5 Challenges Associated with Onsite Records Storage
Today more than ever, businesses of all industries have significant amounts of data that must be managed regularly. Not only do records need to be organized and filed for general business efficiency but the government also requires record retention for tax and other legal purposes. So what’s the best solution for safe and accurate records storage? Turning to an offsite, professional record storage company such as Armstrong Archives will save your business the space, time, and costs associated with onsite records storage. Here’s why:
Adequate Space: While most people dream of a paperless office, it doesn’t look like it’ll be going away anytime soon. The reality is, over 40% of businesses say that their paper use is increasing and not decreasing, taking up approximately 35% of their office space. Allowing old documents to flood your storage closets, meeting rooms, extra desks, and filing cabinets is simply impractical for any business. Excessive documents throughout your office will create a cluttered environment, making document retrieval a daunting and not to mention, time consuming task. Space is at a luxury for many companies and therefore it should be used for generating business and productivity, not taking away from it. Offsite record storage eliminates the need to store old records within your office, allowing you to use your additional office space wisely.
Expense: As mentioned above, space is limited for a lot of businesses and when documents are stored on-site you’re wasting valuable office space that is quite costly. How so? On average, a standard filing cabinet consumes roughly 9 square feet of space, costing about $1,500 every year. Think of the alternative ways you could be spending this money! While the physical space is an ongoing expense for your business, you must factor in the costs of maintaining these records as well. If records are kept internally within one’s office, they must be maintained in accordance with security laws, and all staff must be knowledgeable when it comes to handling records, including retention periods and safe record disposal. Both of these are expenses you’ll be faced with on a regular basis; however, they are also costs that can be avoided by moving records off-site.
Efficiency: Maintaining paper onsite puts a damper on employee productivity, due to the amount of attention that’s required. Did you know that throughout a typical work week, the average employee spends 25% of their time copying, filing, scanning, or retrieving documents? At this rate, just imagine the lost business you may be experiencing unknowingly? What’s more unfortunate is that even after those studies, it is said that over 80% of companies find they still can’t locate a specific document when its needed.
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Security and Regulations: When records are stored onsite, what many companies don’t realize is that they must be tagged appropriately to avoid compliance violations. If business documents are not labelled correctly, you may not only experience lost records, but you may also be at risk of a data breach. A typical data breach could cost your company up to $5.4 million! Since records stored onsite pose a greater chance for error, there is no guarantee that your documents are being managed properly should you be audited. Alarmingly enough, a past study revealed that in instances which employees stole business documents, were taken in hard-copy form. Adding to those risks, a study found that 62% of employees who stole business information took it in hard-copy form. Records stored on-site are much less likely to be properly tagged than those managed off-site. Records that are untagged expose the company to significant risks for compliance violations and e-discovery expenses. Keep your information safe in a secure, offsite record storage facility.
Disaster Recovery: Are your business documents protected in the event you experience a flood or fire? Have you made additional copies that are accessible offsite? Without an efficient disaster recovery program in place, lost or damaged records could significantly hurt your business. After experiencing a catastrophic event, some businesses take up to two years to fully repair from the loss and most end up going out of business altogether. It’s simply not worth the risk! Unless your office is equipped with the necessary security features, the only method that guarantees protection is trusting in a records storage company to store your documents.
With Armstrong Archives in Dallas, TX, your documents are safely stored until you are ready to retrieve them. You have the support of our entire professional staff that consistently works to maintain the highest possible quality and efficiency. Contact us today at 972.242.7179
Posted By: Sherri Taylor – President/Managing Partner
Sherri Taylor is the Managing Partner and President of Armstrong Archives, one of the largest independent records and information management companies in the Dallas/Ft Worth area.