Thursday, April 11, 2013

Expense Reduction Series - Records Management

Records Management or RM is the practice of classifying, storing, securing, and retrieving all of the records and intellectual properties of a business, from the time of its founding through present day.

In today’s environment, with so much of the business we conduct taking place in digital form, effective records management is even more critical than ever. Records include all tangible properties and born-digital information, and depending on the industry, can grow exponentially in workflow and operational costs quickly, especially for record intensive businesses like legal, medical, financial and government firms. Records may include office documents, legal forms, statutes and records, customer and prospect databases, applications, electronic mail and correspondence, digital reports, books and assets, and more.

Records Management (RM) is a growing expense area for many organizations.  The process of organizing, preserving and accessing records, in addition to becoming more expensive, has become increasingly difficult to navigate as new technologies and requirements create a constantly shifting environment.

LAC Group's Expense Management division, Chase Cost Management (CCM), can help all types of organizations improve both their pricing and RM processes.  With our Certified Records Managers, CCM understands that lower cost is only part of the equation; effective RM consulting must address risk and best practices.

Cost management, growth control and record reduction starts with a comprehensive analysis of all business assets, physical and digital born records, storage contracts, retrieval processes, user functions and service levels, growth rates and future needs.  Using a combination of best-practices, peer benchmarking, risk management, and advanced technologies, significant cost reduction and improved operational efficiencies are achieved.  Improved research results from optimizing RM not only translates to time (and money) savings, but improved service for customers by offering more access through a faster and easier interface.

For our legal clients, records governance policies and client guidelines are of paramount concern.  Cost savings goals must be viewed in the long-term, as there is a substantial risk that evolving confidentiality and data privacy policies can result in higher costs if addressed incorrectly.  Seeking a consultant that will both address costs as well as make sure a contract aligns effectively with your organization's governance policies is essential.

What challenges are you facing with your records policies?