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How to Save Money on Records Management in 2017 – Part 3

What can you do to better manage the costs associated with storing your company’s records?

Having looked at why incorrect record storage can cost you more money than it should, it’s time to discuss what to do to actually save money with proper business records storage solutions.

If you have not already read, ‘How to Save Money on Records Management in 2017 – Part 2’ then we suggest reading it first.

 

To save money on Records Management you will need to save money or records storage. This includes both the storage of your paper and digital records. It is possible to save money in the following ways:

  • Direct savings such as saving on monthly storage costs.
  • Indirect ways such as having more efficient employees who get more work done.
  • Potential savings through risk mitigation.

 

Direct Savings

The most obvious way to save money on document storage is to stop using rented office space for storage. Office rentals cost more than storage rentals as mentioned in Part 2 of this article. So unless you absolutely have to store your records in-house, you should consider moving your records to a secure offsite storage facility.

You could also assess your records carefully and opt to store records that are frequently used in-house while moving less used records offsite. This way you could still cut down on office storage space while ensuring records can be accessed easily.

It is also important to weigh up the pros and cons of using a secure offsite document storage facility as opposed to a common self-storage facility. For more information on the pros and cons read, ‘Document Storage Solutions: Why Your Storage Facility Matters’.

 

Indirect Savings

To save money on Records Management in an indirect manner is not always obvious as you are not so much saving money as you are getting more for your money. That said, sometimes getting more for your money can mean getting more money.

For example, if you have a sizable sales team and every month they waste a few hours looking for client contracts or lead information or anything relevant to getting the sale, that is less time to actually be selling.

A few hours of extra sales time each month could be enough to close and extra sale or two each month and if each salesperson were to save an hour or two and get an extra sale, well, it’s a no-brainer that that would be good for your business.

So how do you make your staff more efficient?

Well the better organised and managed your records and documents are the easier it will be for your staff to find mission-critical records. File tracking software can be enormously helpful in this regard as could document scanning solutions that can create fully digitised documents that are fast and easy to access.

 

Potential Savings

Quantifying your potential records management savings is not so easy yet no less relevant. While you don’t know how much litigation, settlements and damage to your reputation might cost your company, it’s safe to say that you know that should the unthinkable happen it will not be cheap to rectify.

In many ways, saving money on records management by thinking in terms of ‘potential savings’ actually, requires you to spend money. This seems counterintuitive yet when you think about it, it makes sense.

It’s really much like insurance. No doubt your company pays for insurance on anything from vehicles to offices to any number of other things related to your industry.

Ensuring your records are safely stored and access to them is strictly controlled is in many ways similar to insurance. While insurance pays out if something goes wrong, smarter records management aims to reduce, if not prevent you from having to pay out to fix a breach.

 

In our final article in this series, ‘How to Save Money on Records Management in 2017 – Part 4”, we’ll take a look at a few things you should know about choosing the right Records Management partner.

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