Benefits of Integrated Records Management Solutions

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Around 75% of all paper documents get misplaced or lost. A record management system is meant to store business content for a long time. But storing data is not enough as it is also responsible for keeping it accessible all the time. Challenges in retrieving records can result in a 21.3% of productivity loss for companies. 

An integrated records management system can efficiently manage records by eliminating the risk of duplication. It also helps systematize the retention and disposal of every record required for your business. 

Integrated records management

With a periodic appraisal of records, the need for cramming offices with obsolete records can be avoided. Follow this guide to understand how to create an integrated records management system and what are its benefits.

5 Steps to Create an Integrated Record Management Solution

Every organization is looking for a way to embed records management solutions within it. The detailed breakdown of the steps is as follows:

Analysis

Initially, you need to know where content relevant to the RM system is stored. Then, a detailed content analysis must be performed to detect its quality. For instance, the analysis will help you understand the amount of metadata and quality of file types. 

Developing a solid plan for creating an integrated system is essential. The analysis will help you find realistic lead times and a glimpse of the vital connections. 

You will also get to understand which metadata needs to be repaired. The analytical process also presents a rough knowledge of how the integration will look.

Integration

Next, you will have to ensure that all the content remains available for the RM system. Therefore, you will have to make a connection from multiple sources to the RM target system. Again, a content service bus will aid you in the process.

A content service bus is built on a unified model of data. It provides standard connectors for every popular content source. In addition, you will find an architecture to connect new sources conveniently.

The integration with the RM application doesn’t have to be changed to fit the new sources. The process can also make the archive a part of the source application. While it’s beyond the configuration of a content service bus, it can be a precious addition to the integrated RM system.

Normalization

The content service bus is also used to normalize content at multiple levels. It helps identify duplicates before storing them on the RM system. Depending on business rules, duplicates are usually stored once in the RM system. Sometimes reports are also sent to the archive administrators or enterprise content managers to know what to do with the reports.

The normalization process also revolves around the unified content model. A one-time transformation connects all sources to the unified model. It makes it more convenient to connect the latest repositories. But it can also ensure that the convertible business regulations and enrichment work similarly.

Enrichment

A major aspect of integrating repositories into the integrated RM system is missing metadata. Of course, any RM system requires metadata to run successfully. But the source systems are not always capable of configuring or managing metadata. 

Metadata can be enriched through multiple methods. The content service bus enables you to configure different business rules. Suppose you have content coming from the financial application, and it contains metadata. 

In that case, it will be an invoice belonging to the classification C in the RM system. On the other hand, if the document contains a set of keywords, it will belong to process Y. 

You can also opt for auto-classification, which uses machine learning to recognize particular document types. Auto classification can be perfected by training the system. It is particularly useful in scenarios when no metadata remains available. Sometimes the process of auto-classification is combined with business rules.

Activation

Undergoing the different stages of integrated records management is a phased approach from the source. A similar approach is also used for activating content service bus integration with the RM system. It ensures controlled testing to check whether all the content gets stored in an accurate location in the RM system.

Moreover, the phased approach ensures that the content is stored with accurate metadata. Establishing business rules and using auto-classification is an iterative method. The result often brings modifications to the rules. 

Once implemented, adjusting the business rules or the auto-classification models is quite convenient. The flexible structure of the content service bus and the unified data model makes the process easy.

Benefits of an Integrated Records Management System

An integrated records management system has multiple benefits, including better efficiency and traceability. In addition, it ensures that employees in an organization have access to appropriate information in a cost-effective and timely manner. The advantages of investing in an integrated records management system are as follows:

Manage the Development and Growth of Records

Organizations are becoming heavily dependent on electronic files. But it hasn’t led to a drastic reduction in the amount of paper utilized in offices. An integrated records management system can manage the generation of records. 

The system will only retain the required and active records. Therefore, the unparalleled growth of records in the office environment can be prevented. It will also reduce the need for more storage space to keep unnecessary files.

Regulatory Compliance

Compliance issues are only growing stricter over the years. Therefore, companies should adopt an integrated records management system to comply with rules and regulations fully. 

Failing to provide crucial records during regulatory checks can lead to severe penalties. Your company might also end up facing legal consequences. An advanced record management technology can ensure regulatory compliance. You should also start developing a robust policy for managing and retaining records within the organization.

Effective Retrieval and Disposal of Records

The consequences can be quite severe when you urgently need a record and can’t find it on time. First, you will lose a lot of billable hours. But more importantly, you will lose customers who can bring value to your business.

Investing in a well-integrated filing system will retrieve records easily. It will also help you dispose of records that have passed their end-of-life date.

Get Rid of Litigation Risks

An integrated record management system can minimize the risk of litigation or penalties. In addition, it will help you avoid all liabilities associated with disposing of documents.

Assimilate the Latest Technologies for Records Management

Investing in an integrated record management system is always prudent. However, it is even better when you have an existing physical records management system. 

You will be able to assimilate the new record management technology with the existing one. Therefore, the existing record management system will become stronger.

Improved Decision Making Process

When relevant data becomes easily accessible, organizations will be able to make faster decisions. In addition, by making informed decisions, companies can stay abreast of the competition. 

Records management data will bring useful data in front of you and eliminate unwanted data. In addition, the indexing and retrieval features allow authorized managers and executives to search and locate files faster.

Motivate Employees

Mismanagement of records and a clumsy filing system lead to frequent loss of essential data. As a result, a poor environment gets created within the workplace. A negative work environment drops the motivation levels of employees. Establishing an integrated records management system ensures that employees know how serious you are about the records. Therefore, they understand the value of data and become more careful about it.

Protect Important Information

Whether it’s any public or private company, everyone needs a systematic approach to protecting their data. Moreover, records and information are prone to damage due to theft or disasters. An integrated record management system will safeguard important information of companies. 

A company’s files are useful resources and are often accounted for while planning the future. The records contain the activities of a company over the years. Managers might need them to research how a company has performed over the years.

Moreover, some data in the business ecosystem are confidential. An integrated records management system will protect such information from unauthorized resources. Therefore, no one will be able to tamper with the sensitive information of a company.

Why Choose Invensis?

If you are looking for records management services, outsourcing to Invensis is always prudent. With vast experience in the industry, the experts will meet all your records management requirements. In addition, our value-added consultations will help you easily solve any business challenge. 

We offer customized services after understanding the needs of each organization. Our records management solutions will prioritize both quality and compliance. In addition, the skilled personnel at our organization can offer scalable solutions to ensure future business operations continuity.

If you are worried about us meeting deadlines, we can assure you of the timely delivery of projects. Book your consultation with Invensis without any more delays.

Final Thoughts

Integrated records management has become necessary for every organization due to the adoption of digital technologies. It can help retain vital records and save storage by getting rid of unwanted data. 

FAQs:

1. What is the primary quality of an integrated records management system?

Any well-integrated records management system will ensure proper retention and disposition of information. It will ensure that the records can be easily accessed when required for audits, litigation, or daily business operations. However, records that aren’t necessary will be disposed of to save storage space.

2. Can an integrated records management system reduce business expenses?

A physical records management system takes up a lot of time to store and maintain data. It also takes a lot of effort to look for and reproduce lost records without an organized system. An integrated records management system will save your expenses and also improve efficiency.

3. What are the two categories of records?

Company records are either physical or electronic. Physical records need a lot of space and are more prone to damage. However, electronic records can be saved within an integrated system for better efficiency.

4. What is the necessity of records management for companies?

Records management is necessary because it enables companies to preserve and control crucial information. Opt for an integrated record management system to protect company data from unauthorized people. It will also save you from penalties or litigation risks by making data available whenever required.

5. What is an integrated record management system?

An integrated records management system will create and maintain authoritative records. Everything will be reliable and can be accessed by authorized individuals at any point. It will meet business requirements and help organizations to stay accountable.  

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