Here’s a curious fact: a recent report regarding common boredom triggers found that being stuck in traffic, washing the dishes, company meetings, and standing in a line are among the most yawn-inducing things in the world. Interestingly, the list didn’t include record management.
All jokes aside, while the topic of record management is not the most appealing, it’s an important part of your business. Just think about it, information is your company’s most basic and essential asset. If you can’t access it easily or destroy it when you no longer need it, you can lose valuable time and resources.
Now ask yourself, how much time do you spend every day ensuring that your record management system runs efficiently?
One hour? Two? FIVE?
Regardless of what your answer is, it’s probably too much. In this day and age, when even email messages are considered corporate records and must be recorded, the sheer volume of business information has increased dramatically. Implementing an efficient document retention strategy isn’t just necessary for keeping track of your business records, it’s also a way to protect you and your company.
The question that begs to be asked is: “why aren’t more businesses, especially those whose processes still include paper, automating their retention strategy?”
The Benefits of Automating Your Record Management Process
One of the biggest mistakes a company can make is assuming that they can have an efficient record management strategy without automating the process. According to one study conducted at a large retail bank, automating document retention and adding technology to eliminate paper from the process can reduce operating expenses by as much of 25%.
Despite the growing body of evidence that streamlining the record management system is time and cost effective, many business owners choose to push paper constantly instead of digitizing the process.
Technology has created the opportunity for optimized alternatives to the traditional methods of physically recording documents. Automation, for instance, takes care of the tracking and destruction of documents for you, so that your company stays compliant at all times.
With a digital document retention strategy in place, the system is no longer prone to human error. Every document that is not recorded on time slows down the process and costs your company time and resources. By automating this process you will be able to manage and record information more often and more effectively than ever before. More than that, digital document management systems will minimize the risks associated with the accumulation of expired records, for instance.
Another great advantage of streamlining record management is that you will save a lot of storage space. And if you’ve been in the business world for long enough, you know the hassle of finding a dry and clean basement where you can store your documents properly.
In a competitive market, only the players that can optimize their services and reduce costs and processing time will gain strategic advantage over their competitors. Companies are finding new ways every day to improve and streamline their record management process.
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