While kids in school are learning about the first Industrial Revolution that began in the year 1760, we in the 21st Century have entered what is known as the Fourth Industrial Revolution. We have progressed to the point where digital, physical, and biological realms have crossed boundaries to further technologies, such as AI, robotics, and quantum computing. Government regulators are scrambling to keep up in order to regulate digital industries without hampering progress.
What does this mean for digital businesses? It means that having a records retention program is even more important than ever. Here are three reasons you need to consider records retention if you haven’t already:
1. Current regulatory policies don’t cover digital products or physical goods sold over digital platforms.
2. Regulations will need to be crafted to address new forms of digital behaviors including how data is extracted and used.
3. Regulatory industries don’t have broad enough vision to see where the digital economy is headed and how to deal with it.
New regulations will be forthcoming and inevitably changing as regulators determine the best ways to set forth guidelines and create safety measures for the growing digital industry.
Making certain that your digital recordkeeping system is up to date will help you prepare for these changes and offer these benefits:
Save time and effort– Redundant documents can be purged while relevant ones can be filed in a streamlined system that makes them easy to locate.
Improve accountability for confidential records – A complete records retention program will ensure that the documents are held securely and only accessed by those who have the authority to do so.
Enforce compliance – Having the correct documents proves that your business is compliant and may avoid costly fines, penalties, and audits.
Create space – Digital recordkeeping systems reduce the amount of space occupied by non-essential paper copies.
Software providers like IRCH (Information Requirements Clearinghouse) can offer consultations and programs to bring your digital record keeping system into the 21st Century. Regardless of your sector or industry, there is an effective and efficient digital record keeping solution for your business
