Business

Why Record Management is Need of the Hour?

Record Management (RM) within an organization doesn’t hold a direct relationship with the finance department of a company but it highly impacts the ROI of it.

Don’t you agree with us on this? Yes, it’s true that record management is an additional cost incurred by any company. You can’t expect any returns on the same. But still, companies are looking out to maintain their official documents in a secured system. Why? Because having a complete lifecycle of a company well-documented allows you to manage the confidential information.

What is Record Management?

Record Management by definition means activities that involve creating a file to disposal of the same throughout the lifecycle of the company. A record considered to the document which is used in a business transaction. It is not like sedentary documents which may lie in your drawer for years. But, these are mostly used in everyday functions and require a lot of editing and updating to be done. For these reasons, having a functional and efficient process is highly required.

What is the Record Lifecycle?

A record goes through 5 major steps:

  1. Create/ Receive
  2. Use/ Modify
  3. Maintain/ Protect
  4. Dispose/ Destroy
  5. Archive/ Preserve

This is method is used whether there’s an inclusion of an employee in the team, appraisal process, project assignment, billing or other management procedures.

1. Create/ Receive

Let’s assume there’s a person, Samarth appointed as new Operational Head in a company. The HR department collects his existing information which will be required to appoint him within the company. Along with that, the HR department will also have to create some new records which will be used during the work duration of Samarth.

Now, Record Management System makes it easy to create such documents. All you have to do is scan and upload the hardcopies and select the pre-existing format of the documents to be recorded within the system.

2. Use/ Modify

Now imagine, this employee earns appraisal, bonuses or other beneficial services. His entitlement needs to be recorded for official use. You can simply choose and select the file and upload or create or edit the information as and when required.

3. Maintain/ Protect

Companies are supposed to keep financial information of employees, a secret. These are the highly confidential information that can’t be risked by any organization. Also, you require a highly diligent and trustworthy employee who can keep these records save. However, if you have a well-structured process using record management services then maintaining these records become a piece of cake.

4. Dispose/ Destroy

While documents are to be kept for the longest time but records come with a lifetime. Imagine, had you appointed a team for maintaining and destroying your business’s daily functions then it would have been quite a cumbersome task to manage the load of papers and files. Also, you wouldn’t enjoy the ease of having a digital format of dealing with destroying data after their use. You can take the help of a reliable Document Shredding Company in it also. Cybersecurity allows you to add more certainty which one can’t tamper.

5. Archive/ Preserve

While some records might not require deletion sooner. Hence, to keep such information in the system, RM allows you to archive or preserve those records safely until you need them again. With this feature, it’s easy to de-clutter your record book without loosing on to the important information.

Why you should have Record Management in your organization?

Having a Record Management system implemented in your organization is highly important because:

1. It is secure

In the age of digital transformation, record management only brings security to your business operations.

2. It is easy to operate

You can find everything maintained on one platform. Having one password and login ID, you can create an authentic profile to access the files.

3. It can be accessed anywhere

Records are transactional documents and one needs to use it more often. However, when the world is working globally or working from home, you can rely on the offline methods of maintaining records. This is the only and the best way to manage your official documents.

4. It reduces the paperwork

The reduction of paperwork and human error is a huge benefit. This is one of the major reasons why enterprise depends on record management software. These services allow you to maintain the smallest changes without losing time, efforts, and peace of mind. Also, it is highly favorable in terms of the use of stationary. Hence, it is not only cost-saving but also environment-friendly.

The Conclusion:

It’s 2020 and you got to have record management services for your company. Make sure you are signing up for the most secure path for doing so. Reviews and demo trials are the best way to judge the services. Let us know if we can help you in this regard. Our clients are quite impressed with the services and we’re sure you’ll be glad to find us today!

What is the International Trademark Registration?

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