Digital transformation is top of mind in nearly every organization, and for good reason: As shifting customer expectations, emerging technologies, and new business models disrupt industries at an accelerating rate, companies must rethink digital records management to keep up. Not surprisingly, 70% of organizations say that their companies either have a digital transformation strategy in place or are working on one, but nearly just as many—69%—are still in the early or developing stages of their journey toward digitization of records. Those likeliest to succeed at digital records management have a holistic plan that encompasses every corner of the organization.
One such corner you shouldn’t overlook is your records information management (RIM) program. Many organizations are still awash in paper records. Even when records are created digitally, they may be locked into disparate platforms, such as HR management systems and enterprise resource planning systems, making information sharing complicated, inefficient, and time-consuming. These disparate platforms often do not include features for records management and retention. At the same time, digitization of records will continue to explode, growing over 50 times between 2010 and 2020. Up to 90% of that content will be unstructured information such as emails, documents, and videos that organizations will ultimately have to categorize, organize, and secure.
Energizing Your Records and Information Management Program
As the information tsunami grows, so do privacy concerns and regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. and the European Union’s General Data Protection Regulation (GDPR). To address this complexity, many organizations are recalibrating their records and information management programs to support comprehensive information governance plans that enhance information sharing when appropriate while protecting confidential data.
Digital technology in the form of a best-in-class document management system (DMS) is proving key to a successful information governance framework. State-of-the-art DMS technology can offer crucial capabilities, such as:
- Automating the classification and management of records and unstructured data, no matter the source, for improved searchability and proper retention.
- Empowering employees to extract value from records with the ability to create reports and analyses, business projections, marketing planning, and much more.
- Use digital records management to permit quick and efficient legal holds when necessary and release these holds when no longer required.
- Limiting access to authorized users and restricting sharing, copying, and printing as needed to prevent unauthorized access and maintain data security.
- Meeting IG and regulatory requirements by maintaining data security, documenting chain of custody, and complying with retention policies throughout the entire document lifecycle, even as regulations are added or updated.
In the age of digital transformation document management, organizations need an advanced records and information program that can not only corral a broad variety of record types but also fully extract the value of the data contained within them. Most of all, it must be able to adapt and scale as new business models evolve, new record types emerge and business priorities shift.
To learn more about the digital records management solutions available to the specific challenges your industry faces, and how to address them, read our new eBook, Physical Records Management in the Era of Digital Transformation.