BackImagine you are rushed to a hospital, only to face delays in treatment because your medical history is buried in outdated record-keeping systems. Now, picture that same challenge across industries like the government being unable to retrieve critical documents, banks struggling with lost transaction records, and so on.
The core issue? Disorganized and siloed information, inability to access the right knowledge to make quick decisions and potential risk to go unnoticed.
No matter the industry or size, every organization depends on efficient information management to operate smoothly, mitigate risks, and drive success. Contracts, invoices, employee records, emails, legal documents, and customer data form the backbone of any organization. And, inconsistent data storage, security threats, and the sheer complexity of handling records across different jurisdictions can create significant obstacles.
This is where Global Records and Information Management (RIM) plays a crucial role – a structured approach that ensures your records are easily accessible and secure at all times.
In this comprehensive guide, we’ll help you understand:
The Basics of Global Records Information Management
Benefits of Global Records and Information Management in Businesses
How to implement a Records Information Management System
What is Global Records Information Management
Records Information Management is the process of managing both physical and digital business records throughout their lifecycle. This includes everything from creating and capturing records to classifying, storing, retrieving, and eventually disposing of them.
The purpose is to enable businesses to manage their records in a way that ensures they are reliable, accessible, and compliant with legal and regulatory requirements.
On average, employees spend 19% of their workweek searching for information, draining productivity and delaying decision-making..(Source: McKinsey)
Records vs. Information: What’s the Difference?
It is important to understand that not all information is a record, and not all records need to be retained indefinitely.
Records: Formal documents that provide evidence of business activities. These include contracts, invoices, meeting minutes, financial reports, and legal agreements. They must be stored securely and retained for specific periods based on regulatory requirements.
Information: This is a broader category that includes emails, notes, drafts, and unstructured data that businesses generate daily. While valuable, not all information needs to be formally managed as a record.
With the exponential growth of data worldwide, the distinction between records and general information is more critical than ever. In 2020, the total amount of data created, captured, copied, and consumed globally was 64.2 zettabytes. By 2025, global data creation is projected to surpass 180 zettabytes (source: Statista).
As businesses generate vast amounts of information, it becomes essential to determine what qualifies as a record and requires structured management versus what can be categorized as general data for operational use.
Benefits of Global Records and Information Management
Increased Efficiency:
The ability to find any business document with just a few clicks is a key benefit of a robust records information management strategy. By organizing records efficiently, you enable quicker access to essential documents, streamlining workflows and reducing the administrative burden on your staff.
Enhanced Security and Reduced Risk
Cyber threats are on the rise - poor records management can expose businesses to data breaches, identity theft, and financial fraud. Additionally, there’s also a risk of natural disasters or accidental data loss disrupting operations.
A well-maintained records management strategy includes backups, disaster recovery plans, and cloud storage solutions to ensure data is retrievable even in emergencies. Moreover, a strong RIM framework should have:
Access to controls that limit sensitive data to authorized personnel.
Encryption to protect data at rest and in transit.
Audit trails that help track document modifications and access history.
Cost Reduction and Optimized Data Management
When your organization has an efficient RIM system, it helps employees retrieve information quickly and reduces reliance on physical storage.
Key advantages include:
Automated document classification helps reduce manual errors.
Cloud storage eliminates the need for physical file cabinets.
Efficient retrieval systems, which improve productivity and smoothen the workflow process.
Informed Decision-making:
Decision-makers can make informed decisions when they have access to accurate and complete records. It allows organizations to respond to challenges and opportunities more effectively and proactively.
Legal and Regulatory Compliance
Now, businesses operate in multiple regions and so they need to comply with various local and international data regulations. It helps them avoid any financial penalties and legal repercussions.
Different countries have stringent data protection and privacy laws, such as:
GDPR (Europe): Governs how companies collect, store, and process personal data.
HIPAA (U.S.): Regulates healthcare information security.
When companies do not comply with these regulations, it can lead to lawsuits, hefty fines, and sometimes even cause reputational damage.
In 2023, a groundbreaking GDPR fine surpassed €1.2 billion for Meta (formerly known as Facebook), marking a significant moment in data protection enforcement.
How to implement a Records Information Management System
Implementing a records information management system is challenging, but with a clear and structured approach, it is entirely achievable. It takes careful planning, the right resources, and ongoing commitment. By following a well-organized process, your business can build strong recordkeeping practices that will support long-term goals. Here’s how you can get started:
1. Initial Assessment
To bring any change in an existing system it is important to start taking stock of your current records management practices. Identify what’s working well and what isn’t. This could involve reviewing how documents are currently being stored, how easily they can be retrieved, and whether your existing practices comply with legal regulations.
2. Develop Company Wide Policies
Develop clear, easy to understand policies that showcase how records should be managed across your organization. These policies should cover everything from record creation to storage to retention policies that depict how and when your records will be disposed of. Ensure these policies are in line with industry standards and legal requirements.
3. Train Your Team
Educate your employees about your policies as it is crucial for a successful system. It's on you as an organization to make sure everyone understands the new policies and how they contribute to the goals of your organization. Ongoing training is vital to address updates in policies and stay compliant with new regulations.
4. Invest in the Necessary Technology
Choose the right technology for an effective RIM system. Look out for tools that automate record-keeping processes and facilitate easy retrieval of information. Technology solutions should be scalable to grow with your business and flexible enough to adapt to changing requirements.
A Forbes report indicates that 70% of companies either have a digital transformation strategy in place or are working on one.
This emphasizes the need to accelerate the transition toward fully automated and integrated record-keeping.
5. Monitor and Review
After implementing your records and information management system, it's essential to regularly assess its performance and make necessary improvements. Conducting periodic audits and evaluations will ensure that your processes align with business needs and remain compliant with any evolving regulations.
By following these simple steps you will be able to establish a successful records information management system that not only keeps your records in order but also enhances operational efficiency and helps your business stay compliant with relevant laws and regulations.
Conclusion
Without a well-structured RIM strategy, organizations lack a strategic approach to recordkeeping that enhances every aspect of your operations. From improving efficiency and compliance to reducing costs and mitigating risks.
At Exela Enterprise Solutions (EES), we understand its importance and provide comprehensive services designed to optimize your records management processes:
Onsite Records and Lifecycle Management: Ensures compliance and easy access to both physical and digital records from creation to disposal.
Digital Conversion: Transform physical documents into searchable digital formats, reduce storage costs, and improve document accessibility for faster retrieval.
Governance Consulting: Our SMEs provide strategies for effective information governance, ensuring your organization meets industry standards and implements best practices for secure data management.
By partnering with EES , we help you transform your records management challenges into success stories.
