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Blog > November 2020 > 4 Reasons to Build Strong Records Management and 3 Ways to Do It

4 Reasons to Build Strong Records Management and 3 Ways to Do It

Records management has stepped into the spotlight in recent years. From new regulations to high-profile court cases, risk and complexity are on the rise – and now, the advent of widespread, long-term remote work has only heightened existing cybersecurity threats. Enterprises need to pay closer attention to how they manage sensitive and critical data in records, especially as they leave the four office walls (assuming the office still exists). As enterprises revisit their records management for 2021, they should keep these four priorities top of mind.

1. Keep Data Safe

It seems like a given, but cyber-threats are increasing every year. Hackers are already taking advantage of the fact that many employees are now working remotely. The World Health Organization reports a fivefold increase in cyber-attacks since the coronavirus outbreak and the FBI reports that the number of cybersecurity complaints has risen by 400%. Knowing this climate, keeping data safe has taken on new meaning and requires a reinforced approach to records management.

2. Stay Compliant

Data privacy regulations like the GDPR and CCPA are becoming increasingly strict. Additionally, there are many global guidelines that are not backed by the law but are part of self-regulatory frameworks that are considered industry best practices. Despite this growing regulation, most enterprises are still burdened with dark and siloed data – which means they are not only exposed to risk but also missing data-driven opportunities. Records managers must look for ways to integrate and automate their compliance efforts.

3. Reduce Information Chaos

Enterprises have been tasked with managing an exponential growth of information today. The amount of information coming into organizations will increase drastically over the next 18-24 months. Over 60% of that data is unstructured, which means records management will be at the center of handling and organizing that influx of information.

4. Address Risk and Opportunity

Until recently, many enterprises have been focused on risk aversion and protection when it comes to information management. However, now more organizations are looking into how information management can improve the performance of the organization. Records management must now factor both defensive and offensive data strategies – accounting for both risk and opportunity.

Records Management Best Practices

To tackle these priorities in 2021, enterprises need to build a strong records management foundation. Here are three best practices to consider.

  • Modernize your infrastructure. Enterprises should take time to assess outdated tools, manual paper-based workflows and proprietary legacy systems. Modernizing information infrastructure puts companies in a better position to reduce risk in terms of cyber-threats and compliance. It can also improve the performance of people and systems in a remote work environment.
  • Eliminate risky and redundant data. Enterprises are burdened by redundant, obsolete or trivial data – and this information is more susceptible to hacker activity. Companies should assess the information they have, what risk it represents and then get rid of what is not needed.
  • Digitize core processes. According to AIIM research, 85% of enterprises believe failure to digitize, standardize and automate business inputs is a key digital transformation bottleneck. Organizations must focus on digitizing core activities like new account onboarding, billing and accounts payable, and human resources.

Most important, enterprises need a modern tool to power records management in today’s complex climate. ASG’s Mobius Content Services establishes policies, standards and procedures to provide comprehensive lifecycle management for all records. Time and event-based rules use workflow to automate operational processes – including to set new retentions, tag records for deletion and change document categories – helping streamline exception processes and improve response time.

Learn how ASG Mobius Content Services powered records management for SEI Investments Company by reading the case study here, and explore the solution more by visiting the Mobius product page. Explore more best practices for records management by downloading the joint AIIM-ASG tip sheet, Building a Strong Records Management Foundation.

Posted: 11/17/2020 8:00:00 AM by Michelle Shapiro
Filed under :Content, Data, Digital, Management, Mobius, Modernization, Records, Transformation