Throwing Away Profits

One of the biggest profit guzzlers an organization can experience is in the area of records and information management.

Industry studies show that for every dollar spent on handling records, most offices waste 65 cents.

In a large organization, this can amount to huge profit losses. And when you consider that management of records and information resources is a cornerstone of organizational success, if an organization isn’t treating the management of these resources as a priority, then an organization’s overall decision making ability can be suspect.

To gain efficiencies from your records and information resources, you need to have a records classification system and retention schedule. Without these basic tools, no matter what type of electronic “system” you use to manage records, you will still be shooting in the dark.

For instance, imagine using an unstructured application (e.g., think of Google or Microsoft Outlook) as your records repository. Sure, you’ll get hits from your search, but how reliable are those hits? And if you do find what you’re looking for, how long should you be retaining those records in your records repository? How do you justify your records retention practices?

Bottom line: To be more profitable and get back that wasted 65 cents on the dollar, get a handle on your records and information resources, and watch your bottom line grow.