With every year a business is in operation, the amount of information generated and stored grows dramatically. This drives the demand for more accessible, user-friendly means to manage information. Everything from emails to contracts and images to faxes must be properly stored. Whether a business needs regular access to information, or is simply archiving for compliance purposes, a standardized method for managing information and data is critical. The cost and risk associated with maintaining outdated information, and the potential for misusing it, poses a big threat to a company. Records management is a solution to many document management issues. Here are some of the top challenges faced by businesses, and how records management is used as a solution.
Regulatory compliance—Records management is a means for companies to adhere to legal, regulatory and industry compliance standards with full assurance. This is especially necessary in an ever-changing regulatory landscape where laws and regulations can change without much notice. A records management system that’s accountable for managing regulatory requirements is the only real sure-fire way an organization can remain in full compliance.
Risk Minimization—Records management can help reduce litigation risk and other penalties associated with the disposal of information. Consider the risk posed to a company that keeps outdated, obsolete and even error-prone information. If that information was accidentally disseminated, the company could face huge liability issues. Records management tackles these risks by creating a scheduled, systematic routine for removing and discarding information.
Establishing policies—Records management makes it easier for regular users to access information, as well as understand policies regarding information use and distribution. The system establishes an automated method for maintaining policies so that all users are aware of standards as they stand currently, and when they do change. Users can access policy plans, audit cycles and better understand the lifecycle of information.
Workplace Efficiency—A significant amount of time is likely spent searching for information or locating misfiled documents. These are the main culprits for decreased office efficiency and worker productivity. A well designed records management system and user-friendly index makes information easily accessible whether it’s for personal use or mass distribution.
Disaster recovery—No matter what precautions taken, every company is vulnerable to loss. It’s absolutely necessary to have a system that preserves the privacy and integrity of information. Whether damage is the result of an electronic failure or natural disaster, a records management system provides a comprehensive method for protecting information from unexpected loss.
To learn more about the benefits of records management, contact us today.