Records Management: Why Is It Important?

By Denny Hammack posted 07-02-2014 09:49


Have you given any thought to your company's records management system? Records management refers to any type of logical system designed to organize and store records, while making it easy to access those records when needed. If you are not using a records management system for your business, you may be missing out on these four key benefits:

1. Saves Time and Effort

No matter the type of business, records can take up a significant chunk of time. Records management systems that are logical and streamlined help limit the amount of time spent on organizing, storing and retrieving documents. In other words, records management helps a business run more efficiently. It does this in two ways:

First, records management streamlines the filing and retrieval process. Whether digital or paper, having an organized system limits the amount of time spent searching for files and documents.

Second, records management limits unnecessary duplication of records. Redundant records are automatically removed from the system, and only those that are vital to the business and its compliance goals are kept. This, in turn, saves time and space at the facility.

With a logical records management system, employees no longer spend hours searching for a file they need. The file or document is available whenever it is needed, easily accessed, without wasted time spent searching.

2. Improves Accountability for Private Records

Many companies have records that are confidential. Records management improves the security of those records. Many records management systems feature security protocols that protect these sensitive documents. They may also feature tracking systems that help organizations and companies know where their sensitive documents are at all times. This adds a measure of accountability for employees, ensuring that documents are handled as they should be.

3. Improves Compliance

According to the U.S. Department of the Interior, the United States is the most heavily regulated country in terms of requirements for record keeping. For companies that need to comply with government records regulations, records management ensures compliance. It makes creating and storing documents in a complaint manner intuitive, so employees are less likely to forget or improperly store documents.

Should a need for a document come up, such as during an audit, it’s easy to retrieve because it’s stored in a logical place. In this way, records management helps businesses avoid fines and penalties that come from improper regulatory compliance.

4. Limits Space Taken up By Files

One of the problems many businesses face with their files is the sheer amount of space it takes to store them properly. Records management can help with this, by eliminating redundant or outdated files. Instead of having two identical files stored in two different categories, a logical records management system has just one copy of that file. By eliminating redundancies, the filing system can take up much less space.

Also, many records management systems are now digital. A digital system takes up minimal space, giving ample room for businesses to better reach clients and support the work of their employees.

Records management is a vital part of any well-run business. When designed and implemented properly, a records management program will improve a business's workflow. By saving space and time, increasing accountability and improving compliance, records management helps the modern business operate at a higher level. It’s easy to see how having a proper handle on documents allows you to better serve your customers.

Author Bio:

Denny Hammack is the President of FileSolve, the leading provider of document and record management services for companies of all sizes. 

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