Despite modern technology resulting in many businesses now working with electronic documents, 90% of local businesses are still storing original paper documents. This is according to the 2014 Metrofile Information and Records Management Trends Index conducted among over 200 management executives from local business operating mainly in the financial services, consumer goods and services and business services industries, among others.
Guy Kimble, managing director of Metrofile Records Management, says it is not surprising that the majority of local businesses are still storing paper-based documents as legislation, such as the New Companies Act and Financial Advisory and Intermediary Services Act, requires it. “This proves that paper-based records management is not dead, but is in fact a very necessary part of many business’ operations.”
The survey also pointed out that 75% of respondents store the original paper documents on site, while only 45% of businesses scan the original paper documents as backup.
It is highly concerning that under half of the respondents are scanning their original paper documents for backup purposes considering the high amount of businesses storing their documents on site, says Kimble.
He explains that when it comes to storing paper-based records, businesses have two choices; onsite or offsite records management. “Companies that need immediate access to documents and records feel they have no choice but to store them onsite. For these companies, the key lies in implementing an effective records management solution and assessing which records need to be retained onsite, which records should be scanned and which records can be then sent for offsite storage and management. These simple steps go a long way in protecting records from damage, competitor’s eyes or even potential criminals.”
On the other side, offsite records management no longer just entails the storage of company data and information in purpose-built facilities. The new era of offsite records management includes both physical and electronic records management which ensures that the appropriate service offering supports the specific needs of the records under management. Simply put, this means that documents that are required to be kept merely for legislative reasons can be physically archived and those that require frequent access can be stored and managed within active filing environments enabling quicker time to access with the ultimate layer of combining electronic records management search and retrieval solutions linked directly to the physical record.
With an end-to-end records management system in place, vital business records are protected and secured in the most appropriate way depending on its format and need for accessibility, says Kimble. Respondents recorded a confidence level of 69% when asked about their confidence that their company’s paper-based documents were securely stored (i.e. protected from theft and damage).
Kimble says that with legislative requirements to store paper-based records, paired with the ever-increasing risk of identity theft, it is becoming critical that businesses implement measures that protect their paper-based records.
When asked whether the company is planning on moving away from paper-based to electronic document storage, 48% of respondents said ‘no’, 44% said ‘yes’ and 9% said they ‘only store electronic documents’.
“While the results reveal an interest from businesses to implement electronic document storage, the research reveals that the majority of businesses still require original paper-based document management and storage. However, it is imperative for businesses handling paper documents to ensure the continual preservation and security of these documents,” concludes Kimble.
For more information contact Metrofile, +27 (0)11 677 3000, www.metrofile.com
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