How to Save Money on Records Management in 2017 – Part 2
Do you know where your records are right now and who has access to them?
When last did you carry out a check to determine where all your records both paper and digital were being kept? Would you be able to determine the location of each one of your records right now?
Knowing where your records are stored is one thing, knowing where they are and who has them is quite another.
So if you want to save money on Records Management in 2017 then read on…
If you have not already read, ‘How to Save Money on Records Management in 2017 – Part 1’ then we suggest reading it first.
Selecting the right Document Storage Facilities for your Records.
Before you can determine the right document storage facility for your needs you first need to answer the questions above. More than likely you will discover that you have some records stored in-house and some at an offsite storage facility of some sort.
As for where each of your records is located at present, well this may be a bit more difficult to answer as various staff members in various divisions may have access to your company’s records.
Now there are a number of important reasons for knowing where your records are stored and how they move within your organisation.
- Storage costs money. Poor storage habits cost even more money.
- Misplaced records cost time, which costs money.
- Lost or unsecured records increase risk, which costs money.
Here is why the above costs you more money than is necessary.
- Using storage options that are not suited to proper records storage is costly due to the following:
- In-house storage is expensive as office space typically costs a lot more per/sqm than storage space. Your office space could be used more productively if less of it is used for storage.
- Additionally, in-house storage adds maintenance costs in the form of someone to handle the filing, filling materials, cabinets, etc.
- If you use in-house storage you will also need to ensure you don’t have damp, mould and infestation issues, this will also cost you money.
- Using regular self-storage options may be cheaper than your in-house storage and specialist offsite document storage services, however, the lower cost comes at a price. Namely, these facilities rarely have fire prevention and suppression systems. They don’t inspect for damp and mould issues nor do they manage infestations of insects or rodents than can destroy your documents and records. They also do not cater for the storage of electronic records.
- Misplaced records cost you more time than you realise:
- Lost records can take anything from a few minutes to find or even days. The more important the record the more time will be lost looking for it.
- If you have ten vital documents or records going missing each month and on average it takes just 10 minutes to find each one then that is 100 minutes a month lost. More than that, it is also 100 minutes lost on productive activities, so combined you’ve lost more than 3 hours for the month and that’s not counting the time your employees will likely spend complaining about the lost documents.
- The fact is, disruptions to production always wastes more time than what the actual disruption used up.
- Your staff are still going to expect full salaries regardless of how much time was wasted on non-production activities. Suddenly, you are paying more per/hour than you thought.
- Increased costs due to security risks can increase your costs as follows:
- If you don’t know where your records are then lost records could be a stolen record.
- Stolen records can cost you money in that they could contain sensitive information on any number of levels.
- A lost marketing plan in the hands of your competitor can cost you market share.
- Lost client information can cost you your reputation and lead to litigation costs if you are sued.
- Lost employee information could land you in hot water due to privacy breaches, especially once the PoPI Act comes into effect.
In, ‘How to Save Money on Records Management in 2017 – Part 3’, we’ll discuss what you can do to reduce your exposure to risks and decrease the costs of storing your documents and records each month.