Records management is a vitally important part of any business. Poor management activities can result in loss of money, lost productivity, compliance issues, exposure to liability or lawsuits, and security breaches. Thankfully, records management today has improved significantly since the days of pen and paper.
Ideally, any company’s record management strategy will organize information so that it’s up-to-date, accurate, accessible and complete. While it can sometimes be difficult to accomplish, there are vendors such as Capital Business Systems who work with record management programs or enterprise platforms.
Not convinced? Here are three reasons why you can’t afford to not improve your company’s record management system:
Efficiency is key
According to the U.S. Environmental Protection Agency, in an office with no existing record management program, 30 to 50 percent of records can and should be stored offsite (whether in the cloud or a warehouse). Moving records offsite frees up space, boosts employee productivity, and helps your business achieve greater cost savings. If you haven’t already automated your records management system, and if you don’t know where to turn, consider looking toward a vendor or reputable partner who can help guide you.
Play by the rules
When it comes to record-keeping rules, state and federal laws can create major compliance headaches for businesses — especially if their records are hard to locate or decipher. The same goes for litigation risks; if your record management program isn’t consistent and rigorous, then your company is vulnerable to legal consequences.
Poor records and document management is the key contributing factor to compliance and regulatory issues. These issues can be avoided by implementing a record management strategy that takes laws and regulations into consideration from the start.
Improve your corporate memory
With new technologies continually introduced into the workplace, along with the inevitable worker turnover found in many businesses these days, corporate America’s institutional memory is in jeopardy. Every day, your company is creating records that will fuel future planning and decision-making. Past records can effectively guide new hires — if those records have been managed properly. Don’t let the hard work of the past get lost in the shuffle. Spending time now to properly manage your information and records now can pay off handsomely somewhere down the line.
It’s time for better records management
Often, the manageable portions of your business that can have the biggest impact on your bottom line are the little things right under your nose. Records management isn’t usually on the mind of most C-level executives. But the impact that the correct information processes can have on a business cannot be understated.
Your information should work for you — better information management can help make that a reality. Contact us today to learn how Capital Business Systems can help.