How to manage company data
Managing company data has always been difficult for businesses. Traditional business processes usually dictate that data be filed manually and stored in a designated location. While this may start off as a relatively manageable situation, it can soon spiral out of control, with rooms full of documents and files encroaching on costly space and causing confusion when it comes to the retrieval of key information.
In this blog, we’ll outline the most prevalent issues associated with managing company data and what you can do to modernise your systems and future proof your business.
Out of ‘site,’ out of mind
Traditionally, companies often opted to use offsite storage facilities. For many companies, especially lawyers and solicitors (or anyone else who accrues large amounts of data and documents), it made sense to pack case files into boxes and have them shipped off to offsite storage facilities. For the most part, this isn’t much of a problem. You save valuable office space and still have access to the document when you need them.
The big issue, however, arises when you do need to get hold of them quickly. Oftentimes it takes between 24 and 48 hours to get these documents back, which may also require arduous liaising with the storage companies. Add to that the growing costs of such a service, including fees for pick up, monthly storage payments, and retrieval costs and it starts to look like a serious corporate liability. And we haven’t even mentioned the sheer amount of time it takes to organise, box, and label all the documents…
What most companies, especially larger ones, are realising is that they spend less and less time using these documents, and more money paying for them. With storage space at a premium and document flow at an all-time high, it has become a worry that is, for many companies, becoming business critical. Add to that the implementation of GDPR and concerns over compliance with the latest legislation, along with a tightening of security regulations, and the negative side effects of archaic document storage become increasingly apparent.
Time to go digital
Most businesses find themselves at this crossroads. It can be difficult deciding what to do with all your important data and documents, especially when it leads to a complete reversal and overhaul of all existing storage systems and processes. However, with the advent of new and innovative document management systems, more and more companies are deciding to take the leap and take in their very first step in the long and rewarding digital transformation process. These electronic systems have the potential to minimise hidden costs and eliminate operational inefficiencies in a way that makes stored data and documents more retrievable than ever.
By investing in such a system, you are investing in a sustainable way to manage documents and important files for years to come. All without extra storage costs, wasted time, and annoying delays. It also renders the information more accessible for those who find themselves ‘diving into the archives’ more than a few times a day, like lawyers for example. Easy retrieval will help free up time that can be spent building cases and compiling reports.
Security and Compliance
Our document management systems are also an ideal way to ensure that your business is GDPR compliant. Data security is vital to the longevity of your business and these document management systems are all encrypted, using the latest security technology to ensure your data is safe and secure. Furthermore, the recent GDPR legislation states that companies must remove old documents that are no longer required. However, the cost and time involved in meeting this requirement often means that companies push this to the bottom of their priority list. As a result, traditional storage locations have become a haven of old information that is no longer used or useful.
With a document management system, you can set up and customise document retention features that triggers flags and reminders after a certain amount of time (say 6 months for a job application), offering you the opportunity to permanently delete the file. This means you will be notified automatically and can ensure that you are fully GDPR compliant without having to sift through archaic files and enormous archives every few months.
Document Data Group
We have worked with countless companies looking to move away from offsite storage, allowing them to move their document management system inhouse. Not only does this provide greater control over your own information, but it facilitates the ease with which documents are retrieved and stored.
We’d love to help your business make the transition as well – just get in touch with us for more information.