Records and documents grow exponentially in any fast growing business. Storing and Maintaining physical records are essential for compliance and other reasons. However, it demands special expertise, infrastructure, costs and focus to maintain records in-house. We have listed below some compelling reasons why many businesses outsource their records management to professional records management companies.
The Cost-Equation: CAPEX Vs OPEX
Staying profitable is of every business priority. Primary point being allocating prime office, commercial real-estate for records storage is a bad idea. Even in an average commercial office rental market, the cost of a basic 10ft x 10 ft. storage place would cost Rs. 20,300 or even as high as Rs. 27,650. Relate that cost with the volume of records your business holds on to.
Associate it with all other costs involved – investing in the infrastructure, filing cabinets, storage boxes, and provisioning the records room with all other needed amenities.
Some might argue that this is a one-time investment and the records-room becomes an asset within the property this is not a wise move in the long-run. Exclusive record storage facilities offer significant advantages at a much lower cost than self-storage.
Proper Utilization of available Resources
In case of on-site storage, the amount of effort spent by available resources to create, use and maintain the storage space is humongous. The labour and time taken to store and retrieve the documents is another point. When a specific document is required, someone has to reach the records room and locate the document. This takes employees away from their primary focus area. This gets even more complicated when records are not handled and stored in a systematic manner. We don’t realize the impact of proper utilization of resources on priority growth areas until it crosses the threshold.
The Security Equation
Security cameras at the gates may not be enough to shield a business against corporate espionage. It is very difficult to keep track of documents access based on privileges when employees are allowed to access just any area of the records room. Records theft, tampering and mis-usage of information cannot be imagined thoroughly unless we encounter it. There is also not a scientific way of measuring the impact of the damage caused by compromise on records security.
The cost of Maintenance
What comes as a late realization to businesses when there is no point of return is that the cost of maintaining physical records storage is far more expensive than creating.
First of all, the infrastructure designated for records storage is not designed exclusively for records storage. The self-storage units are not designed for all season weather proof. Noticeably the in-house records room are not designed to protect records from unnoticeable enemies like mold, moisture, light, cold air etc. The people who are deputed to handle records are not experts in information management. There may not be a scientific process and workflow deployed across the lifecycle of records.
The Unnoticed Danger – Spoiling the Employee Experience
You may agree that some of your employees wouldn’t have chosen to join your organization if they had known in prior that they spend several hours searching for documents on a daily basis. The work harmony gets tossed off due to even minor quarrel happen over file-exchanges from top-down and bottom-up. Employee Experience is by far the biggest focus for Organizations to thrive and grow in a post-Covid era. No one would want to remember bad memories they got in their workplaces about creating, storing and retrieving files.
Hence, it is best to realize the irreparable damage one can encounter before deciding on their choice and mode of records storage.
When it comes to Records Management, leave it to the Professionals. As it is their primary and only focus to work with your business and help you manage records batter in a cost-efficient manner. Explore all other advantages of working with a records storage management company.
KAYMAN Records Management is a trusted record management company that has all needed expertise and has the most-secure records storage facility to store your documents safely.
