Record management systems are essential to a company’s success, agility and security, yet many organizations are hampered by bad records management processes.
When files are in disarray and challenging to find, it can negatively impact your business in many ways. Poor record keeping can result in time inefficiencies, higher labour costs and crabby employees. Compliance issues and security risks also increase.
As a result of stringent record-keeping regulations and an increase in large-scale data breaches, there is a huge trend of organizations that are finally taking their information management seriously – and your company should too.
9 Basic Symptoms of Poor Records Management
Here are nine signs that your organization needs a better data management system:
- Staff collect paper and digital records faster than workers can file them.
- Sharing information is complicated, inefficient and increases employee stress levels.
- Messy filing cabinets overwhelm work areas.
- Your company has a history of keeping records beyond retention schedules.
- Time is wasted sorting through stacks of old records.
- Document storage space takes up valuable office real estate.
- Information is often misfiled, missing and time-consuming to track down.
- Employees are spending excessive amounts of time recreating files.
- Your company has experienced a data breach, or you worry about dealing with one.
Consequences of Bad Records Management
Poor records management processes do lead to fundamental issues within the workplace:
Bad records management results in employees spending too much time trying to find missing files and recreating lost documents. Customer satisfaction is also threatened when employees cannot quickly access important information to meet clients’ needs quickly. When documents are inaccessible and difficult to find, all areas of business operations suffer. For example, many organizations fall behind on record-keeping tasks without a proper record management system, which impedes sales, critical business transactions and revenue-generating activities. However, with an appropriate program in place, company files are stored, organized and tracked for quick and efficient retrieval to ensure the smooth running of your business.
Bad record management processes can lead to severe consequences due to non-compliance with how institutions collect, use or disclose information about individuals. All corporations in Ontario must adhere to the Personal Information Protection and Electronic Documents Act (PIPEDA), a regulatory act that specifies requirements for working with personal information. A records management system is essential for companies to meet regulatory requirements and show due diligence to avoid significant fines and penalties.
Storing your information at your workplace, where employees and office visitors have access, dramatically increases your risk of an intentional and accidental information breach. Confidential information exists in various forms, including customer and employee information, financial records, trade secrets, signatures and more. Having a proper solution ensures highly trained security representatives store records in a secure location with strict protocols. As a result, less access to data and more security keeps information safe from theft or misuse.
Poor Management Decision Making Processes
Company records are the backbone of any organization and are essential for making sound management decisions. Without having reliable and secure access to important papers, many businesses risk making poor decisions that result in losses, corruption and mismanagement. Proper records management processes are directly linked to increased transparency and effective governance, which are vital to a corporation’s reputation, growth and trust.
Poor records management – especially in our digital age – can overwhelm an organization’s capacity to manage, store, access and share data. When this occurs, companies are often brought to a standstill while figuring out the best way to address excess files. On the other hand, an effective management system helps businesses handle an expansive volume of documents securely and permanently, which ensures information is controlled and that companies have the ability to increase office efficiencies.
Consider Blue-Pencil for Your Document Management Needs
If your company is running out of storage space and you’re tired of searching for missing files in your office, Blue-Pencil’s records management services have your business needs covered. We provide long-term storage services to protect important files throughout their entire lifecycle. Records are managed by authorized and trained professionals and housed in our climate-controlled space with 24/7 surveillance and strict security protocols.
Quick and easy online file retrieval ensures staff have access to critical information. Paper records can be physically delivered or scanned and sent by email within hours. Employees can also centrally manage their accounts online to order documents, access inventory, request file storage reports and more.