Every company creates some form of business records each day. New information flows in, and new work is done, creating new related records. Those records might be physical documents, digital information, or a combination. Records management refers to the creation of workflows and processes to guide an organization on how to handle records across their entire life cycle.
Understanding how to manage records is fundamental to secure successful, smooth, and streamlined business operations. Efficient management ensures that team members can retrieve the data they need promptly. Key stakeholders can view mission-critical information to inform better decision making. It impacts efficiency across departments and even the entire business. Equally vital, records management plays a critical role in keeping operations aligned with compliance requirements and the principles of good governance.
Discover the ins and outs of records management, from the big picture to the latest tech trends. Let’s consider how your business could enhance its approach.
What is Record Management?
Record management comprises all the processes related to the administration of document information within a business. It concerns far more than simply storing documents such as employee records, patient files or business tax paperwork. Record management includes processes such as:
- Creating new documents
- Receiving documents from internal or external sources
- Document storage
- Document retrieval and usage
- Retention schedules
- Document destruction
This systematic process takes place continuously over a document’s lifespan. Physical records require a filing system and a means of locating specific papers again, even after potentially long periods. Digital systems must be secure yet accessible to those who need documents within those systems.
Without an innovative, calculated approach to record management, accomplishing daily business tasks grows more complex. Meeting compliance requirements, especially document disposal and security, becomes more difficult. It is essential to develop an effective program for managing your information.
What Creates Effective Outcomes in Records Management?
To achieve optimal results, incorporate these essential elements into your approach. There is much to consider, from understanding what you need to retain to applying the right level of security. The core elements to know include:
- Record classification. What documents are worth keeping, and what is more temporary? There are limitations on physical and digital document storage solutions; space may be at a premium. Therefore, a system that classifies records by type, content, importance, and other metrics is imperative. You may not need to keep everything, but you should know everything you need to keep.
- Document retention scheduling. How long do you need to keep documents before you dispose of them? Every class of record should align with a specific retention schedule. For example, employment documents (such as the Form I-9) must only be retained for a particular time after an employee leaves the business. Knowing when to dispose of records securely frees up space, improves compliance, and reduces risks.
- Record retrieval and re-filing. You will need a way to ensure that records in storage can reach the appropriate requesting party promptly. Likewise, you’ll need a way to return the file to its proper place without risking loss.
- Record security. Good security isn’t just a best practice; depending on your industry, it may be a matter of the law. You need reliable security protections for physical and digital records.
By developing an approach that unifies these elements, a sound records management policy can be created.
Improving Records Management with Technology
With the rapid decrease in the cost of digital storage and the advent of cloud-based solutions, technology has quickly taken on a central role in good records management. Indeed, specific software systems have arisen to address those challenges: Electronic Record Management Systems (ERMs).
ERMs come in many forms to meet different levels of need, regulatory scrutiny, security requirements, and other factors like integration and user experience. Adopting an ERM as part of your strategy could be central to valuable improvements. They offer perks such as:
- More efficient record storage.
- Support for automatic document classification and other automated processing.
- Highly searchable electronic records, simplifying the retrieval of even older, niche records.
- More substantial support for security, including industry-leading document encryption to keep bad actors out.
While many companies have a need to keep some physical records, utilizing a digital system that stores the most recent, relevant, and important documents is also desirable.
The Advantages of a Well-Planned Management Strategy
Organizations can see numerous benefits with a strategy that aligns with daily business requirements and long-term needs. Not the least of these advantages is that document-related workflows become simpler and faster when effective record management is in place. Information is more readily available and quicker to access Other positive outcomes include:
- Better risk management and mitigation. Sound record-keeping systems with proper security lower the risk of the potential for costly and damaging data breaches. Access controls keep documents out of the wrong hands.
- Improved regulatory compliance outcomes. Weather audits with confidence when you know your system fully conforms to legislative requirements or those rules imposed by other regulatory bodies in your industry.
- Overall enhancements in information governance bring stability and consistency to processes across teams and departments.
- More opportunities are needed to reduce on-premises storage, reclaim office space, or assist in right-sizing projects.
As we can see, the way you manage your documents matters.
Setting the Stage for Success in Your Business
Appropriate record management procedures make information accessible, secure sensitive data, and ensure you can meet compliance requirements. Often, though, achieving such outcomes is easier said than done. Your business may not have enough space or time to implement a system as robust as you require. Instead of losing valuable office space to archival records, other solutions are available, such as a professional record management service.
Meyer delivers the highest quality record management support and services. Our expert-led solutions flex and meet your specific needs as we customize our service to align with yours. With a system that offers 24/7 availability for requesting files and scheduling deliveries, you can reclaim office space while improving overall document workflows. Request a quote or give us a call at 1-800-727-5985 today to learn more about accessing tailored record management services in Massachusetts, Connecticut, and Rhode Island.
