Why Technology is Important for Information Management Now More Than Ever
Similar to how fingerprints are distinct, each organization is one-of-a-kind, possessing diverse requirements, regulatory standards, and background.
For instance, a hypothetical tech company in Sydney with 100 employees established 5 years ago would have vastly different requirements than a hypothetical insurance company with 150,000 employees, operating for 100 years, and having offices in 10 various Australian and international locations.
Although the latter may be coping with legacy platforms and huge amounts of physical records in storage, the former may require advanced analytics tools to analyse patterns in user data.
The key distinguishing feature of successful, contemporary information management systems is their capacity to leverage technology in order to simplify the entire lifecycle of information – starting from its capture and storage, and extending all the way to its disposal – thereby guaranteeing that the appropriate individuals have access to the necessary information at the right time.
Tossing a brand-new piece of software at a problem without first thinking about the best strategy is a certain way to waste your team’s time and resources. In this article, we’ll look at a variety of options that can help you fulfil your company objectives effectively while keeping a competitive advantage by optimising your information management process and strategy.
A retention schedule that is automated
Over the past 50 years, the number of laws and regulations has increased significantly, and the most recent privacy mandates have intensified the emphasis on and demand for better information governance in Australia. Australian businesses need to comply with a range of laws and regulations, such as the Privacy Act 1988, the Corporations Act 2001, and the Australian Securities and Investments Commission Act 2001. Failure to comply with these regulations can result in hefty fines and damage to a company’s reputation.
No two companies are identical, and even organizations in the same industry are subject to a multitude of regulations based on their size or jurisdiction. In fact, many Australian companies are subject to more than 1,000 laws and regulations, while a global company operating in Australia must comply with over 10,000 regulations.
Creating a retention schedule is not a “one-size-fits-all” or “set it and forget it” process, but it can be difficult to manage due to the frequency of changes in laws and regulations, even if you update the policy annually.
Implementing retention and privacy compliance software can automate this process. By connecting regulatory requirements to relevant record series in a retention schedule, you can eliminate the need to juggle spreadsheets or spend countless hours researching specific legislative requirements in your jurisdiction.
Efficient document scanning
While it’s relatively simple to input digital records into an information management system, dealing with physical records can be more complicated. However, it’s not necessary to scan every single piece of paper.
Instead, it’s important to optimize the document scanning process for paper records that cannot be digitized, especially those that are part of a process. This can result in significant value for businesses, such as improving their return on investment, streamlining processes, and increasing efficiency without compromising quality or cost.
A typical document scanning process involves scanning and converting documents, but it may not always be necessary to scan them immediately or all at once. Instead, scan-on-demand services can securely store physical documents in a remote facility and scan and deliver digital copies only when needed. This can result in savings on office space costs and increase staff productivity.
By following the process outlined above, businesses can optimize their document management processes and achieve optimal outcomes.
Active File Management
Active file management is a critical aspect of physical records use, and there are three tiers of records that companies need to manage effectively. The first tier consists of records that are kept with you personally, while the third tier involves those that are kept off-site in a records center. While managing the first and third tiers may be easy for most businesses, the second tier, which includes active files kept in an onsite records room, can be challenging.
To manage this second tier effectively, businesses can use technology-powered services like ZircoDATA’s Active File Storage. This solution enables businesses to move their active files offsite with their information management partner. When an employee needs to access a record, the partner scans the required document and delivers the file securely within a specific service level agreement time.
The beauty of this solution is that businesses only need to scan what they need when they need it, without having to undergo a large “scan everything” digital transformation project. This process is managed within a predictable, fixed-fee service, which helps to minimize operational costs while increasing productivity and organization.
Another benefit by using a third-party provider like ZircoDATA for active file management, businesses can ensure that their physical records are stored securely off-site, protected from loss, theft, or damage. Additionally, our Active File Storage solution enables businesses to access their records quickly and easily, while adhering to strict service level agreements that guarantee timely delivery of scanned files.
In Summary
As the renowned author, Neil Gaiman, once said, “Google can bring you back 100,000 answers, a librarian can bring you back the right one.” This quote highlights the importance of effective information management, where having the right information at the right time is critical.
Effective information management involves more than just technology. It also requires well-defined policies, procedures, and workflows that can help businesses manage their data efficiently. By taking a comprehensive approach to information management, businesses can optimize their workflows and make better use of their resources.
Partnering with a single provider for a consolidated approach to information management can help businesses save time and money while improving their data management practices. At ZircoDATA, we offer a range of information management services that can help businesses of all sizes streamline their data management processes and achieve optimal outcomes.
Seek additional guidance and advice from an information management expert by contacting us today to improve your information management practices.
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