Records management has always been a part of business. It can be done in many different ways, and everyone has their own system for filing, storing, and accessing documents. With the introduction of digital document management systems, choosing the best option isn’t as simple as it used to be.
Every business operates differently and has unique document management requirements. As a result, any record management system — digital or otherwise — needs to fit those unique requirements. For some, that might mean keeping an old-fashioned paper-based system. For others, going fully digital makes the most sense. This blog dives into the advantages of both, and how they can help your business.
What is Records Management?
Be it digital or physical, records management is defined as controlling the most important documents of an organization throughout their life cycle, from creation to disposal. There are many intermediary steps in the cycle, but the main steps include identifying, storing, securing, retrieving, tracking, and destroying documents.
The purpose of document management is for governance, risk, and compliance that provides evidence of an organization’s activities and reduction of risk. Think of it as the journey a document takes from inception to destruction, and all the steps it takes to make sure it’s secure and can be found as it moves through that journey.
Today’s market offers a variety of different options to help you manage your documents. They can include:
- On-site in-house records management: your documents are handled internally
- Off-site professional records management: a professional document management company organizes and stores your documents in a secure facility
- Digital document management solutions: documents are scanned and stored in the cloud or a digital storage system that allows access through a secure internet connection
- A custom combination: your documents might be handled internally while archival records and non-critical files are archived offsite or in the cloud
Benefits of Digital Records Management
In the current business environment, digital document management provides an impressive suite of benefits. From instant access to ease of collaboration, there’s little wonder why so many companies have already made the transition.
Fast and Easy Retrieval
Digitized records simplify accessing and finding documents. Any authorized employee can access the files they need immediately, whether they’re on-site or on the road. Indexing all of your records ensures you’re just a keyword search away from finding that important document.
Version Control
A digital document system can track every change, including date and time stamps, who made revisions, and more. This eliminates the risk of distributing older, invalid document versions and keeps teams on the same page.
Security
Today’s digital document management systems have varying security features. Digital records give you the ability to easily control clearance levels, and who has access to which documents. A digital system can also provide encryption services that protect your data where it’s being stored, and while it’s being transmitted.
Legal Compliance
Federal, state, and local guidelines, laws, and regulations often dictate document access requirements. Digital documents make it much easier to find important files quickly and efficiently.
Disaster Recovery
Almost all digital document management systems use cloud-based storage and backup systems. This helps guarantee that critical business files are backed up to a remote location for disaster recovery. By trading on-site storage for a digital system, you can develop an automatic insurance policy to strategically prevent loss or damage to your files.
Benefits of Off-site Records Management
While digital systems have many benefits, that doesn’t mean off-site or on-site management of physical documents are useless. For many industries, physical documents still play a crucial role in retention regulations and compliance. Physical documents can also provide convenience and familiarity for employees who prefer working with paper over computers. For companies that need to keep their records physical, an off-site storage solution can provide significant benefits.
Mitigation of Lost Records
There’s nothing more frustrating than not being able to find an important document. Worse yet, there’s the realization that a record has been lost or accidentally destroyed.
Lost, misfiled, and missing records are some of the major problems that arise from in-house document management. Therefore, records are safe when a professional service maintains them using off-site document storage.
Savings on Time and Money
When you store your records off-site, you won’t need to search for them yourself. The professionals at the storage site will manage your files for you. The more efficient your workflow and processes are, the more time you have to focus on revenue-driving activities, which saves you money over time.
No need to employ a document manager to organize, file, retrieve, copy, and re-file your records — professionals will take care of it at an off-site storage location. Having paper records that are hard to find and unsecured are great reasons to look for an alternative that will make your company more productive.
Savings on Office Space
This particular issue pertains to the physical storage and organization of the files in your office. In general, filing systems (especially unorganized ones) take up a lot more space in the office than you might realize.
Just think of the extra space you could utilize by moving your document storage offsite or using a digital document system. Moreover, you might be able to downsize to a more efficient workspace or use that space more productively.
Security
Paper documents professionally stored off-site are securely locked and protected from fire and environmental hazards. Ultimately, the decision on whether to go with a digital, physical, or hybrid document management system depends on your company’s needs.
For those who don’t have to deal with significant regulatory concerns, a purely digital system can be a good solution. For those dealing with laws like HIPAA or FACTA, a hybrid or off-site document management system might be a better choice. It can provide your office with both flexibility and regulatory compliance.
Manage Your Documents Securely With Record Nations
From old-school management of physical records to the popular digital document management systems of today, Record Nations can help you find the perfect solution. We’ve got a nationwide network of trusted professionals who are certified in document management. They can help you digitize your documents with scanning services, transform your workflows with a document management system (DMS), or enhance your retention with off-site and cloud storage solutions.
No matter which system works best for you, we’ll connect you with experts in your area who will provide free, no-obligation quotes. Give us a call at (866) 385-3706, use the live chat, or fill out the form on the page to get in touch with local providers today.
