How Records Management Outsourcing can help you save expenses?

Are you deeply concerned about the growing complexity of records management for your organization? Possibly, the destruction dates, retrieval times, space constraints are all taking attention away from your core business!  Well, the impact of poor document management can be highly detrimental and cost you heavily. It is also important to note that data breaches not only cost money but cost public trust too, which is often hard for businesses to recover.

Hence, to relieve your staff from the job of records management which is important yet challenging you may consider outsourcing. Outsourcing is an unparalleled strategy that enables businesses to focus on their main business needs. Today, many companies are reviewing their operations in depth to comprehend their true core competencies and determine what processes to outsource to become more efficient.

An efficient Records Management Services provider will provide you with an unbroken chain of custody throughout the entire lifecycle of all your documents. Moreover, it will ensure your company complies with government regulations to remain compliant and credible. Another crucial advantage of outsourcing document management is that it helps cut down on the extra expenditures. For example, the cost for renting an additional space, approx. 500 sq/ft area in Delhi NCR for in-house record management would cost about 45,000 rupees per month and the total recurring expenses including average cost spent on electricity, maintenance, manpower etc. would cost nearly 73,000 rupees. However, total recurring expenses per month on the outsourced records management (for 10,000 files) would be 26,500 rupees only which includes cost of storage of 2000 boxes at 12 Rs. per month i.e 24,000 rupees and average estimated cost of retrieval per month i.e 2,500 rupees. Thus, the total cost saving per month by outsourcing(as per the above mentioned example) is 46,500 rupees which clearly indicates the cost cutting factor and highlights the benefit of outsourcing.

Here mentioned are a few significant reasons to explain how Records Management Outsourcing can help lower expenses and thus save money:-

Reduces operational costs

Outsourcing records management is an excellent solution for companies that retain their documents for an extended time. This is because when considering the cost per square foot to store records in-house, the staffing hours required for maintaining the filing system and the expense of filing equipment can be quite costly. However, letting a third-party manage the records, not only opens up opportunities for companies to better utilize that extra workspace, but it also frees up valuable time for more revenue-oriented tasks. And, the organizations can leverage these gains to significantly minimize spending without sacrificing on the availability of the records they would require.

Access to World-Class Technologies at a lower rate

Organizations often tend to buy lower-end technology to save on cost when handling document management needs internally. However, if such companies witness rapid growth, they will have to quickly hire and train additional staff and potentially deploy new hardware or software to support the growth, which can be expensive and time- consuming. In such a scenario, partnering with a secure document management provider can help to get instant access to world-class technologies that in-house operations may not have the financial ability to avail at a cost-effective price.

Avail high level of expertise without spending heavily

When outsourcing to a records management partner, an organization only pays for the work that is done. And, providers continually invest in their processes to provide services more efficiently and with less labor, resulting in lesser expenses for the organization. While hiring such staff internally to manage document management proficiently would be an extra effort and add on to the financial expenses.

When an organization is about to leverage a provider to help improve overall quality, efficiency and turnaround time, this means that it can enhance customer satisfaction, perform better in current markets and deliver faster in new markets. All these factors ultimately drive top-line growth. At the same time, outsourcing will also help to free up some capital for other significant uses by cutting down additional expenses on in-house records management such as electricity, security guard, pest control and other such stuff.

If you find all the pointers discussed above convincing enough for you to decide on outsourcing record management services, we at Starbic, an ISO 9001:2015 and ISO 27001:2013 certified Record Management Services Company would like to partner with you to deliver highly secured and top class document management services, at an affordable rate!



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Anuj RawatHow Records Management Outsourcing can help you save expenses?