4 Records Management Trends Every Business Should Know About
In today’s rapidly evolving business landscape, organizations face a myriad of challenges and opportunities when it comes to effective records management. As remote work gains prominence, businesses grapple with the need to provide secure and accessible records for their dispersed teams. Simultaneously, the rising importance of data privacy necessitates meticulous compliance with regulations like the GDPR and CPRA. To address these concerns, companies are turning to innovative solutions such as artificial intelligence (AI) and cloud-based storage. Records management is a critical aspect of business operations, and it’s constantly evolving. This article will explore the latest trends and challenges in records management and provide insights on how organizations can adapt to them.
1) The rise of remote work
One of the current trends that has defined the workplace in recent years is remote work. Of course, the COVID-19 pandemic really accelerated this trend, making it far more economically viable and socially acceptable for employees to work from the comfort of their own homes. Just how widespread is remote work, you ask? A study from Upwork indicates that, by 2025, about 22 percent of all Americans will be working remotely. That represents a staggering 87 percent increase over pre-pandemic numbers
But while the rise of remote work undoubtedly provides employees with greater flexibility (and businesses with some opportunities to reduce overhead), there are also some new challenges associated with records management. The obvious one is that employees no longer have easy access to a single, centralized, physical location for their records. As such, employers must ensure that their team members all have an easy yet secure way to access records remotely. Cloud-based solutions can be especially helpful for effective electronic records management.
2) The increasing importance of data privacy
Another one of the emerging records management trends is the growing concern over data privacy. There are several components to this, starting with the rising risk of cyberattacks and data breaches. Companies often maintain sensitive financial information, including bank accounts or credit cards associated with their customers and clients. And of course, it is normal to have patient medical records on file in the medical industry. Such files are prime targets for hackers and ransomware assailants, and the loss of these records could be disastrous.
Another element to think about is that, even beyond the threat of hackers, consumers are increasingly mindful of data privacy concerns. This has led to significant regulations, like the GDPR and CPRA, which dictate how companies can obtain, store, and use customer data. Compliance with these regulations is a big deal, and it calls for a strategic approach to records management.
We’ve compiled a list of common questions and an interactive checklist to assist businesses in complying with the California Privacy Act (CPRA). Additionally, by following our secure records management tools and practices, you can further enhance your preparation and expedite the fulfillment of these requests.
The bottom line: Companies have to ensure that their records management processes are fully compliant with these laws, and that appropriate steps are taken to safeguard confidentiality and promote data privacy.
3) The growing role of artificial intelligence (AI)
Lately, it seems like everyone’s talking about AI. ChatGPT may be the most famous and popular example of AI’s disruptive nature, yet AI is also being used within the field of records management. Specifically, AI solutions are being used to automate many aspects of data organization and upkeep, from document classification to retention scheduling. AI can even be used to find duplicate documents, cutting back on inefficiencies and errors.
AI can be used to perform a lot of the simple, repeatable tasks associated with electronic records management, which both reduces the strain on personnel and also cuts down on the amount of time required for proper document filing. The use of artificial intelligence can save time and reduce errors, but there’s typically a learning curve involved: Companies may need to spend a little time and invest a little money in learning how to use AI solutions most effectively.
Companies should absolutely look into the merits of AI and automation, but it’s critical to balance efficiency and cost reduction with concerns about access, compliance, and data privacy.
4) The move toward cloud-based solutions
There’s one final way in which technology is transforming records management, and that’s the move toward cloud-based solutions.
When we talk about cloud-based solutions, we’re talking about tools that allow companies to store their documents offsite, rather than using only on-site hard drives and computers. Cloud-based solutions allow records to be obtained from anywhere, which goes back to the previous section about remote work. Additionally, cloud-based solutions can create a more scalable and cost-effective records management strategy than any strict on-site methodology.
But of course, there are also some challenges associated with cloud-based storage. For one thing, businesses will need to be diligent in ensuring that their cloud-based storage solutions are secure, and that data privacy is upheld. Additionally, it’s important to have a disaster recovery strategy in place. Here we’ll note that Corodata offers a robust cloud backup and restoration service.
Embrace the Future with Corodata
These emerging records management trends are disrupting best practices in myriad ways. There’s a lot of opportunity for companies to do records management more efficiently and more effectively, but first, it’s critical to have the right records management partner in your corner.