Records management is a major concern for virtually any company, but different industries face different regulatory requirements concerning document management and recordkeeping. Depending on the industry, size of the business, turnaround expectations of customers, and level of digitalization, a company’s records management strategy will vary.
Armstrong Archives, LLC regularly assists clients who manage businesses of all sizes throughout various industries, and some of the most important aspects of proper document management can be easy to overlook.
Record Accessibility
If your company must maintain any type of records, you need to ensure those records are accessible when needed and the parties requiring them have access. However, you must also ensure your records’ security and only allow authorized parties access. Armstrong Archives, LLC helps clients with record accessibility, streamlining internal document procurement and increasing record security by helping determine the best way to store necessary records. A solid document management system should have a clear access record so the right people can access the documents they need to complete their job duties.
Document Destruction
Many industries require companies to maintain records for certain timeframes. For example, a company that produces medical devices may need to maintain their records for ten years or longer to meet compliance requirements from the Food and Drug Administration (FDA). Law firms may need to retain records of past cases for different lengths of time depending on case type, state laws, and federal regulations from the Department of Justice and the American Bar Association. When sensitive records have outlived their required retention time limits, record holders should destroy those documents as directed by applicable laws.
Document destruction may seem like a straightforward process, but it can entail several things:
- Physical destruction of nonessential records, such as shredding and offsite disposal.
- Destruction of physical records and paper records when transferring to digital record keeping. This may not be an option for some companies with specific regulatory requirements.
- Downsizing archive space by destroying or reformatting older records.
Federal Compliance
Ultimately, one of the biggest concerns facing most American companies is oversight from relevant federal agencies and government offices. For example, companies that produce food products, medications, and consumer products intended for personal use must meet FDA regulations. Companies with stockholders must meet Securities and Exchanges Commission regulations. The U.S. Department of Labor oversees employee and payroll records and sets regulatory guidelines for these documents.
Time Management
Many companies in various industries operate with demanding timelines, requiring them to streamline as many operations as possible to manage their time as effectively as possible. A strong and reliable document management system can go a long way toward preserving time-sensitive business operations. Proper document management practices ensure no time is wasted tracking down essential documents, handling previously mismanaged records, or contending with irresponsible document destruction practices. One of the biggest perks of investing in proper document management is the time a company can save.
Armstrong Archives, LLC has a strong track record of providing clients with reliable and intuitive document management systems so they can save time, money, and stress that usually accompany record management issues. If you’re interested in how a solid document management system could streamline your business operations, save you time and money, and ensure your compliance with federal regulations, contact Armstrong Archives, LLC today.
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.
