Why is Physical Records Management Important Today?
Despite the exponential growth of artificial intelligence, Cloud-based data storage technologies and big data sciences, 92% of academic, official and commercial documentation in India are still happening on paper. And of course, the companies are not going to switch over into digital data storage platforms just over the night.
Since online record archiving or cloud-based document management software are costly, require experts for handling and do not guarantee 100% data security assurances, physical record storages embedded with modern technologies can still play an alternative role to fill this market gap.
So, therefore it is absolutely essential to find out a good record management solutions which can be easily implemented, cost-effective in nature and can help you to organize your large volumes of physical records in a systematic and secure manner.
Just read the following blog and explore- Why physical record management is still relevant in the age of Information and communication technologies? Why it is so important? And What are its advantages?
Why is Physical Records Management Important?
- Digital data storage or online document management systems (DMS) are quite a new phenomenon in India. People are not much aware of it.
- The presence of the great digital divide among the various sections of society is a key factor.
- Most of the small and medium class industries do not have the essential expertise for cloud-based data storages.
- For more than seven decades, Companies in India had largely relied upon the Physical storages. Now, they can not suddenly switch to a completely different platform with their burdens of millions of paper works.
- Online data archives are highly vulnerable to cyber attacks, online burglary and hacking.
Importance of Good Physical Record Management:
Forge An Absolute Resistance to Cyber Attacks:
Storing and preserving your records in secret offsite facilities will give you an extra leverage against the cyber attacks. It makes your records completely inaccessible form any kind of online interferences and keep them hidden from all sorts of mischievous means.
Keep Track of Your Overall Performances:
Physical Record Keeping is a multidimensional process which not only helps you to store, protect and preserve your valuable records but also allows you to keep an eye over your the entire organizational hierarchy, it’s performance & productivity.
Record Retrieval-It's Not An Issue Anymore:
Unlike the old days, Modern day Record management systems(RMS) uses several record indexing and record retrieval technologies. With the help of the RFID based Barcode scanners, advanced colour coding methodologies, computerized databases, and instant record and document imaging technologies, you can simply retrieve your records within a snap of your finger. So technically, you don’t need an online document storage just for the purpose of ‘instant-document-retrieval’.
Get Aligned With Regulatory Compliances:
As an Authentic and taxpaying organization, you must preserve all of your valuable business records such as financial transactions and legal papers, MOU’s, Audits records, account-books, Client’s database and employee-information, for a specific period of time, as demanded by the law. Now, if you fail to keep your records and documents for the required time period, you will face serious legal penalties.
However, there is no single central law exists in India which simply combines all of the regulatory provisions related to data retention and the record management.
But there are several acts which either fully dictates or partially address various different dimensions associated with modern record management and record retention schedules. Some of these laws and their average record retention schedule are listed as follows:
- Companies act-Minimum Eight-fifteen years of the record period
- Income Tax Act 1961-Eight years of Minimum record retention
- Central Excise & Service Tax-At Least five years of data retention
- SEBI regulations-Minimum three years to Maximum Eight years.
- ICAI Council Decision Of 1957-Minimum 10 Years of record storage.
- Goods and Services Tax-(GST 2018, amended)
Just Subscribe to SRM’s trustworthy record management services and get aligned with the respective regulatory compliances. We will help you to avoid legal obligations and penalties.
Let’s Re-Capitalize on Your Urban Space:
Urban and commercial spaces are highly expensive. So, do not store your valuable business records within your office. Instead of that, you can simply rely on offsite records storage facilities. This will allow you to store an unlimited amount of paper-works for your entire lifetime and save a hell lot of money.
Create a Knowledge Base for your Employees:
When you store your physical records in a systematic and organized manner, you are actually compiling the entire history of your corporate lifecycle. This vast collection of files, records and documents create a knowledge base which will not help your employees to learn more about your organization but would also assist them to go through an extensive research and develop new innovative ideas for your business.
Greater Operational Efficiency & Productivity:
A smartly designed record management strategy can play a pivotal role in the overall
The growth of your organization. It can increase your operational efficiency and overall productivity. You can simply do this by empowering your employees with relevant records and documents. This will help them to make decisions quickly and accurately without bothering the higher authorities again and again.
Eliminating Offline Espionage and Sabotage:
In order to eliminate the threats of related to offline espionage and data-sabotage, you must store your information in a secret or offsite record storage sites. A good record keeping strategy never bargains on this factor.
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