6 Myths and Realities of Records Management Do you often come across heaps of paper on your office desk and still can't find the vital document? Or do you simply chase missing records often? Then it's high time, you should implement a systematic records management. Records Management is organized administration of records of all forms, which includes creating, maintaining, using and destroying those records when they become obsolete. This is a full-fledged organizational function that takes care of the life cycle of all business records for compliance, cross-referencing and continuity. People are misled with various myths about records management that constrain many businesses from enjoying substantial benefits of it. Let’s break some notorious myths and discuss realities of Records Management. Records Management is only for large companies: We often come across this argument from customers that records management is only for large companies. This is entirely wrong. Regardless of the size and nature of any business, they need to understand their records-keeping compliance. Failing to meet such compliances affect their very business continuity. Also small businesses need to cross-reference records from multiple years in the past. The ability to find the right record at right time helps in faster decision making, stay productive and stay profitable. Storing Records Forever is an Advantage:Fear of future usage and lack of latest compliance understanding make many organizations stick on to storing obsolete documents forever. But the reality is, regulatory authorities of each business have given mandate on the specific time duration they need to store and maintain documents. Such obsolete business records steal a great deal out of valuable office real-estate. Also the spend on storing and managing such age-old records gets higher year over year. Businesses need to shred documents in a safe and secure manner. Record Management is Very Expensive: consider the opportunity cost of deploying strategic talent in maintaining records than having them to focus on how to expand business. Let’s compare the cost of records storage with the loss a business may encounter if it does not have a systematic records management. It is not easy to even calculate the amount of damage in terms of cost and reputation when an eventuality like man-made or natural disasters hit. Also imagine the cost associated with responding to legal aspects such as lawsuits or penalties coming out of failing to maintain records properly. Why Physical records when Paperless is the trend:Of course going paperless is in the primary agenda for many. However, businesses need to understand this fact clearly.“Digital records are for convenience. Physical records are for compliance!”Digitizing records is important. However, without proper systematic file indexing, it is going to take a lot of time to search and find relevant files. Also sifting through scanned images is not an easy task without having support of advance document management Systems. The chance of manipulating, duplicating, data privacy data confidentiality and integrity are significantly higher compared to physical records. That’s why regulatory authorities of multiple industries and Government bodies emphasize in storing physical records for a stipulated time. Storing at own office is safer and secure: This is absolutely wrong. Let us understand few factors here. Businesses lose money by using valuable commercial real-estate for storing years of business records Businesses risk compliance and reputation by renting residential houses to store documents Businesses attract risks by allowing unauthorized employees to access business critical records. E.g.Why should a production department person have access to purchase department records. Offices or rented places don’t have adequate safety and security systems against fire, flood, pest control including trail of records accessed by authorized persons We have filing cabinets. Why Records Management? Simply storing records in filing cabinets does not mean a business has implemented a systematic records management. Filing cabinets don’t help with file indexing automatically. What we have witnessed is that records are misplaced, missed out and lost by arranging files in a haphazard manner. Records and information management (RIM) professionals offer their expertise in cataloguing, file indexing, niche-specific records keeping compliance, governance policies and maintaining structured log-files for accessing files. We at KAYMAN Records Management Services hope this blog post has made clear about some of the myths associated with records and information management. We are glad to assess your records management needs, consult to introduce systematic records management in a cost-efficient manner. Hundreds of businesses like yours are fast switching to our systematic records management services while meeting their records-keeping compliances. Get a FREE Records Management Review