2 posts tagged “records management”

Keeping your stored business records accessible and organized is a necessity for efficient business processes. If records management is not done competently, it leaves your company vulnerable to risk and decreased productivity. A business needs to have a records management solution that has records controlled with an easily updated online system and tracking capabilities. Good communication with a professional vendor also adds to successful records management solutions.

There are recommendations on how to keep records inventory healthy including using an online, updateable inventory management system, and creating a retention schedule that can be controlled by the system. The schedule is used for the management of on site and off site records. Records should be moved and disposed of according to the schedule, and keeping the records management system structured is mandatory for the system to work. The retention schedule can be automatically calculated to assure compliance with regulatory mandates.

The on site and off site inventory should be checked periodically online. If boxes are currently in stock, find out where they were last tracked to allow for search capabilities of every box and file in the system. Tracking the movement of every box is important to the safety and proper storage of your records, and the location information should also be accessible to you, the client. Verification of destroyed records is the next step in your inventory check.

Your records storage management vendor should actively improve their records management system. Choose a professional vendor with online custom systems available that can be managed from your desktop. Having electronic access also has the convenience for the user to order storage supplies and arrange for delivery and pick up from the vendor. There must be active participation during the process with your vendor, and it is important to read contracts and communications from the vendor in reference to services and fees.

There are many companies providing records management, office records storage, document destruction, and paper shredding, data back up, and media storage. They offer Recordslink, which is a comprehensive, customized web technology allowing the management of records storage from a desktop.

In these times of economic stress and uncertainty, with companies looking for ways to reduce expenses, perhaps it is time to review your existing Records Management Agreement and the price increases reflected in their most recent rate schedule.

You will likely find:

1. 
   Your rates can increase at any time with only 30 days notice and no maximum increase is specified. In fact you may find that your rates have been increasing more frequently than once a year and by more than the industry average of 3%.
   


2. 
   The cost to permanently withdraw your stored material will most certainly increase and historically it has been increasing disproportionately to the amount of increase in other rates. This is intended to make it more difficult for you to move your stored material to another vendor who is offering a less expensive alternative with better systems and improved customer service.
   


3. 
   New rates, such as a $25.00 monthly administrative fee, have been introduced in the past and who is to say that new rates will not be introduced in the future. That’s $300.00 a year in additional expense. And this is on top of a minimum monthly storage invoice and a minimum service order charge.
   


4. 
   Many customers have seen charges for unauthorized work - such as re-boxing of stored material - appear on their invoices. And you may find it odd that your vendor charges you to provide the detail supporting their invoice.
   

What You Can Do to Save Money on Records Management

Since it is unlikely that your incumbent vendor is going to be willing to address any concerns you may raise about these increases or changes, unless you make a decision now to change vendors, you have little choice (and even less choice in the future as your incumbent vendor continues to increase their “hostage fees”) but to accept these increases and changes.

There are many reputable and more specialized records management companies that can reduce costs by an average of 20% to 30% immediately while offering you protection from indiscriminate price increases.

Joe Nezi, was formerly the EVP, Sales and Marketing at Pierce Leahy Archives and is currently in a similar position at Retrievex. For more information about How to Save Money on Records Management, visit us at www.retrievex.com