Inside TDV - The Data Vault Blog
Are You A Records Hoarder?
During TLC’s show Hoarding: Buried Alive, home owners that have become overburdened with their possessions (sometimes to the point of creating an unhealthy environment) are given help in finding a way to get it under control. While these are extreme examples, the same sort of behavior that can lead to those sort of interventions can occasionally be found in businesses without an effective records management plan; resulting in a loss of efficiency and wasted storage.
Quickly glancing around the office should give you an idea of whether your organization has an overabundance of records or not, some of which might be unnecessary to retain in the long term. But in case you’re on the fence about whether it’s worth taking the time to evaluate current practices, consider the following benefits of reducing the clutter:
Studies have shown that 3-5% of an organizations documents are missing or misplaced at any given time. Managers spend an average of four weeks a year looking for mislabeled and untracked files within their own office spaces and cabinets.
The average lost document costs a business $220 in lost employee productivity and time spent replacing the record. For a business with just 8 employees this can be over $10,000 annually. In addition to labor costs, when tax time comes around it’s especially important to be able to find documentation: you can’t deduct all of your expenses if you can’t find the paper trail!
Protect Your Identity
This one has become increasingly relevant as crime switches from regular theft to the more complex world of impersonation and identity fraud. When filing cabinets are over cluttered and unorganized, personal data can become vulnerable through the course of normal business operations. Engaging in a shredding program and file management can cut down on this liability.
Keep Track Of Essential Paperwork
When office equipment is sold with a warranty and issues arise, it is essential that you are able to locate paperwork detailing the service plan. Coming under the scrutiny an audit can also require hard copies or original documents, causing headaches if the records cannot be located.
If you would be interested in an evaluation of your current records management program or could use some help organizing your filing system to make it more efficient, please send us a message through our contact us form and one of our experts here at The Data Vault will be in touch!