Business transactions create records that need to be stored securely and accessibly. Records include tax returns, employment forms, and financial documents that require a retention period of several years. Records management helps businesses maintain, use, store, and dispose of their records in compliance with retention laws while also supporting business processes. Two types of records management systems deal with the organization and handling of records throughout their life cycle.
Efficient systems boost productivity and privacy. According to a survey, 91% of workers say their jobs would be much easier if they could quickly find the information they need. Implementing an effective system would solve that problem; improving employee output and longevity, not to mention your bottom line.
Records Management & Records Management Systems
Most records management systems are either fully or partially digital. Scanning is used to convert physical documents into digital files that can be organized digitally. Records management systems use software with built-in search capabilities, security features, access authentication, and more.
There are two main types of records management software. They offer many of the same features but differ in critical ways.
On-Premises Records Management Systems
On-premises systems are hosted in your personal servers and storage facilities. This puts you entirely in control of your data while saving you from paying a third party to run your system. While you may save money over time, the upfront costs are substantial and you will have to take into account the costs of maintenance, managing backups, and security for your servers.
Cloud-Based Records Management Systems
Cloud-based systems are hosted online by a software provider. There are no upfront costs, but a software provider will charge a monthly or annual fee. Your provider will take care of all maintenance and security. The downside of cloud-based systems is limited storage space and limited access if internet connections are down or inaccessible.
Records management systems save time and allow your team to focus on their jobs instead of hunting down the documents they need. They will be able to work more collaboratively and efficiently, while you will be able to make data-driven decisions for your company.
Selecting the right system for your business will depend on which features would benefit your business most. Be sure to look for the following features when selecting a records management system:
- Keyword search: A centralized system allows workers to search for records all in one place. Simply enter a keyword or tag to pull up the records you might need.
- Scanner compatibility: Creating and converting records with scanning is pivotal to the records management system. Make sure that the software you choose is compatible with your document scanner.
- Mobile access: Mobile access allows employees to access company records from a mobile device. If you have remote or traveling employees, mobile access is needed.
- Tiered access: Limit access to sensitive files with authorization levels. Records can be classified from “public” to “confidential” to protect private data.
- Software integrations: If you have business software systems already in place, you can integrate records management software for cohesive business processes.
- High security: Poor records management can lead to a data breach. Look for data encryption, access logs, and physical security when selecting a system.
- Industry–specific compliance: Your system should comply with all relevant regulations as determined by HIPAA, FERPA, FACTA, and SOX.
- Record retention schedules: Inquire about shredding and hard drive destruction services after retention periods have been met.
Find the Right System for Your Business with Record Nations
Record Nations offers records management systems with all of the features you need. Accessibility, security, and efficiency are our priorities. Call us at (866) 385-3706 or fill out the form to learn more about our records management services, storage solutions, and scanning options. We have expert providers across the country waiting to assist you.