Why is Physical and Electronic Records Management Important Today?

physical and electronic records management

Every company produces records. It needs to maintain data of every single transaction and deal of the business to avoid conflict in the future. Today, most companies have moved to the paperless working environment, however, to document an agreement formally, they still have to use papers. Various government organizations have requirements for paper submission that’s why we cannot deny the fact of managing physical records in line with the electronic management system. Bother are mandatory today.

Why is physical records management important?

Physical records are still required a lot in business agreements and transactions. Despite the continuous development in producing and processing information on electronic media, we still need to take prints and preserve them in a safe vault for a variety of reasons.

Physical records management is mandatory to retain business values related to its history, secret recipes or formulae, finance, and legal identity. It appears in

  • Better performance and efficiency
  • Setting and supporting strategic direction
  • Holding the employees, partners, and stakeholders accountable
  • Minimizing the risk of data theft and misuse
  • Easy archiving and retrieving

Why electronic records management is important?

Electronic records management is a simplified version of your physical records. You can feed it manually by putting the hard copies of your data in software. Your entire record resides in a central location that can easily be accessed by authorized personnel of your organization. No file or page lays in isolation so the risk of loss, damage, and theft minimizes. The team of record management can easily store, share, and retrieve data for quick collaboration. It is important as the scanned documents create an alternative data of your physical records so that you can present the soft copy if its hard copy is too worn out to be read. It is also important for the auditors as they have to check, cross-check, and tally records by verifying physical receipts and other certificates.

Data protection and data transfers on the island of Ireland after the  post-Brexit transition period – Data protection and digital competition

Why both records management are necessary today?

Companies that still have to rely on producing physical records have to maintain them both. The hard copies for kept for compliance with the law and mutual understanding, however, the electronic records management is a step ahead to keep it safe for long. In today’s world of uncertainties, we cannot rely on a single management system. We need to update and archive it on managed servers and cloud networks. Despite the advanced archiving solution, we still have to retain the physical records. Let’s find why these are important and how they can improve efficiency at work.

The manual system may be obsolete

The practice of keeping records the usual way is not viable in today’s modern world. It was a suitable option for the good old days when people did not have technology gadgets and they have to rely largely on papers. This system had flaws but people were carrying it because of the absence of technology and developments. Now that electronic document systems and cloud computing are introduced for backing up and archiving data directly from multiple team members and computer devices.

Easy collaboration

Electronic document management systems focusing record-keeping on a centralized location, which is important for easy collaboration. For example, you can import the data into excel sheets where you can easily sort them with different attributes. It makes error detection simpler.

Regulatory compliance

Legal requirements may differ between states and countries. However, every government and statutory body compels companies to keep their records for a specific time frame. With physical and electronic record management, a company can easily plan to store and archive data for five or ten years and dispose of it off if no longer needed.

Company’s productivity

For a company to excel without any boundaries, productivity is the key. It has to be productive in creative, processing, storing, and retrieving its million-dollar records. You may need a physical or electronic data management system for it. such a dedicated system helps you store data in an organized form so that you or any authorized team member can easily edit, modify, download, or share the file from the centralized location. Every staff member gets to know the storage structure and the way it works so data never gets distorted.

Final words

Maintenance and preservation of company documents are as important as taking care of the company assets. It is another significant part of the corporate entities. An enterprise itself has confidential documents that it may never want to disclose to any outsider as it can be misused against their market reputation. Another important factor is the preservation of data about clients, customers, suppliers, and other stakeholders. Every company needs to retain and archive the data of the people who trust them.