Records management is a challenge for any organization that needs to store, manage and protect records for a long time.
Some of the major records management challenges are information overload, data accuracy & integrity, maintaining compliance with regulations, managing records across multiple locations, poor records retrieval, and missing retention schedule.
Records management challenges can be divided into three categories: Data Capture, Data Storage, and Data Protection.
1) Data Capture: The challenge in this category is how to manage the vast amounts of digital records that are generated every day. Many organizations struggle to find a balance between storing digital records on traditional storage systems and storing them in a way that they can be easily retrieved when needed.
2) Data Storage: The challenge in this category is how to store digital records in an efficient manner without sacrificing too much space on traditional storage systems.
3) Data Protection: Data protection is another area where many organizations struggle. They want to keep their data protected and private, but they also want to use it for business operations. The challenge is how to balance the two at the same time
There are so many benefits that your organization can have if these challenges are overcome. Check the below article for in-depth coverage.
Top 9 Records Management Challenges
Let’s have a look into the challenges of record keeping and solutions to records management problems that your organization needs to overcome in order to properly manage its records.
The nine records management challenges are:
1- Information overload and lack of time
In the digital age, the amount of data we have to manage is growing exponentially. This has led to a major challenge in the industry; data overload and lack of time.
The first step toward solving this challenge is to understand the problem. We need to be able to identify where our data is coming from and what it’s being used for. Once we figure that out, we can take steps towards managing it better by implementing new processes or changing existing ones.
2- Data accuracy & integrity
Data accuracy is an important aspect of any business process. It is crucial for businesses to have accurate data that can be used for decision-making processes. Data accuracy also plays a significant role in maintaining records and data integrity by ensuring that all information is accurately recorded, stored, retrieved, analyzed, shared, etc. If a business does not have accurate data then it cannot make informed decisions or take advantage of the information.
It is considered one of the top challenges of record keeping that organizations need to overcome.
With the increasing number of records, it becomes increasingly difficult to manage and maintain these records. This is where AI comes in. With AI, companies can now have an accurate and reliable data management system that can automate the process of record creation, validation, and deletion.
The role of AI in this industry is to make sure that data is being stored accurately, securely and with integrity.
3- Maintaining compliance with regulations
Organizational policies are written to help protect the company in the long run. They cover many topics, such as security and privacy. In order to comply with these policies, it is important for companies to understand what they are and know how they can be used.
The compliance process involves a lot of work that is time-consuming and tedious for companies. It is also very important for them to be able to track data and information about their employees and customers in order to maintain compliance with organizational policies.
4- Managing digital assets across multiple locations
Records management is one of the most important functions of any business. It requires the ability to keep digital assets and processes in control across multiple locations, in order to ensure that they are accessible from anywhere and that they are protected from unauthorized access.
The challenge with records management is finding the right balance between security and accessibility. That is why it is important for businesses to use a security solution that allows them to manage their digital assets across multiple locations, while also keeping them easily accessible from anywhere.
This challenge highlights the need for businesses to find a solution that can help them manage their digital assets across multiple locations while also providing a secure way of accessing them at any given time.
5- Tracking the production of records
Businesses have a lot of records. Some of these records are created by the business itself and some are created by third-party vendors. In order to manage all of these records, businesses must be able to track their production of them.
With a good record management system, it can be easy for businesses to find the information that they need. They can also make sure that their records are properly protected and stored in a way that will allow them to access them in the future.
If you are looking for the right RMS, consider looking into an ECM system that allows companies to create, manage and share content across their entire organization.
This records management challenge is the most difficult one to solve. It is a problem that can be solved by creating a system that will help you find the information you need.
Records management challenges are becoming more and more popular due to the increase in technology and digitization of everything. The problem is not just about finding specific records but also about making sure that those records are well organized.
This is initially caused by the problems in preparing business records. It is very important to think about how you prepare business records from the time of creation till destruction.
7- Lack of training
The lack of training is one of the biggest challenges in records management.
In order to address this challenge, it is important to provide a way for employees to gain new skills that are relevant to their job. This can be done by providing training and support that are tailored toward individual employees.
RM experts have started recommending digital platforms as a way for employees to gain skills that are relevant to their job. These platforms provide an easy way for workers to learn and develop their skillsets in the workplace.
8- Poor records retrieval
According to a study by IBM, more than 90% of organizations struggle with their records retrieval process. This is due to the lack of a well-defined and documented records management strategy, which leads to poor retrieval rates and increased costs.
Poor records retrieval also leads to poor customer service experience for customers who might have a hard time finding their desired information or reaching out to the people they need help from.
This is a challenge that most companies face, especially those that have big data. The amount of data created in the world has increased exponentially and it is difficult for organizations to find the exact information they need at the time they need it.
9- Missing records retention schedule
The Records Retention Schedule (RRS) is a document that helps organizations understand what they need to do with their documents and other records over time. It provides a timeline for when certain types of documents should be destroyed or transferred, as well as when they should be kept in storage or placed on file for reference purposes.
This document is vital for businesses since it helps them keep track of their documents and know what needs to be done with them over time.
I strongly recommend reading the below article for an in-depth discussion about RRS
What Causes Poor Record Keeping?
Poor systems and processes are some of the most causes of poor record keeping. It can also be caused by a lack of information, training, and resources. This can lead to issues such as fraud, inaccurate data, poor customer service levels, and more.
Cause of poor record-keeping can lead to:
- Inability to track and control costs and expenses in order to manage risk.
- Inadequate planning leads to overspending and inadequate budgeting.
- Inadequate commercial paper controls, impacting the company’s ability to raise new capital.
- Inability to meet customer service requirements, leading customers