Reorganise Your Records and Information Management and Save Money
We take a look at how smart records and information management can save you money.
Records and Information Management is an essential part of running a business. As economic pressures increase so too does the need to cut costs and streamline operations.
Reorganising your company’s records and information management systems and processes can unlock many potential benefits. These benefits can be broken down into three categories:
- Cost Saving Benefits
- Efficiency Benefits
- Risk Mitigation Benefits
The processes of reorganising will require you to either, update your existing Records & Information Management Programme, or create a totally new one. For more information on RIM Programmes read the following articles:
- What is a Records and Information Management Programme?
- How to Market Your Records Management Programme
- How the PoPI Act will affect your Records Management Programme
- Do SMEs really need a RIM Programme?
- Records & Information Management Programme Tips Small Businesses
The benefits of doing this should more than pay for themselves.
The Cost Saving Benefits of Reorganising
The most obvious means of reducing costs is to reduce waste. Believe it or not, most companies produce considerable amounts of waste.
Waste includes paper documents and electronic documents as well as office space. How much of your organisation’s paper documents are made up of records and valuable documents?
Paper Documents & Office Space
Chances are, 50% or more of your paper documents can be disposed of. How much more office space and stationery are you using every month to keep junk?
Office space is expensive and could be put to more productive use like increasing your sales department and making more sales.
The reduction of stationery and paper will reduce your monthly expenses as well as free up time normally used to manage all these unnecessary documents.
Note: Don’t rush to throw everything out! You still need to take the time to properly sort non-value documents from valuable documents and records. Once done, your non-value documents should still be disposed of in a secure manner.
Read: ‘How to Handle Non-Value Documents and Data‘ to find out why.
What about data that no longer has value and is not considered a record? Yes, data storage takes up little space and may seem inexpensive but is it really?
As hard drives have increased in size and the cost per gig has come down, companies have accumulated vast quantities of information. Like non-value paper documents, your company’s electronic data is probably also made up of a large amount of value-less data.
The thing is, even though data storage may have come down in price and allowed you to store vast quantities of information, the actual cost of ownership is a lot higher than just the cost of a few hard drives.
You see, the more hard drives you have the more it is going to cost your company to replace them in the future. Hard drives do not last forever and need to be replaced in order to ensure your data is not lost or corrupted. Recovery of data from corrupted hard drives is also not cheap.
Then there are your backups. Lots of hard drives mean lots of back up storage is needed. This adds yet another increase in expenses.
What about IT support costs? That’s right, you guessed it, another increasing expense.