As organizations expand and grow, the amount of data generated by them also multiplies exponentially with each passing year. Managing such huge loads of information becomes challenging not only because of the involved quantity, but also because of the variety of data types. Besides organizational expansion, ever evolving government regulations and policies on information retention further add to the complexity of data management.
A robust Records and Information Management process involves preservation of vital records of historical, fiscal, and legal importance in an authorized and institutionalized format. Professional record management also ensures that all non-essential records are discarded in a timely manner and in accordance with the regulatory authority on the same. As such, Records and Information Management allows organizations to manage their records more efficiently and reduce their operational cost on storage equipment and staff. In case of physical storage of data, professional Records Management frees your office space by either digitizing all relevant information or by providing you with an alternate storage space which is safe and equipped with the adequate paraphernalia. Moreover, Records Management facilitates timely access to information which ultimately translates into better productivity.
In a nutshell, it can be summarized that an efficient and standard Records and Information Management system offers easy-to-use and comprehensive solutions and is built on the synli> Now that we have had a general discussion on the benefits of Records and Information Management, let us enumerate a few benefits in detail:
1. Reduces the amount of redundant data
Even though organizations are increasingly switching to electronic mediums for storing files, this has not eliminated the use of paper entirely. While paper loads are a bigger reality in government organizations, the private ones are not entirely immune to them. A Record and Information Management system allows for clear cataloguing of data which in turn eliminates the chances of data duplication. The system further disposes off redundant data and retains relevant records that are actually needed or are active. This controls the growth of records and thus reduces the storage space needed.
2. Ensures Regulatory Compliance
Complying with government regulations on data management is not just a mandatory requirement, but it also represents your business ethics. On the legal side, if an organization fails to provide essential records during litigation or regulatory checks, it can face severe penalties. Liabilities can also arise from non-compliance with data disposal norms. A professional Records and Information Management system is specifically designed to manage and dispose data in strict conformity with national legislations.
3. Secures Sensitive Information
All organizations require a systematic programme to secure their most critical data from natural disasters or theft. Data Management systems provide highest protection to li>
4. Economizes on Cost and Time
Handling of records consumes considerable monetary resources as it requires storage space and qualified personnel who can maintain records in an organized form. Additionally, in the absence of an organized record management system, it becomes extremely tedious and time-taking to search, retrieve or reproduce lost records.
5. Facilitates Decision Making
A Records and Information Management system organizes and indexes all relevant data in a standard format. It further organizes official data by disposing off obsolete data. This efficient sorting out of data enhances information accessibility and thus allows organizations to expedite their decision-making process.
6. Allows easy access to a record’s lifecycle
Records and Information Management allows easy and quick access to a record’s entire life cycle. This is extremely advantageous for organizations involved in research related areas, banking and financial institutions etc. Such information is also crucial for all kinds of legal purposes.
7. Preserves the Knowledgebase of Organizations
Beyond money and time, the most important asset for an organization is the knowledge that it produces. Every single record that gets created within an organization informs its future decisions and policies. Records and Information management allows organizations to preserve this knowledge in an efficient, secure and accessible format.
Data and information are the most important strategic resources for any organization. Records and Information Management is the pre-requisite for enhancing organizational efficiency and facilitating informed decision making by the organizations. It also allows the businesses to guard themselves against auditing risks and breach or loss of sensitive information.