Having a records management system in place has several benefits, including faster traceability and established regulatory compliance. Companies can ensure that their employees have complete and timely access to documentation in a cost-effective manner. The following are 10 benefits of establishing a records management program in your company:
1. Control of Record Growth and Versioning
Even with today’s increasing reliance on electronic filing, physical documentation still has a large presence in corporate America. Through the use of a record management system organizations can monitor and control documentation and identify which records are active. This control over copies and versioning overall reduces storage space taken up.
2. Rapid Record Retrieval and Disposal
Time is money and money is lost as a result to spending time searching for misfiled records. Wasted time can lead to a decrease in billable hours or even the loss of a valuable customer. With a well-designed filing system in place, records can automatically be filed correctly and disposed of when past end-of-life date.
3. Assimilating with Existing Record System to make the Overall System Stronger
When a company has an existing physical records management system, the investment in a record management system can prove to be helpful. Both systems can assimilate and work off each other to increase power and proficiency in records management.
4. Ensuring Regulatory Compliance
It is vital that companies have a record management system in place that adheres to full compliance with laws and regulations. Failure to do so could result in severe penalties and legal actions when a company cannot provide proper documentation for litigation purposes. Full regulatory compliance can only be met when reliable record management technology and enforced records management policies and retention are in place in the office.
5. Cutting Down on Litigation Risks
When a records management system is successfully established, companies significantly minimize litigation risks and potential penalties. Correctly implemented record management programs also reduce risks associated with disposal of records.
6. Controlling Confidential Documentation
One thing all companies have in common are sensitive company records that are vital for business and dangerous when tampered with. This is why all companies need a systematic records management program that controls which employees do and do not have access to confidential information. Correctly implemented systems establish permissions for different employees all within one central repository safeguarding important records. With a program, businesses mitigate the risks of sensitive information leaking.
7. Time Saved is Money Made
With an established records management system, companies save countless hours that previously included handling, maintaining, and most especially finding records. In fact, most companies lose the most time and money having to search and reproduce for lost records. Not only is there an increase in employee efficiency but also a reduction in operating costs for the company.
8. Increase in Management Efficiency and Decision Making
With quick and reliable accessibility to records, companies can make efficient decisions to stay informed and ahead of the competition. When a records management system is in place, records are disposed of properly freeing up storage space allowing managers to find and retrieve files faster.
9. Protecting Vital Company Knowledge
Record management systems organize and protect a company’s backbone: records. In every single decision companies make records play the lead role. From simple tasks such as progress reports to larger tasks like management decisions and planning. Records store all the actions and knowledge within the company and aid in overall profitability and success.
10. Higher Employee Morale
An effective record management system makes everyone’s job easier by making documentation easily accessible and quick to find. A poor working environment consists of unorganized and lost documents which result in an employee spend too much time to possibly not even find a record they need. Not having the records needed an employee’s morale is directly affected leading to the creation of a poor work environment. Employee motivation and efficiency are other important reasons that the implementation and use of a record management system is vital to companies.