One of the easiest ways to show a return on investment is to reduce costs. You do this by eliminating costs, gaining efficiency in people’s time, or via cost reduction. In the Gartner insight paper titled: “Follow Three Principles to Improve User Adoption of Records Management Tools”, they recommend the following to increase overall ROI of a records management system:
- Simpler implementation capabilities
- Integrate the records management solution into line of business (LOB) or common productivity applications,
- Reduce your records maintenance and records management costs
- Automate records classification
- Minimize the risk of litigation resulting from noncompliance
Here is how RecordPoint delivers on this recommendation.
1. Simpler Implementation Capabilities
When your records management system is first purchased, there are costs associated with the implementation. For example, some systems need a certain information architecture to classify records. Designing the information architecture takes time, and you must train end users to understand how to use it.
RecordPoint reduces the cost of set-up because there is no need for prescribed information architecture. Records are automatically classified no matter the location of content. Additionally, RecordPoint imports your existing file plan and retention schedule, streamlining the process of configuring the automated rules. The average set-up time for RecordPoint is days, rather than weeks or months.
2. Integrate the Records Management System into Common Productivity Applications
A familiar challenge in organizations is the proliferation of content sources. Most companies use a variety of repositories, such as Office 365, SharePoint on-premises, file shares, Dropbox, Box, Google Drive, and many more. It is time consuming and costly to set up and maintain a records management system for each repository.
RecordPoint can manage content in place, across many repositories using one file plan, retention schedule, and set of classification rules. You can maintain records using a centralized toolset, including search, automatic classification of records, bulk legal hold and disposition, all in a compliant system.
3. Reduce the Cost of Records Maintenance
There are ongoing activities related to the maintenance of records in a records management system. Some of these activities include performing a search for records, declaration of records, or placing items on a legal hold. Our goal in this case is to reduce the time it takes for these tasks, reducing the cost of records maintenance.
RecordPoint accomplishes these tasks in a few ways. First, RecordPoint allows you to easily search for records across multiple content sources. These content sources can include file shares, Office 365 content, Box, Dropbox, Salesforce, and many more. Records managers can then refine search results using any metadata field or criteria, allowing for flexibility to display only needed content.
Second, our automated rules engine has a high accuracy rate for classifying records. This reduces the need for manual declaration of records, since RecordPoint manages items as records when they are created. When content needs to be finalized and locked to prevent editing it is easy to perform a search to find needed records and finalize them in bulk.
Third, RecordPoint’s advanced search capabilities helps records managers to spend less time on the legal hold process. Search and add refiners to locate the content and apply a bulk, in place hold.
4. Automate Records Classifications
Most records management systems need input from end users to function. The end user must complete metadata, select a records classification, declare items as records, and / or place content in a specific location. This approach requires training and documentation, and takes time away from performing core job duties. This strategy often doesn’t work, either because it confuses end users or because it takes too much time.
RecordPoint eliminates the need for end user training. The users are not involved in records management in any way, or asked to take any actions. End users are not required to enter any metadata, place the content in a specific location, or manually declare records. The RecordPoint approach reduces user error and increases the accuracy of records management classifications. This reduces the risk of having content that is out of compliance.
5. Eliminate Fines for Non-Compliance
Non-compliance happens for several reasons. These may include deleting records that should be retained, or not declaring a document as a record. The consequences range from government fines and audits, to vulnerability to lawsuits, and up to dissolution of your business.
RecordPoint reduces the risk of fines for non-compliance by ensuring that records are not prematurely deleted. RecordPoint identifies and automatically classifies records at creation, while allowing editing of content in place. RecordPoint also classifies records without intervention from end users using our automated rules engine. We also show records managers what content is not under management using our unclassified records dashboard.
RecordPoint is easy to use and is a trusted partner to reduce cost and risks associated with maintaining compliance and performing records management tasks. We understand the challenge faced by highly regulated, government, and large organizations when running a records management program. Please request a demo or schedule a time to speak with one of our records management experts to learn more about how RecordPoint can help your organization.