What you need to know about Records Management System?
A Records Management System is a software, which is used to organize and track all of the company’s Hardcopy or Physical Records created during the process of the business transaction. This is a critical tool for creating an Inventory of Organizational Records , which contains critical information regarding day to day activities conducted at various levels and locations. These hard copies or Physical Records are to be retained and retrieved for various internal and external referral requirements and audits, as per the Organizations needs or demanded Government Statutory Authorities. A scientific Hardcopy or Physical Records Management System is essential for an Organization to efficiently maintain Records Structurally, to run its operations successfully despite its size and revenue. It increases productivity, efficiency and prevents chaos and ensures the Company Records are in the right place and retrieved promptly at the right time.
The economic boom after opening up of Indian Economy in 1990, made various Multinational companies to enter the Indian market and viz-a-viz Indian Companies, to expand worldwide. This bought a new era of Global Best Practices into India and also for Records Management. Indian Records Management space is addressed by many National and Multi-National Records Management Companies namely PN Writers, Iron Mountain, Crown Records, Capital Records and OEC Records are the few big names in this space. These Records Management Companies store and manage the Hardcopy or Physical Records of various organizations in their off-site Records Centers. These Records Centre are very large spaces, duly structured with multi-tier Racks to store the layers of Cartons in which these documents are properly sorted and kept. An inventory of Documents, it’s Department, it’s Carton and it’s a location in Racks are created scientifically through series of Barcode and internal mapping of Barcodes against each other. As a Standard Procedure, the document Barcode is mapped to the crucial details such as Meta Data through Data Capturing and then mapped to the Carton Barcode, which in turn is Mapped to Location Barcode at Record Centre. The organizations can retrieve these documents from these Records Centers thru a Request Management Process.
The Records Management Market Space has gained prominence during the last decade or so and is currently going thru a consolidation phase, wherein the Multi-National Companies are investing in acquisitions and mergers to grow their market share. The current Total Addressable Market (TAM) of Records Management revenue wise is estimated to be approx INR 1,000 crore and is expected to grow at a CAGR of 20% annually during the next decade. The Records Management is catering majority for sectors like BFSI & Telecom, which contributes to 80% business revenue currently. The key to growth in this space is higher numbers of Records Centers across the length and breadth of the geography of India. This business is a hugely capital intensive, with the restricted market, hence the ROI on investments are long drawn, which is currently a deterrent for Records Management Companies to expand exponentially.
The potential for Records Management in India is huge, but the key negative factor in addressing it, is the availability of these services beyond Metros and State Capital Cities in India, thus leaving a large area uncovered. In India, the key Industrial hubs for Automobile, Electronics, Electricals, Pharmaceuticals, Mining, Refining, Manufacturing, and Special Economic Zones are situated in Tier 2 and 3 Cities and towns, where the Records Management Companies don’t have a very significant presence. These key verticals of Indian Economy require Records Management Services to ensure adherence and compliance to all Guidelines of International Best Practices.
This creates a unique opportunity to provide Hardcopy & Physical Records Management Consultancy, Solution & Services to these companies, who have more than sufficient space available for storing and managing Records. This helps companies to have an IT Enabled Solution implemented and managed by subject matter experts, while they focus on their core activities.
IKONRecoM is a unique product designed by incorporating the best practice guidelines recommended by leading Records Management Associations like ARMA & AIIM to address this segment and is having a robust system to ensure smooth operations with exemplary security features and automation for the best user experience. The product is customizable to accommodate industry-specific requirements. While each industry has its own unique requirements but some common features that every efficient Records Management System should have are:
- 1. Document Inventorization: It ensures that creation of a Uniquely Identifiable Document with Barcode and capture of all relevant reference details against each document created, for search and retrieval the document as and when needed
- 2. The packaging of Records: The Document is then properly stacked in Cartons and each document is mapped with Carton Barcode in the System for identification.
- 3. Location Management: Scientific Allocation of Location and Barcoding of Locations for identification, with each location allocated with optimal carton volumes for efficient space management.
- 4. Pickup and Retrieval Management: Built-in Workflow approval system for Pickup and Retrieval of Documents to ensure effective controls.
- 5. Access Control: A detailed Access Control Mechanism thru which User Access to documents can be effectively restricted.
- 6. Document Life Cycle Management: Document Life Cycle Management thru retention period allocation to documents.
- 7. Audit Trails: Detailed Some inventory methods commonly used in practice are:
IKON Solutions are conceived and designed to help organizations to improve their operational efficiency, by focusing on priorities and subject matter experts handle all non-core activities. IKON also provide services like Business Process Automation, Document Process Management, Digitization, and Data Processing.
Get in touch with the team of experts at IKON BPS Pvt. Ltd. today!