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Records Management for SMEs – The Benefits of Records Management

Proper Records Management can be a fantastic investment in your business.

There are many benefits of Records Management for SMEs and it is a vital part of running your business. If you have just finished reading our previous article, Records Management for SMEs – The Cost of Poor Records Management, you will know that poor Records Management can be very costly.

So now its time to take a more positive look and discover the benefits f records management.

Let’s take a look at some of the key benefits of Records Management for SMEs…

 

1. Legal Compliance

One of the most important aspects of running a business is being compliant with the Law. Records of all kinds and in a wide range of industries must comply with many pieces of legislation.

When you set up and actively make use of a Records Management Programme, you are able to improve and ultimately ensure your compliance with the country’s laws. Compliance, while often seen as burdensome is a good thing as it affords your business protection under the law. If you are fully compliant your business will be in a stronger position and have reduced its operating risk.

 

2. Increased Operating Efficiency

Another valuable benefit of appropriate Records Management is the accompanying increase in operating efficiency.

When you have clearly identified your business’s Records and they are properly categorised, archived and securely managed and stored you should have streamlines access to those who need to use your Records.

No longer wasting time trying to find lost Records and having streamlines, yet secure access to them means you and your employees have more time for other business actions. Not to mention the stress reduction and peace of mind that comes with knowing your Records are safe and well taken care of.

 

3. Cost Effective Records Storage and Archiving

An essential part of Records Management is to optimise the storage and archiving of your Records. Done right, you will be able to save money by only paying for the storage and maintenance of Records that are actually needed.

A skilled Records Manager will be able to sort your Records so that those Records that reach the end of their retention periods can safely be destroyed and no longer add to your storage costs.

The right type of storage option for each Record can also be determined. So Records that need to be accessed regularly can be kept in-house in a small archive while Records that are not needed but legally must be kept can be sent to a secure offsite storage facility for archiving. Records that fall in between can either be kept in-house or sent to a offsite storage facility but in such a way that retrievals are easy.

The right storage option for each Record not only will aid the control of costs but enhances the safety and security of your Records.

 

4. Record Backups and Security

When implementing a Records Management Programme, backups of both paper and digital Records will be a priority. The digital age in which we live has given us the ability to scan paper documents. Scanning is far better than photocopying since you are now able to store Records without taking up lots of physical space and you can easily store Records at multiple sites to increase security and disaster recovery.

Digital copies of Records can be easily and quickly accessed using a computer as Records can be categorised and tagged to make searching for them fast. Not only can the speed of access be increased but so too can access be controlled. Access control and security features allow only authorised personnel to access Records which can significantly reduce the chances of data breaches.

 

Read our next article: Records Management for SMEs – Solutions for Effective Records Management

Read the previous article: Records Management for SMEs – The Cost of Poor Records Management

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