Are records-storage costs taking up too much of your budget conversations and sidelining larger goals? Follow these four steps to get records in better order while holding down overhead.

You're in charge of your firm's records management operations, and you've got plans. But every time you share them in a budget meeting, the "numbers people" point to the firm's ongoing storage costs.

To paraphrase a popular You Tube meme from awhile back, you just don't have time for that.

Making sure your RIM storage best practices are up to par doesn't just clear the way for more innovation; it also helps you better protect what's yours. For example, when data breaches occur because of poorly secured information, organizations suffer. In its annual study on the topic, the Ponemon Institute reports that the average cost of a data breach in the U.S. is $3.5 million.

Four Ways to Cut RIM Overhead

Now isn't that reason enough to consider putting these steps into action?

Step #1: Bring 'em together. If you're storing records with multiple vendors, you're likely paying way too much for inconsistent services. Bring them together to reduce your storage costs and ease tracking and access. What's more, when you outsource the storage of onsite records, you're freeing up valuable office real estate. Meanwhile, your records will reside in a highly secure, climate-controlled facility.

Step #2: Scan everything you can. When you convert records from paper to digital, you're putting physical records into a more searchable, accessible format. This saves employees' valuable time—even at the senior management level—since they'll no longer be searching for that information. Now that they can better focus on their core responsibilities, your bottom line will benefit. (Your workplace will definitely be more orderly and spacious, too.)

Step #3: Destroy wisely. All those extraneous records lying around take up valuable space. They are also great fodder for a legal discovery or a data breach—even if they are ostensibly outdated and/or obsolete. Destroy what you no longer need to stay compliant. Set a very clear destruction schedule to do this, and stick to it.

Step #4: Assess your program regularly. Improve performance and efficiency through a regular, periodic RIM program assessment, tweaking its details along the way as needed. A solid set of assessment metrics can eliminate subjectivity and reduce the amount of guesswork necessary when analyzing results.


Records Management & Storage

Enhance the value of your RIM program by driving policy to adoption, providing information to people, unifying your electronic and physical records and building consistency across workflows, locations and departments.


Here's an interesting fact: Despite the clear benefits of having metrics, onlyeight percent of firms reporting in a Cohasset information governance benchmark report have RIM metrics for electronically stored information (ESI).

Partner Up for Savings

Despite your best efforts, implementing cost-saving measures may better be left to the professionals. A trusted partner has the experience and the means to consolidate your records, securely destroy information according to schedule, convert documents as you go and measure the success of your RIM program along the way.

Because of its experience and expertise, a partner can also serve as a buffer if problems arise by proving to regulators that your initiatives comply with its regulatory and legal requirements.

When you team up with a partner, you'll get your records in order and be much better positioned to get those big plans of yours heard and approved. So what are you waiting for?

Do you have questions about records and information management? Read additional Knowledge Center stories on this subject, or contact Iron Mountain's Information Management team. You'll be connected with a knowledgeable product and services specialist who can address your specific challenges.


Related

Records Management Solution Brief
Records Management Solution Brief

Topics: Govern Information

With Iron Mountain Records Management services, you'll have the resources you need to effectively store and safeguard your information assets, and make them easily accessible to individuals across your organization.