Records management systems can help make your business profitable significantly. An efficient and secure data management reduces the work time and the need for resource allocation for managing data. In this article, we have discussed 11 facts about a records management system. Let’s take a look.
More than half of the time is consumed in locating the information
Think of the huge pile of files in your office. Finding one document can take huge time. Even if you keep records digitally, you will have to go through a whole lot of files and folders in your system to get to the required piece of document. Now, if the storage facilities are located in more than one place, it can increase the workload and resource requirement to search for information. If there is a system that allows employees to access the right information efficiently, the search time can be eliminated. With that task off their list, employees can focus on other important tasks.
1. Huge physical storage space is required
The modern world has another dilemma of shrinking spaces. With commercialism in this equation, offices don’t have sufficient space to keep all the records physically. With a digital storage system and efficient data management system, you can free up all the physical space, while storing the data at a safe place digitally. Employees can look up required information more efficiently because they can get the right information stored, managed, and maintained in tidier and less cluttered space. A good storage system is visually more appealing to guests.
2. Unlimited digital data storage
One of the best parts of electronic chips is their ability to store a huge amount of data compactly. Huge data of big corporations can be stored in a one terabyte storage device. The flip side of these phenomena is that as storage is not an issue, a huge amount of data can be stored. This could be completely useless data, which should otherwise be discarded. An efficient data management system periodically reduces this pile of information or archives it using some mechanism. This means that for any given operation, an information system will not have to spend much time because it will have to deal with much lesser data.
If, however, you need to store some data for monitoring behavioral habits and customer trends, you can make an exception for this.
3. 5% of all paper documents are lost
The biggest problem with physical documents is that they can be damaged, lost, or deteriorated over some time. However, that is not a possibility with digital records. A good Records Management Consultants keeps all records safe, protected from the threat of getting lost. Even if someone tries to delete a record entry, there is a clear trail of evidence of who accessed the record and the time it was accessed.
4. Misfiling Issues
Around 3% of the records are misfiled which leads to a wastage of time in locating and accessing that particular file.
It is quite possible for the physical records to e misfiled. Even with the utmost diligence and care, the possibility of misfiling cannot be ruled out. And once a record is misfiled, there can be significant consequences of it because its rectification requires time and human resources, which leads to an increase in already existing expenses, and a compromise on efficiency. The best part about digital records management system is that it can effectively save and store records without misfiling them.
5. Inefficient document management systems cost more
A good DMS enhances efficiency as it utilizes resources optimally. In case of a poor records management system, not only do you have to invest more time and energy in accessing each document every time, but in case of data loss, you don’t have any mechanism to retrieve it. An inefficient system is more demanding in terms of time and money.
6. The extra effort of creating back-up
For physical records, it is more difficult to create a backup because you need to photocopy, scan and create duplicate files. Other than the main record, you need time to manage and maintain the duplicate record as well. It adds to the existing expenses of record management, in terms of both time and money. This time and money can be utilized in carrying out other tasks effectively.
7. Possibility of record loss
Loss of some documents can be overlooked considering their minimal significance; however, many other documents can be highly critical for an organization. Their loss might have an impact in the long run instead of an immediate effect on the organization. An effort to retrieve those lost documents will be futile. A good records management system ensures that even if any document is lost, its backup remains available.
8. Go Green and Paperless
An average office anywhere uses up to 45 pieces of paper per day. More than 50% of these papers become waste. This wastage of paper is not just a burden economically, but environmentally too because the paper is made from tree pulp. A digital information management system will allow you to uphold promise towards keeping the planet green by reducing paper waste and saving trees.
9. Legal Compliance
An effective data management system is the legal requirement of many countries. In the absence of an appropriate DGPR, companies will be liable to pay heavy fines for their offense of non-compliance with the regulations. An effective DGPR indicates which record to be kept for how long, and who could have the authority to access it. Moreover, it also lays out a data deletion policy that authorizes the right people the permission to erase data under given circumstances.
10. Updated and Consistent Record
By implementing a record management system you can make sure that there are no discarded versions of the document. Moreover, it ensures that all the existing documents are up to date and consistent throughout. In case a document has been edited or altered, you can track back its source and date of editing. In case of a mistake or unauthorized editing, you can undo the changes.
For efficient and up-to-date records management system development, get in touch with Contoural Inc. We pride ourselves as a reputable, experienced, and qualified Records Management Consultants, and Data Governance Consulting Company. We are here to develop a DMS based on your requirements and instructions, at a cost-effective rate. To know more, visit our website or get in touch with us at (650) 390-0800 number.