How Record Retention Policies Boosts Organization Efficiency

Establishing a great records management system is indeed a challenge for any organization! Apparently, it is important for an organization to develop a sound record management system. Records retention is another crucial part of documentation management which gives consistent and well-maintained records retrieval as per the need of an organization. This is considered to be the NEXT BIG THING in the priority list of the company’s record management system team, which in turn reap benefits for the business to grow, focusing on developing, updating, executing and protecting the records.

A good record retention system should adhere to certain policies to make a strong foundation, which will lead to efficiency of the organization. Let us see some basics –

• Records system should define your organization’s documentation
• Record Retention schedule should systematize the records in an user-friendly pattern
• They should protect records and confine accessibility of unwanted entrants
• The record retention schedule should arrange the records before cessation of the retention cycle.
• Abide by the legal, federal, national and state laws
• Maintain an archives store of records for easy retrieval

The above stated points clearly mention that a rational record retention system is important for company’s growth. Another crucial factor is the compliance with a wide record retention policy existing in an organization, which in turn means less use of paper. The record store is automated and stored digitally, in turn reducing cost and saving environment. For example – creating same copies of a document on paper for different departments is a herculean task. As a substitute, keeping an automated record retention schedule eliminates extra expenses, saves time and a sound retention policy for an organization.

Record retention schedule in an organization is now synonymous to risk management. As the quantity of saved business records inflates, so do the allied risks of not getting the retrieval on time. The credibility of the record retention schedule depends on how long the data can be legally kept and retrieved when needed. Any sort of irregularity or discrepancy in the system can build negative image in front of outsiders. Risk occurs if a company is unable to identify all supposedly relevant records and holds them unintentionally without proper use. Thus, to avoid the risks legally, an efficient record retention schedule is needed for an organization to maintain its reputation and brand image.

Through the winning advancement and implementation of a records retention schedule, organization can improve their efficiency and get benefits stated below:

• It enhances the utilization of required resources and legal data
• This system manages the abandoned and uncontrolled growth of large records piling up
• It exhibits conformity with statutory and regulatory record keeping requirements
• It continuously imposes the dependable implementation of record keeping policies under the law
• It develops the capability to purge and take back the required records whenever needed
• Last but not least to quote is – record retention schedule reduces litigation risks for an organization

Following efficient and up-to-the-mark record retention schedule secures your restricted data and helps the organization to prosper. For more information on document retention schedule, visit www.irch.com

About The Author

Brielle Lawson is a member of the board of directors for a multinational. Policy formulation and efficiency improvement of organizations has been her forte. She believes records retention is a very important part of growth, and recommends www.irch.com for professionalism.

IRCH provides market-leading products and services enabling customers to reduce costs and risks through implementing legally-defensible records retention and destruction practices.