Everything You Need To Know About File Tracking System (FTS)

Everything You Need To Know About File Tracking System (FTS)

What are file tracking system (FTS)?

Also known as file monitoring system or document tracking system, file tracking system (FTS) tell us when, where & by whom a file has been accessed, modified, shared or deleted. File tracking system help organize documents into proper groups & keep track of important business records.
File tracking system

Benefits of file tracking systems:

Record Keeping:

File tracking systems create event logs of document activity. These event logs act as an unalterable record of document activity by recording when, where & by whom a document is accessed, modifications made to the document, as well as other actions performed on the document like creating a duplicate, sharing via email, etc.

Compliance & Audits:

Compliance protocols like HIPAA & GDPR mandate that companies need to ensure a secure record of all their document activity. File tracking systems provide a complete record of document activity which can be easily submitted to auditors & other compliance officers. File tracking also acts as an audit trail of all document activity which ensures the authenticity of the documents during audits.

Retrieving Misfiled Documents:

Collating & organizing thousands of documents can sometimes result in documents getting filed in the wrong folder or group. File tracking systems also provide a record of the document’s destination, and allow users to re-file the documents correctly.

Security:

File tracking systems act as a security measure to track unauthorized document activity. For example, pharmaceutical & legal companies store a lot of sensitive information like drug trial results & legal arguments. It is important to track the user activity on these documents using file tracking systems to protect them from thefts & leaks. Some file tracking systems also provide a built-in encryption & access control feature that allows users to eliminate unauthorized access from the onset.

Types of file tracking systems:

There are 3 main types of file tracking systems: Radio Frequency Identification (RFID), file tracking software & record management companies. Let’s look at them in detail.

RFID:

Radio Frequency Identification (RFID) is a method of tracking paper documents using electronic tags that transmit radio signals. Users can scan the data carrier attached to the paper document using an RFID scanner, and transmit the data to their company server to link it to other applications like CRM, ERP, etc.
RFID is the perfect solution for businesses that still deal with paper documents. For example: As per Tax laws in countries like the United States & Canada, companies with business operations in their country are required to store tax records & other business documents for up to 7 years. But retrieving a 7-year-old tax return or invoice from a cabinet full of old documents can be time-consuming. RFID can scan through the entire cabinet and locate the document within minutes.

 File tracking software:

File tracking software is your everyday business software that allows users to store & track their documents electronically. File tracking software allows quick and easy access to documents, and helps businesses cut down their dependency on paper documents.
File tracking software usually comes with an array of additional features that provide a more detailed way of managing business documents. More than 90% of businesses use file tracking software to track their documents.

Record management companies:

Record management companies are third-party vendors that businesses can hire to manage their paper documents. Record management companies are increasingly becoming the preferred choice of many big businesses, as they take away the responsibilities of managing & storing paper documents from their internal staff.
Record management companies can also help with other business processes like increasing storage space or securely disposing of old documents. However, the increased cost of physical storage & vendor management makes record management companies a more expensive option than the rest of the file tracking solutions.
RFID however, is only useful for paper documents, which are a lot less secure than electronic documents. And considering the time it takes to attach RFID tags to individual documents & the absence of security that comes with other file tracking options, RFID might not be the best option for companies that are looking for a digital solution.

File Tracking with GLOBODOX

GLOBODOX document management system is equipped with a state-of-the-art file tracking system that logs every single document activity, like when & where a document is accessed & by whom. GLOBODOX’s activity logs can also be imported & shared with other users. GLOBODOX also lets you control document access by assigning access privileges based on an employee’s department, designation, etc.
Combine all the above file tracking features with better document organization & search, document versioning, document encryption, OCR, two-factor authentication and custom workflow designing, and you’ve got the perfect file tracking system for digital documents.
Experience GLOBODOX’s file tracking system for yourself with a 30-day free trial. For queries or more information, write to us at [email protected]

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