documents.
Here, if you choose a cloud-based software, your team will have an opportunity to communicate and collaborate easily while effectively managing the documents. Imagine people from around the world working on a single system – That’s how a cloud-based system works.
Pros of Cloud-Hosted Compliance Software: Revealed!
A cloud-hosted compliance automation software not only reduces the need for in-house IT resources and improves collaboration and accessibility, but also brings various benefits that aren’t limited to increased data security, minimized errors, version control, and live reporting and analytics.
Improved Data Security
The given system improves data security by ensuring that only the set users access the information. Moreover, the cloud setup helps you stay away from the vulnerabilities of a locally-installed system.
Minimized Errors
The enhanced communication, collaboration, and easy accessibility that a cloud-based system offers minimizes the occurrences of errors significantly. When the system and documents are centralized, they are under the observation of all the teams, ensuring fewer chances of errors.
Version Control
Managing different versions of the compliance documents becomes a tough nut to crack while using on-premise software. However, the cloud-based compliance monitoring platform gives all the teams a clear, broad, and centralized view of all the compliance documents, ensuring easy version control.
Data Backup and Disaster Recovery
Backing up your data shouldn’t be a choice – It’s a need. Although you can choose a local device for data backup, it won’t be an efficient method because you will be still keeping things local. In such a scenario, cloud-based software promises easy data backup and disaster recovery, eliminating your worries of losing your precious data.
Live Reporting and Analytics
A cloud-based software keeps you constantly updated about the compliance status of your organization irrespective of your current location. This eventually helps you better plan your next steps and resolve any existing compliance issues.
Cost Efficiency
Unlike an on-premise system, cloud-based software lets you save money that you’d otherwise spend on buying a spacious office space, IT resources, and maintaining the same. Imagine how much better investments you can make with the saved costs.
ComplyNexus: A Secure, Cloud-Hosted Management Platform
ComplyNexus is a highly secure, cloud-based compliance workflow automation software, focusing on maximizing your organization’s scalability, accessibility, and security. Accessible in 240+ countries and regions, this system ensures efficient compliance framework alignment and document management around the globe.
Get a sight of our compliance software features to see what we have been preparing for you for a long time.
FAQs
Why Are Organizations Going for Cloud-based Compliance Solutions?
More organizations are going for cloud-based compliance solutions due to their advantages. As every organization wants to scale and grow, a cloud-based system seems to be a perfect fit, offering scalability, high accessibility, and efficient document management.
How Does ComplyNexus Ensure Maximum Data Security?
ComplyNexus ensures maximum data security by offering role-based access to the chatbot and developing a robust data protection framework. Your sensitive data won’t get compromised because we promise to secure your information no matter what.
Final Thoughts
A cloud-based compliance document management system is a powerful software that combines the efficiency of compliance automation software with the premium benefits of cloud technology. Such a system doesn’t only make document management easy but also gives you relief from extra costs, data loss worries, and scalability issues. To get a summarized view of this post, read the following listicle:
- A cloud-based compliance document management system lets you manage your documents in a virtual environment hosted on the cloud.
- Its benefits include increased data security, data backup and disaster recovery, cost efficiency, version control, minimized errors, and live reporting and analytics.
- ComplyNexus is a highly secure, cloud-hosted compliance DMS.
- You can access ComplyNexus in 240+ countries and regions.
- ComplyNexus offers cloud-based compliance process optimization to ensure that you can scale your organization without any difficulty.
Want to explore more? Get in touch with us to see how ComplyNexus can prove to be your dream DMS.