People like to try something new, if it offers an advantage, an improvement, or a new approach, like records management.
Companies have information, management and business processes. Company information should be managed using modern records management techniques that organize, protect and improve access to vital business details.
Company Information
Business information is documented on records. Business record management should have thorough plans and policies to guard its records and data from criminal activity or natural disasters.
Information benefits having information redundancy in several forms. Paper records can be lost, burnt or destroyed. Multiple record copies provide access to important information in case of loss. All record forms should be managed to maintain information access and reduce error.
Acquire and Access
Company staff on the average can spend up to 30% of their week locating data or reconstructing missing records. Having records available in both printed and digital forms reduces search time and replacing missing records.
Reduce costs by reducing waste
It is a common business practice to create multiple document copies in order to distribute information. Copies may be made of copies, resulting in increased printing and disposal costs. Companies using records management control their information by storing record originals and distributing content electronically, to improve access and reduce costs.
Improve profits by curtailing costs
Creating, accessing and storing physical records requires filing cabinets, office space and clerical staff to manage and maintain.
Physical records were previously moved to a remote storage facility. As records were needed, someone would travel to the storage facility to locate records, copy content and return with the information.
Online access to important business records reduces travel and labor costs. The business decision process becomes more responsive when information is accessible as needed.
Legal Compliance
Electronic records are easier to manage than physical records since access time is reduced. Administration manages the lifecycle of business records so they remain accessible long enough to satisfy business and legal needs.
Legal needs are determined by business record type and their related legal needs. A record retention schedule describes company record types and descriptions, how long to keep each record type and the associated research.
Information Requirements Clearinghouse (IRCH)
IRCH provides software and consulting services for companies and their business record retention needs. A records retention schedule remains current and compliant through regular updates for the retention software or an update consulting service.
Learn how Retention Manager, Retention Wizard and IRCH Consulting Services can assist your company to become retention competent and compliant, managing information, risks, and costs effectively.
