Businesses nationwide often seek simple solutions to complex management problems. When doing so, they must consider the benefits of outsourcing certain responsibilities to enjoy time and cost benefits. One such responsibility is records management, which, when done in-house, requires a significant amount of physical space and significant time investment on the part of employees.
Some companies may find it easier than others to turn over records to an experienced third-party records management company, but those that hesitate are sometimes skeptical because of their unfamiliarity with the services provided by these businesses.
In addition, companies in a handful of key sectors – including insurance, finance and health care – are rightfully concerned about potential compliance challenges of record management and related to document storage. A 2011 study from ARMA International found that 83 percent of businesses considering a records management solution had compliance concerns.
Keep compliance considerations in the forefront of your mind.
While it makes sense for executives to consider their vulnerability to certain regulations when it comes to document storage, experienced records management companies can be a valuable asset for businesses looking to stay compliant with industry rules. Outsourced third-party companies can truly offer simplification of processes and thorough solutions to the challenges of records management
The best document management vendors are well-versed in the challenges of records management and work in cooperation with corporate executives to understand compliance requirements. They can help craft a storage system that ensures businesses are able to access critical information when needed and that sensitive data is kept secure.
Outsourced document storage services also offer business continuity and protection against the loss of key information – one of the biggest compliance threats companies can face. Experts recommend executives take their time and perform due diligence when choosing a document management vendor, as uninformed decisions are often the chief cause of businesses’ dissatisfaction with their records storage partner.