Your Comprehensive Guide to Records Management Strategies

Amy Pattinson
August 17, 2022
 Mins Read

Records management will be essential whether you’re a large organization or a small enterprise. That’s because data and information are the pillars of any business. Without data, there won’t be specified norms or standards for the organization to follow while doing business operations. When it comes to the projection and evaluation of customers, data and historical data become vital. So, records management is the approach to authorize and control the creation, protection, management, procurement, and disposition of data, irrespective of its format. In simple terms, it means effectively managing a firm’s critical information and data, right from its creation to its disposal. A records management strategy focuses on leadership, accountability, and responsibility.

Truth be told, several organizations still don’t take the whole concept of document management seriously. However, it’s their own disadvantage because as we step an inch closer to complete digitization every day, it will become difficult for them to cope with competitors and grow. The main reason behind implementing electronic records management is to support a company in retaining and preserving access to critical information for compliance audits and business operations. However, many companies fail to incorporate efficient rules and practices to ensure well-organized control over the acquired data. Consequently, they overspend on storage, waste time on missing data, preserve some records for too long, pay penalties for non-compliance with records management policies, and lack security for mission-vital data.

Moreover, Invensis provides end-to-end customized document management services across major business functions and industry verticals ensuring on-time fulfilment of tasks. The above introductory section is a gist of what we’re about to discuss in this following article. So, let’s start with what records management actually is, followed by the top records management strategies and more. Keep reading.

Records Management: What Does It Actually Mean?

Records Management refers to the management need of a company for the effective and seamless control of the creation, distribution, use, maintenance, and disposition of the company’s records.

As per the ISO Standard 15489: 2001, it is also defined as the effective management of the processes involved in data capturing and maintaining proof of information related to business operations and transactions in the form of records.

A record is any information stored as evidence or used for business activities. Examples of records include budget documents, final reports, balance sheets, etc.

The overall process of records management in a company involves the creation, maintenance, use, retention, and disposition of records during the records lifecycle, which we shall discuss later in the below section. This management procedure may also involve rules and regulations for generating and approving records and implementing such rules and policies.

An effective records management strategy becomes crucial for an organization’s compliance, risk management, and complete responsibility for governance. Its primary focus is to manage the evidence of our enterprise’s activities and mitigate or reduce the associated risk.

Whether private or public, every organization needs to keep information organized and accessible with the help of an effective recordkeeping strategy. Records management enables a structure to control the stockpile of paperwork and identifying papers while ensuring that essential information is quickly available and easily accessible.

Smaller companies like startups may leverage standard spreadsheets to keep track of every company-related information. However, with business growth and expansion, the volume of data will also grow, requiring a more efficient and automated way for those records’ maintenance.

Top 6 Records Management Strategies

1. Locate Vital Information With Automation

Remember that every document is not a record. Depending on the type of business, documents like duplicates and rough drafts won’t need the same storage and management. Similarly, it’s impractical and a waste of your company’s time to review every single document just to find the one you need.

Thus, it’s beneficial to utilize the power of automation like auto-detection or keyword scanners for identifying and locating vital documents. In addition, it will help the company to easily determine which document constitutes a record and which one is essential.

2. Capture Documents With Integrated Devices

There are plenty of ways to acquire records and document information due to the availability of multiple document sources like copiers, printers, mobile devices, scanners, etc.

Today, several offices depend on multifunctional, super-efficient printers that can perform multiple actions on the same gadget. In addition, these gadgets/devices usually integrate software that connects the printer with the remaining workflows.

Implementing electronic document storage procedures makes things like tracking change history, collaborating on documents, and sharing information between multiple staff possible. In addition, these devices ensure highly effective usages like fax creation via email or automated transmission of scanned files to the cloud/digital storage.

Captured records and document information can be easily shared from one corner of the office to another, enabling easy access to the right staff at the right time. In addition, digital storage will protect your paper documents from environmental hazards and can be retrieved efficiently whenever required.

3. Enjoy Quick Retrieval With Standardization & Archival Strategies

Looking for documents that are not powered by a records management system is a time-consuming and hectic task. However, using digital document storage lets you quickly locate your critical document information.

By leveraging digital document storage procedures, it becomes easy for organizations to share document information between the office staff. So, if you want to utilize the archival storage of documents to the fullest, follow these strategies:

  • Start naming files adhering to a standardized system. Based on the name, it will get convenient for you to understand the general content in a file. Plus, standardized file names help businesses with other aspects of BPO too
  • Go for a classification system across the dashboard. Let every employee of the organization know where, how, and in what order to keep the files  
  • Precisely, introduce archival access policies and procedures to the employees to ensure improved security. Why so? Because the more staff is accessing the archives, the more likely it will disarray. You can encrypt the files and make them password protected to make sure only staff with given authorization can access them

4. Leverage Tools That Ensure Collaboration

The procedures involved in document circulation typically need inputs, updates, reviews, approvals, and other forms of recognition from different individuals or parties. If the business does it manually, the cluster of document versions and various lines of communication annoys and confuses the users.

On the other hand, a digital collaboration tool keeps everyone on the same page by integrating with plenty of other document procedures. Several tools, like Google Docs, enable multiple parties to simultaneously edit digital records/content without producing any additional copies. It lets businesses keep their documents inside the office workflow while maintaining efficiency.

5. Look After The Safe & Proper Disposal of Unwanted Documents

Scattered documents result in paper-based and digital clutter, leading to security risks. However, with so many documents existing on the digital storage platforms, getting rid of unwanted documents may not be as easy as shredding some piece of paper.

Similarly, disposing of records doesn’t always mean deleting or eliminating them entirely. Strategically archiving documents is the key to controlling cost, enhancing security, and maintaining efficiency. You must determine which documents must be archived and which to be destroyed safely to maximize your company’s IT resources.

6. Go For Outsourcing If Required

Suppose all these above strategies seem too much of a hassle, primarily when your business focuses more on its growth and expansion. In that case, it’s best to outsource records management services. By outsourcing your records management program to a well-experienced consultant firm like Invensis, things will become seamless and efficient.

Types of Record Management Software

A record management software makes things easier for the organization. Such software enables businesses to store, locate, and access their official records to use as evidence of business operations like transactions and audits. There are two types of record management software available in the market:

  • Cloud-Based Records Management Software: It enables businesses to store all their document information and data in a single digital space. This digital document management solution acts as a warehouse for all your business files, enabling you to access them anytime
  • Enterprise Records Management Software: It is ideal for large-sized organizations as these programs come with advanced features and solutions that can easily store and manage huge amounts of data

We also covered more on records management in our previous blog, "An In-Depth Guide to the Best Records Management Practices."

How Can Invensis Be Your Helping Hand?

Invensis is a world-leading records management service provider with years of expertise in the industry. We help businesses eliminate the overload of paper documents by leveraging the best-in-class technologies and gadgets and implementing the most effective records management strategies.

Our efficient document management solution provides the technology and services tailored to meet every organization’s needs. Our experts used the best software solution to keep your record management in control and streamlined at a nominal cost.

Boost Your Business Productivity With The Best Records Management Strategies From the House of Invensis!

Ending Note

Records management is one of the best ways to store, preserve and use your critical company document information and data. Implementing the best records management strategies streamlines the records lifecycle and reduces the time spent by employees on searching and managing documents.

In the growth years of your business, focusing on so many strategies for maintaining your records may seem troublesome, but not to worry, as platforms like Invensis take pride in assisting such businesses.

Frequently Asked Questions

1. How Can Record Management Ensure Compliance with Legal Requisites?

You can do a few things to ensure compliance with legal requirements during record management. For instance, you must be accustomed to the retention period of the various records and ensure to keep up with them. Also, to keep your records and document information safe and secure, follow these practices:

  • Do not share your access codes or password or keys with anyone randomly
  • Encrypt your most critical document in the digital storage

2. What Are the Foundational Elements of Record Management?

The key elements of record management are:

  • Retention scheduling
  • Important records program
  • Records inventory and classification
  • Disposition
  • Disaster prevention
  • Recovery planning
  • Records storage and conversion

3. What is the Procedure to Maintain Records Management?

The best way to maintain records management is to structure existing files and alleviate unwanted ones. Also, enterprises need to provide comprehensive, consistent, and correct information. To maintain records, make sure they’re easily identifiable and retrievable. Also, generating a retention schedule can help.

4. What Are the Primary Types of Records Management?

Although there are several types of records management systems, the primary ones are document management systems, content management systems, and digital imaging systems.

5. What Makes Invensis Ideal for Your Records Management Services?

Invensis provides an effective and efficient records management program by ensuring appropriate records retention, preservation, and disposition. It ensures that every record is easily accessible and readily available for audits, litigations, historical research, or day-to-day business operations.

Article by
Amy Pattinson

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