Offsite Records Storage Improves Bottom Line
All businesses need to store records in one form or another. In fact, adhering to a records storage schedule is part of a regulatory obligation in some industries. But maintaining compliance can be a complicated and difficult task, especially for companies with little records management experience. Although many attempt to store records in-house to save money, compliance issues often end up costing more in the long run.
To keep current with changing regulations and avoid paying penalties for non-compliance, most companies benefit from an offsite records storage solution. They save money on internal resources, including staff and technology, and can actually improve their bottom line by working with a records management company.
Before you start raising your prices, cutting employees, or renegotiating contracts to contain costs, take a second look at your records storage strategy. You might be surprised at how much money your business can save with offsite records storage.
Disclosure and Non-Compliance Cost Reduction
Your business doesn’t have to be required by HIPAA, SOX, or other federal regulations to face disclosure and non-compliance issues. Losing data or failing to present documents can be detrimental to any business. If you lose a document that contains a client’s personal information, your company could be liable for legal fees, face civil lawsuit liabilities, and suffer from negative publicity. Records destroyed during a natural disaster can be equally devastating to your organization. Offsite records storage eliminates all of these concerns because your documents are safe from theft, loss, or destruction.
IT and Staff Savings
When you use an offsite records storage service, your IT department doesn’t have to spend its time watching over data, fixing retrieval systems, or developing an internal document storage solution. It can focus on more mission-critical issues instead. In addition to putting less of a strain on your IT department, using offsite records storage means you don’t have to rely on interns or other temporary staff who likely do not have records management training. Putting records storage in the hands of professionals virtually eliminates your risks and frees up resources for other activities.
Less Time Lost During Records Retrieval
Productivity is money, regardless of the industry in which you operate. When your employees waste time trying to find records, you’re wasting funds. Offsite records storage inventories your records and makes it easier to retrieve documents and locate information. Some services can provide online retrieval, digital scanning, and customized indexing so that your files are quick and easy to locate at all times.
In-House Storage Cost Savings
The biggest savings associated with offsite records storage is the amount of money you save on in-house storage costs. Records, especially paper records, take up a considerable amount of square footage. You can reduce a significant amount of your leased space just by moving records to an offsite location. In addition to decreasing the amount of wasted space, you will also get access to enhanced security and better protection for important data—something that can cost your company thousands to manage in-house.
The bottom line? Well, quite simply, offsite records storage improves it. If you can’t transfer all of your records offsite, moving archived files can still reduce costs and limit your liabilities. Admiral Records Management provides Montgomery area businesses with comprehensive offsite records storage services. From on site shredding to scan on-demand to active file management, you’ll instantly see the savings across the board. Consult a records management professional at Admiral today to see how storing records offsite can help your business save money this year. Call 877.816.5430 or fill out our contact form to get a free quote today.