If records are not managed properly, it is extremely difficult to conduct business, account for what has happened in the past or make decisions regarding the future. Successful records management programs manage information so it is timely, accurate, complete, cost-effective, accessible and usable. This makes for better business in general.
Here are ten reasons why you should add value to your business by setting up a successful records management (RM) program.
Manage the creation and growth of records
The amount of paper in offices continues to grow even after companies implement paperless storage. Records management can limit the creation of records or copies that are not required to run the business. It can also stabilize the growth of records by destroying or retiring useless and inactive records.
Cut Operating Costs
Records Management will help cut the costs associated with record keeping. These costs consist of filing equipment, office space, and staffing. It costs $22 dollars less per linear foot of records to store them in a Federal Records Center versus the office. Just by implementing a records management program, a business can save money, utilize staff more productively, and have more office space.
Increase Efficiency and Productivity
Without an RM program employees spend countless hours searching for missing or misfiled records. Good RM programs enhance the ability to retrieve information and efficiency and productivity are improved.
Capitalize on New Records Management Technologies
By having a good RM program organizations can take advantage of the benefits that new technologies provide. This allows a company to absorb new technologies easier and consistently improve.
Ensure Regulatory Compliance
The United States is the most heavily regulated country in the world when it comes to record-keeping requirements. The only way companies can be sure that it is in compliance with the laws and regulations is by operating a good RM program. Good RM programs take responsibility for regulatory compliance while working closely with the Office of General Counsel. Severe fines, penalties, or other legal consequences can be a result of failure to comply with laws and regulations.
Minimize Litigation Risks
Organizations implement records management programs in order to reduce risks associated with litigation and potential penalties. When applied consistently, records management programs can reduce liabilities associated with document disposal.
Keeping Vital Information Safe
All companies and organizations have to keep vital records and information safe because every company is vulnerable to lose. Records management programs can help preserve and protect vital documents and information from disaster, theft, or damage.
Better Management Decision Making
Records management programs can help managers and executives have access to information they need when they need it. It is important for managers and executives to have quick and easy access to this information so they can make decisions for the future planning of the business.
Backing up the Corporate Memory
Without records management programs, valuable company files and information can be lost or overlooked. Every business creates records and information that can be valuable for future management decisions and plans.
Making Businesses Look Professional
Business offices that have aisles of filing cabinets and even more files stacked on top of them can make a business look unprofessional, unorganized, and even overwhelmed. Establishing a good records management program will not only clean up the look around the office but increase the morale of employees working in a clutter-free office.