Securely streamline your records management processes
Business Document’s life cycle
Nowadays, companies are facing the toughest regulations they have ever seen. Indeed, such legislation is emerging all around the world. Now has come the time to revolutionize companies’ retention strategy, which inevitably involves Electronic Records Management (ERM) and Records Information Management (RIM).
Business Document’s life cycle
What is it all about?
Business documents have a life cycle divided into different stages, which often ends with documents’ deletion. For many departments, documents remain under specific regulations and must be kept a certain amount of time:
- Human Resources (resume, employee information, …)
- Legal (contracts, agreements, …)
- Financial (tax invoices, rental bills, …)
- And more…
Why records management is important?
As previously said, companies must keep documents depending on their type, and their repository should comply with government regulations, agreements with stakeholders, or simply the company’s retention strategy. Indeed, companies should not unnecessarily keep documents archived; it costs a lot of storage space, and they could be penalized by retaining a document too much or not enough time. Therefore, records managers have to check that documents are removed in good time to avoid legal risks.
Besides, when records management is electronic-based and automated, it benefits companies in many ways. Not only it simplifies records retention processes, but it also centralizes all relevant documents so that they can be easily found, without letting people not allowed to modify anything. But above all, it generates significant cuts in costs by avoiding expenses on extra storage space, or even physical drawers and filing cabinets. Additionally, the time saved provides records managers with great efficiency.
Benefits of electronic records management (ERM)
ERM systems offer a number of benefits to businesses, including:
- Improved compliance: ERM systems can help businesses comply with complex and ever-changing regulations. For example, ERM systems can be used to automate the retention and destruction of records, ensuring that businesses keep records for the required amount of time and dispose of them properly.
- Reduced costs: ERM systems can help businesses reduce costs by eliminating the need for physical storage space and reducing the time and effort spent on managing records manually. ERM systems can also help businesses reduce the risk of fines and penalties for non-compliance.
- Increased efficiency: ERM systems can help businesses improve efficiency by automating the record’s management process. This can free up employees to focus on more strategic tasks.
- Improved security: ERM systems can help businesses improve the security of their records by providing features such as encryption, access control, and auditing. This can help protect records from unauthorized access, loss, or theft.
Our DMS offers a powerful life cycle feature
In just a few steps, records managers can effortlessly deal with documents’ retention with Open Bee life cycle module:
- Step 1: Set a retention rule by on document’s type or folder,
- Step 2: Assign dynamically retention criteria (activation date, retention time, permissions),
- Step 3: Records managers get a notification when the document is expired, to choose whether they want to delete it or hide it only,
- Step 4: View the history and export it in CSV format for integration in other business software,
- Step 5: Create a report for audit,
- Step 6: Delete/modify a retention rule according to changes in legislation or the company’s retention strategy.
ERM systems are essential for businesses that want to improve compliance, reduce costs, increase efficiency, and improve the security of their records. Open Bee’s DMS offers a powerful life cycle feature that makes it easy for records managers to implement and manage retention rules.