Dear Records Manager,
OnRecord would like to wish all of our readers a happy holiday season and prosperous New Year!
This month, we’ve put together the
top three resources of the year for you. And because it’s approaching budget time, we’ve got a great piece on demonstrating ROI for your RM program.
We value your feedback. If you have any questions, or want to discuss any of the issues raised in this newsletter, please
get in touch!
Regards,
TAB Canada
1. Top 3 RM Resources from 2010!
Each month, TAB offers readers a free downloadable resource from our records management experts. Since it’s almost time to say goodbye to 2010, we’ve rounded up our most popular resources from this year.
In case you missed one or would like to add any of them to your RM library, here they are:
1. 7 Tips for Developing and Applying a Functional Classification Scheme
Want a better way to keep your records organized?
A functional classification system is the best way to manage the volume of records today’s organizations produce across various processes, departments and collections. But what exactly are we talking about? And how do you make functional classification work for your organization?
Simply put, functional classification allows you to categorize your records based on business functions and activities. This provides a clear and efficient way to file, archive, retrieve and identify information. In this resource, you’ll get great tips on things like:
- Classifying your records the right way
- Effectively determining what records need to stay and what can go
- Factoring retention schedules into the mix
This is a great place to start if you’re looking for the most efficient way to organize your information. Click
here to get this helpful tool.
2. Toolkit: Managing the Mix of Paper and Electronic Records
More and more, today’s records managers are having to deal with both electronic and paper records in the same environment. Naturally, this hybrid situation has created a unique new set of challenges, and we’ve put together this toolkit to help you meet them. In it you’ll find:
- Tips for Managing Electronic and Paper Files in the Hybrid Environment
- Disaster Recovery and Vital Records in a Hybrid RM Environment: A Risk Management Action Plan
- 5 Tips for Selecting and Implementing RM Software in the Hybrid Environment
- Enterprise Content Management vs. Records Management Software: What’s the Difference?
Get the tools you need to
effectively manage your paper and electronic records.
3. Records Retention Toolkit
Is your records retention schedule the right one for your organization? Is it based on accurate information and requirements? If not, you may be exposing your organization to unnecessary risk while missing out on access and space savings benefits.
We’ve developed this toolkit to help you ensure you’ve got the retention schedule you need, and it includes the following resources:
- A Records Retention Starter Kit
- Myth Busting: A Records Retention Action Plan
- Taking the Risk Out of Records Retention
Learn all about records retention with this excellent toolkit.
Records management professionals know that it’s always a challenge to get dollars allocated for existing programs or proposed solutions, and the ability to show ROI is a huge strategic asset when it comes talking budget with management.
How you do this depends on a variety of factors, including your organization’s spending priorities, accounting methods and reporting structures. But the basic objective of an ROI calculation stays the same for every organization—you have to show that the project or program will yield short and long term revenue.
At TAB, we recognize just how difficult this can be, so we’ve put together two great tips to help you show a return on your RM program investment.
If you want to take a deeper dive into these and other ROI tips, you can
download the full guide to Demonstrating Return on Investment for Records Management Initiatives.
1. Reducing Cash Outflow with Storage Savings
Freeing up space is a great way for organizations to cut costs and RM can be a huge help here. Best practices such as purging non-records, creating retention schedules and using off-site storage facilities will help you maximize your existing office space. But how do these efficiencies translate into hard dollar ROI?
Obviously the exact figure will depend on factors that are specific to your unique situation, but there are standard formulas you can use to estimate both onsite and offsite cost savings and returns.
In order to calculate the ROI for your onsite space saving project, you’ll need to know:
- The cost (including lease, tax and maintenance fees) of the average square foot of office space
- The number of square feet that can be freed up by using the space saving techniques mentioned above
You can then use this information to calculate onsite storage cost savings by multiplying the annual costs per square foot by the number of square feet saved.
A similar approach can be used to get an idea of potential annual offsite storage costs. Begin by determining the cost (including annual and one-time fees) of storing a 1.1 cubic foot box of inactive records. Next, determine the number of boxes you can get rid of by using RM space management techniques. Then you simply multiply the annual cost per box by the number of boxes that can be disposed to figure out your offsite storage savings.
2. Increasing Cash Inflow with Business Efficiency
When thinking about RM in terms of ROI, you need to expand your focus beyond savings. By streamlining administrative processes, making information more reliable and speeding up decision making, effective records management also frees up time and resources that can then be focused on your core business. This improved operational efficiency can mean increased cash inflow for your organization.
So calculating ROI in this case starts by figuring out what specific efficiencies you will be able to realize. Be concrete and realistic in your analysis and determine things like:
- By what percentage can your program decrease the amount of time necessary for staff to create files, classify documents, and re-file content? What do these reductions mean in terms of decreased staffing costs or resources that can be deployed elsewhere within the corporation?
- By what percentage does your program speed up retrieval of information necessary to execute a transaction or make a decision? In an information driven business environment, faster information access directly translates into faster operations. What does this improvement mean for your organization’s ability to capitalize on available revenue streams?
The specific measurements you use to answer these questions will then help you determine your ROI calculations.
Take a Deeper Dive into ROI for RM
Maximizing space and improving business efficiencies are just two areas to consider when it comes to records management and ROI. You can also look at long term program calculations as well as potential savings through risk mitigation and compliance. For a more detailed analysis of all the elements involved, you can download our
Demonstrating Return-on-Investment for Records Management Initiatives.
We created this software to help you deal with the complexities of managing paper and electronic records in the same environment. TAB FusionRMS is a simple way to track, audit, secure, retrieve and retain your documents.
With TAB FusionRMS, you can perform a variety of records management functions including:
- Imaging documents
- Managing PC files and workflow
- Integrating Microsoft Office and SharePoint
- Managing retention
- Physically tracking files with on-demand labelling
If you’d like to watch a quick video on how the software works,
click here.
Officers from Westland, Michigan’s police department have to make every dollar from their tight budget count. But this hasn’t stopped them from having one of the most efficient property and evidence management functions in the state thanks to TAB FusionRMS.
This cost-effective, barcode-based software solution allows them to log and store property and evidence, conduct automated monthly inventories and fulfill compliance requirements. Best of all, officers can customize the software to meet the department’s unique needs.
Get the full story on how TAB FusionRMS helped the Westland police department be a more efficient force.
It's time to get your files ready for next year! Our stock of 2011 labels is ready to ship, and many of our customers have already ordered their pre-labeled folders. Order yours today and be ready for next year in advance! We also have many other great filing products to help you ease into 2011, so
contact TAB today.
For more information on how TAB labeling products and services can help you organize your information call 1-800-417-8010 or complete our
online response form.
