Policy is a formal statement of principles, rules and guidelines governing the activities and conduct of an organization. They are established to ensure consistency and compliance in decision-making and actions.

There are many benefits to creating and maintaining policy. Clear policies help to reduce ambiguity, safeguard the organization against liability and establish a fair work environment.

Policies can be created for any aspect of a company, such as hiring, training or office hours. They can also be created for specific departments within a company such as HR or marketing. The right software can make it easy to create, update and share policies with employees and managers.

Using the wrong tools can make it difficult to implement a policy, and can even lead to misunderstandings and violations. Traditional methods of creating and storing policies can be cumbersome and inefficient. They often involve sharing documents through internal shared drives and require a manual process of signing off on docs, leaving room for error. Alternatively, some systems allow for policy creation and storage, but don’t provide smart editing or tracking functionality, making it difficult to collaborate with key stakeholders and manage revisions.

There are also some policy areas that cannot benefit from standard policy making based on decision theory, prediction and evaluation because they exhibit the characteristics of complex systems. These are policy areas in which the Hayekian impossibility of acquiring, processing and interpreting all relevant information impedes consideration and comparison of alternatives, and thus prevents us from reliably tracing out a path that is likely to succeed.