Businesses, today, are as dynamic as they can get. That means there are a lot of aspects that play a crucial role in making any company successful in its domain. Record and Information management is one such aspect.
Often overlooked by blooming enterprises, the efficiency of Record Management within a company can single-handedly decide its fate. From accessing business related information swiftly to on-time litigation support, a well-managed RIM system is no longer optional. Rather, it is of strategic importance and a highly desirable asset for any company.
To save time and effort, Professional Record Management Services are available for enterprises of varying scale to help establish, operate, and maintain a RIM system.
In this post, we will see the reasons as to why such a Record Management Service Vendor can act a Strategic Business Partner for the enterprises.
Let us get started!
1. Effective Record Curation, Tracking & Management
Businesses, be they of any size, can accumulate an insurmountable amount of data in no time! With the in-house resources of these businesses dedicated to productivity and business oriented-tasks, Record and Information management work often gets delegated to the HR or Legal department. The result of it is shown in the form of reduced productivity, poor Record organization/curation, inability to track and retrieve the desired records on time, and litigation/compliance risks resulting from ineffectively secured records.
At this point, a Record Management Service provider can step in and transform the way a business curates, tracks and manages its crucial records. Not only a professional RIM service vendor will establish an efficient system that stores critical documents, it will also label them for ‘anytime-accessibility’ in the most secure manner. Hiring them will save a business both, the time and cost.
2. Record Security is Prime for them!
Despite the growing awareness about the crimes associated with information, records, and data exposure, incidents still occur. An estimated $1.1 Trillion is lost by businesses across the world due to the exposure of sensitive paper records. In 2017, 2.7 million identity thefts and fraud reports were lodged in the US alone out of which 1.1 million fraud-reports costed consumers a whopping $905 million. Businesses involved in managing Records & Information themselves (Digital & Paper) are vulnerable to these loss numbers. The reasons include;
- Not having a Document Divesting Policy
- Undefined Authorization Access
- Unmonitored Records Archive
On the other hand, hiring a Record Management Service Vendor takes care of the security of your data. The RMS Vendors protect your records from malicious intents and unforeseen dangers. They use state-of-art systems to preserve physical and digital files for as long as possible.
3. Compliance Becomes a Breeze
It is a tedious job to keep a check on compliance regarding every bit of information a business processes. The tasks often downpour on the legal and audit teams. Even then, an inefficient Record Management System can lead to certain vulnerabilities which result in penalties and fines from the regulators. However, if a business partners with a RIM service vendor, they can relax and focus on other growth-oriented tasks as the Data and records compliance takes care of itself. A professional RIM vendor works with proper retention schedules. The vendors stay updated with the slightest of change in the laws and regulations related to Records & Data, and operate in sync with them.
4. Quick Access to Critical Information & Boosted Productivity
There is no way a business can anticipate as to which record or piece of information it will need and when. It can be a document related to a new project, financial records, tax records, HR Recruitment records, audits and surveys, legal documents, etc. Imagine a scenario whereby a company calls for the retrieval of financial records stored somewhere amongst a huge shelf of unorganized records. Time, effort, and possibly the concern for which that particular document is required will slip out of hand. A professional RIM service vendor will ensure that your teams get the required records quickly without hassle. Not only it saves time, but boosts the overall efficiency of the business’ internal processes.
Which of the above factor makes a Record Management Service vendor the most important strategic partner for any business? Let us know in the comments below!