What Is the Purpose of Electronic Records Management?

 Look around your office. How many papers can you see? No one wants to deal with paperwork, especially when you have just entered the business world and there are hundreds of things to do. 

Most of these papers have been created digitally. Your employees may print them out for convenience, but you'll find the original electronic file somewhere on your computer. The same is true for other physical documents; most have a digital origin.

Yes, it might be a challenge to scan all your older documents. But electronic records management systems are there for a reason: to help you do a better job and reduce the burden on your records managers. 

Seems a little overwhelming? Don't worry, because after reading this post, you'll have all the answers. But first, let's review the significance of electronic records management.

What Is Electronic Records Management?

Electronic records management (ERM) refers to the management of electronic files and documents as records. ERM manages physical records quite differently than traditional records management. ERM preserves records as part of a digital business process. By using ERM, you can keep the original digital records and free yourself from the stacks of paper in the warehouse or boxes in the storage room. In this way, you can efficiently improve the automation of your business activities. You can also reliably and accurately audit and schedule your records.

What Is Its Purpose?

You can keep valuable information easily accessible to meet your business needs and compliance audits by managing your records. For a large organization, it's challenging to capture all the valuable information with a simple spreadsheet. You need a proper strategy to keep everything organized and available. 

With an efficient records management plan, you can create and classify your records and ensure they are safe. To make your job even easier, you can use software tools to organize your valuable information. 

Now that you know the meaning and purpose of ERM let's see why you should use electronic document management solutions for your business.

Why Should You Use It?

Many companies shy away from ERM measures because they believe they add risk and expenses. But in reality, ERM is a valuable part of your information management efforts. 

Here are three reasons why you should use an ERM system to manage your paperwork:

1. Easier Work-Life & Compliance

If you manage records digitally, you can capture document data automatically. Your ERM can use this data to identify and categorize records and facilitate their retrieval. Plus, your records manager can better control the files and eliminate duplicate copies.

With digital records management, you can ensure that information is captured, older versions are removed, and relevant data is found when needed. You can also track previous decisions and answer eDiscovery requests because you can easily find all relevant evidence. You can also ensure that all expired requested documents are entirely removed. 

Finally, ERM allows you to comply with internal and external policies and requirements. This way, your organization can focus on accomplishing its mission.

2.  Higher Efficiency

With a proper electronic records management system, you can improve your efficiency and the overall competitiveness of your business, both internally and externally. 

Stacks of physical documents and files lying around your office can be distracting and frustrating. And you can ultimately damage your reputation if you can't find what you need.

An electronic document management system can help remedy this and ensure no documents get lost. 

3. It’s Cost-Effective

Every startup needs financial resources, and saving money is one of the best ways to increase your company's cash flow. Are you looking for a cheap way to save money? If so, then you should store your documents digitally. 

Managing documents manually can be very time-consuming. Without it, you are better off because you can free up internal resources and your employees' valuable time. Instead, you can use those resources for essential and productive tasks that can strengthen your business. 

Keeping physical files can be costly, especially for a growing business with a lot of files. 

Bottom Line

We hope you enjoyed our article on electronic records management. We want you to ask yourself the following question: Which system do you prefer? A traditional or an electronic document management system? 

If you need more information, feel free to let us know.