The Value of Information
If you follow our blogs you’ve probably read the statement numerous times. Effectively managing the creation, distribution, use, maintenance and disposition of recorded information can be a tool for growth. Information can be a tremendous leverage point for your organization in learning how to be more efficient, effective, and growth-oriented.
As a business continues to grow, so does the amount of information that must be managed. In fact, paper in the average business grows at a rate of 22% per year. Because of the speed of this growth, records management is one of the major challenges faced by organizations today. Protect your business, and improve efficiency, by avoiding these common records management pitfalls:
- Storing Your Records In-House
Storing records in-house is costly, and takes up office space. Additionally, it increases the risk of lost, misplaced, or misfiled documents. Records often contain sensitive and confidential information about the company, its employees, and consumers. Off-site storage can protect your company’s information from theft, and safeguard it from natural disasters.
- Too much paper, not enough data
A large portion of the information managed in the work force is in paper format. Paper records are time-consuming. The average employee spends 20 to 40% of their time manually searching for documents (Coopers and Lybrand). Furthermore, documents stored long-term are typically never accessed again, but you may have legal or organizational obligations to retain the documents. Reduce your organization’s paper burden. Cut costs and save time by combining off-site storage with other information solutions such as data entry, enterprise content management (ECM) and document scanning.
- Inadequate control measures
Control leads to compliance. The information collected and stored by organizations can be an incredible asset and working to get the most out of it can be a worthwhile investment. However, if the information is not managed properly it can become a company’s biggest risk. Good records management begins with Information Governance (IG). IG helps establish the processes, roles, policies and procedures to efficiently control your company’s assets. Better control means less risk of non-compliance, which will save you money and stress, and can help you benefit more from your information.
- Inappropriate information destruction
When a document is no longer needed, proper destruction is a must and, in some cases, a legal requirement. Disposing of documents in house can be inefficient and risky. Office shredders are unreliable and time consuming when there are a lot of records to shred. Improper destruction of sensitive information can result in identity theft and security breaches, which could lead to lawsuits, financial fees, and more. Outsourcing document shredding and hard drive destruction protects your business, and reputation by ensuring sensitive information can never be recovered.
- Lack of training
Record management procedures may vary based on an organization’s goals and needs. One of the most important responsibilities of a company is keeping all staff is up to date on trainings, procedures, and contingency plans. Having everybody on the same page not only increases security, but will help your organization resume operations in a timely manner in the unfortunate event of a disaster.
- Not using resources
Information management is challenging and requires a significant investment of time and money. Inappropriately managing the information of your organization can increase the financial burden and destroy a company’s reputation. Partnering with a reputable provider of Information Solutions like COR365 gives your business an arsenal of tools to increase security, efficiency and workflow. We take care of every aspect of record management, leaving you more time to focus on the mission and goals of your organization.Share