The accurate arrangement of client and business information is critical for your organization. When they’re kept in order, the result is quick retrieval of information. Conversely, when the information is out of order, the results lead to drastic issues. Here are a few consequences of inefficient record supervision:
A Reduction in Productivity
You and your employees will have a hard time gathering the appropriate information if your record management is inadequate. Whether it’s physical paperwork or digital representations, the inability to produce material slows down your company’s productivity, especially if the material you require was destroyed instead of retained.
Valuable Space Is Taken
When you don’t digitize your information, it has to be stored somewhere. That somewhere could be in filing cabinets or boxes. Should your organization require a long retention period, this information takes up valuable office space for long periods. In turn, more square footage is given to storage and less to employees.
Much of your record data may come from the personally identifiable information (PII) of your workers and clients. When you have inefficient record management policies, everything is susceptible to malicious activity. The physical information can be stolen or the digitized versions can be hacked by cybercriminals. As a result, your company would lose credibility and possibly face legal action.
Increased Levels of Stress and Miscommunication
Without a proper way to maintain records, your staff may begin to show signs of frustration. For instance, they may experience increased stress when they aren’t able to find the information they need because it’s either lost or destroyed. Furthermore, miscommunication becomes a regular occurrence when one department receives a directive everyone should have.
Potential Fines and Investigations
If your business is regularly audited and the company has an inefficient record policy, the consequences are drastic. At the minimum, you and the company are fined. Additionally, you could be investigated for potential illegal activity. This leads to distrust inside and outside the organization.
In the end, the continuation of improper storage practices does nothing to help you, your company, or its employees and clients. Reach out to IRCH to begin a path to proper organization, security, and peace of mind.