You ask any medium or large sized organisation operating in Pakistan about their record generation and answer will be the same, record volume has increased compared to previous years! There are various reasons for this phenomenon. Federal regulations, additional compliance processes, increase in business size generally fuel the increase in record.
Once the pool of record becomes big, it is difficult to find a single record which may be required by an internal and/or external user. Various studies suggest that a worker may spend up to 40% of their time trying to locate record in their daily routine.
Stacks of statistics from various sources point to unwavering cost of creating, maintaining and retrieving documents. Although this humble blog writer was only able to find this cost in corporate America, but these estimates point towards a staggering 12% of revenue in 2018.
According to a PwC study, a sample office that generates 200 document in a week, shall lose average 15 of them. To further illustrate, contemporary analysis indicate that each one of misfiled/lost record shall cost organisation approx $100 US to search, locate and/or reproduce.
A rising number of regulations from federal, state and industry level have resulted in increasingly severe risk and penalties for non compliance. Businesses that fail to address these risks are subject to fines, lawsuits and/or loss of market share.
Lastly, a lack of record retention policy in place has caused organisations to carry huge amounts of legacy record. This has caused organisations to keep using more and more real estate is expensive areas to store the record.
In such an environment, it is better to outsource the Archive Management processes so that organisations can stay compliant, reduce business cost and concentrate on their core activities.
