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Global Documentation (GD) is the process in which domestic, as well as international compliance related to documentation, is followed. The type of documentation is required for data processes. Whenever documents are collected and processed, such information is stored. This information may or may not be used for compliance provisions. Documentation is required for information purposes and also serves as ease of doing multilateral business across different countries. This procedure offers an added line of protection to the requirement of businesses. Through global documentation, a business can receive services such as preparation of documentation, assistance in legal compliance concerning the documentation, and representing a business before an authority through the documentation.
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The two methods of global documentation are:
However, in light of the above factors, having a system of online documentation would bring the following benefits:
Online documentation would provide a system of document management. Multiple documents can be managed and monitored through the document management system. This provides a more user-friendly approach to an individual rather than using physical documentation.
Artificial Intelligence and Internet of Things (IoT) – Another added advantage of using an online documentation system for Global Documentation is the use of digitisation. The introduction of Artificial Intelligence and the Internet of Things (IoT) makes it easier for companies to access online documentation. Artificial intelligence uses the process of automation. Automatic is a procedure through which software is installed in machinery or a unit to perform particular functions. Artificial intelligence uses machine automation to understand specific codes provided. Through Artificial Intelligence, many law firms have a competitive advantage over traditional law firms that still operate on paper-based processes.
Global documentation is used by various international
law firms when it comes to litigation management and processes such as
e-discovery. International law firms use the system
of legal process outsourcing. Apart from the added benefits of technology to
the law firm, they would get maximum value from the service and prioritise
their activities on critical segments of the law firm business.
Contracts – Contract management systems are a part of the global documentation processes used by various law firms. These systems are either managed in-house through a team of IT experts or off house led by a separate IT company. Artificial intelligence in contract management can be a boon to the productivity of the law firm. For example- if a lawyer has a contract which is a hundred pages long and uploads the same on a contract management software using AI. If the lawyer wants to only refer to particular clauses, the information regarding those clauses can be inputted in the software. In a matter of seconds, the AI goes through the hundred-page document to retrieve the necessary information requested by the lawyer. This would take a junior level lawyer up to a day to search all the relevant terms which are required. AI helps in increasing the productivity of the documents.
Apart from this, the main reason for archiving data is not to lose any
valuable information. Documents are vulnerable to losses such as destruction,
software issues and informational losses. If such a situation occurs, then such
records cannot be retrieved. Therefore archiving information is required for a
Global documentation is a process in which information is stored at a domestic level and international level. It can be done through online and offline/ physical methods. As there are more benefits to use online methods, it would be appropriate for a business to continue using online methods related to global documentation. Online documentation is affected by digitisation and AI. These improvements would make the process of documentation simple in comparison to physical documentation processes. Documentation processes have been used in various sectors. This has brought about a progressive change in society. However, there are certain disadvantages by using the method of global documentation, such as information breaches and threat. If a business has streamlined a proper mechanism for cybersecurity, then these can be avoided.
Also, Read: Export Procedure and, Documents Required in India.
Varun Hariharan has completed the Legal Practice Course from BPP Law School, Manchester. He has a Masters in Commercial and Corporate Law from the Queen Mary University of London and LLB Honours from Bangor University, UK. He specialises in law related to corporate, artificial intelligence and technology law.
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