In last week’s blog post we explored a few of the ways that records management teams can provide greater help to the organization during tough economic times.
One of the ways was to provide improved information access to management teams, regulators, auditors and shareholders.
Records retention was another way that records management can help. By maintaining greater vigilance over changing compliance requirements, RM can help keep the organization from dealing with compliance challenges during an already difficult time.
Doing even more: cost savings and continuity
In records management, it seems we’re always being asked to do more with less. This is especially true in a tough economy, so if you haven’t been asked to cut costs yet, chances are that you will be! Fortunately, there are always more ways that you can cut costs, and effective space management holds the key.
Cost-savings measures to explore include:
- Reducing the space required to store transitory and other “non-record” materials across the organization.
- Revisiting records retention schedules and destroying those records that are being held longer than required.
- Switching to filing products and equipment that allow for more efficient use of available floor space.
Depending on your situation, the real estate savings from these measures could be significant!
Continuity and risk management are other areas where records management can play an invaluable role. Difficult economic periods often lead to major upheavals such as corporate mergers or acquisitions. When an entire company or a portion of it is brought into your organization’s operations, it usually results in a massive influx of paper and electronic records. Through the consistent application of retrieval tools, retention standards, and information workflows, your RM program can help maintain “business as usual” during other wise tumultuous periods.
Corporate acquisitions and restructuring also provide an opportunity for your program to bring divergent records management systems together. Doing so helps you to optimize informational potential and minimize corporate risk.
Depending on your situation, there are many more ways that records management can add value during a challenging economic period. The keys to doing that include taking a leadership role and maintaining good communication with your colleagues around the organization.
- Download our free guide to learn more ways that records management can support the organization in a tough economy.
- Learn five ways that records management can save the organization money: https://www.tab.com/resources/tab-guide-how-to-save-money-with-records-management/
- Talk to a representative about the challenges presented in this blog post: www.tab.com/contact