Comply or Die - It's No Longer an Option
Today's quick-paced, information-rich businesses are full of data that can be classified, collected, tracked, stored, archived, and potentially located. No successful business can hide from the need for accurate business records management. Across the industry, organisations are searching for tools to help them achieve corporate compliance. But despite existing in the new era of cloud computing and ever evolving technology, many organisations remain dependant on a 20th century, manual process when it comes to records managements.
The amount of data a business produces is staggering. Many organisations, from the top down, become numb to the need for effective records management. People often do not understand the reasons for record keeping and will engage in sloppy practice - or indeed - no practice at all! Records management gets viewed as a non-mission critical task that is taken on only when more "pressing" responsibilities have been addressed and it is often delegated to the person with the least experience or awareness of the reasoning behind the collection. Quite often, when this happens, that employee can become so mired in record keeping that they shun aspects of their job or the process becomes inefficient and unworkable. Companies must evaluate the mind-set of their employees when it comes to record keeping, and it is imperative that employees are taught the reasons for record keeping and they must be held accountable through measurable KPI's.
Record keeping is the "snapshot" of an organisation and the means by which it can shape its course for the future. It is the brain by which a company gains a retrospective on certain corporate actions. Good record-keeping allows companies to operate more efficiently, account for their actions and protect their assets. Automated, efficient and reasonable record keeping protects all stakeholders in a business-officers, employees and shareholders alike.
Adding to the challenges faced in maintaining these records is uncertainty over exactly what needs collecting. There are periods where it feels like new regulations are coming into effect on an almost daily basis and the task of keeping as current as possible therefore becomes even greater. Something required now won't necessarily be required tomorrow and vice versa - so where does a company go to find information it might not have collected previously? Many companies would not know where to look or how to find it, unless they undertook an expensive inventory and comprehensive analysis of their records. Many organizations are having difficulties managing and consolidating information from remote locations. In companies with multiple offices, the records are often hidden in separate databases, technology solutions and various spread sheets. Organisations are not sure if they can even meet compliance regulations because they lack the technology to properly meet these targets. This is when the enormity and importance of the task at hand becomes very apparent.
By embracing the issue of compliance head-on, companies can improve their business practices, financial performance and reduce operational risk within their organisation. Financial accountability, policy compliance and a best practice for record keeping are the key elements involved in making this happen in any organisation. In itself, this becomes "best practice" for key elements such as expense approval, workflow and document certification. As an organisation, it is imperative that you take a "warts and all" approach to evaluating how you keep records currently.
How much of your current record keeping is still physical and how much is electronic? Are you covering all the new records being created with new forms of electronic communications (including IM's, blogs, Twitter or other "Social Media" channels)? Do you keep archived email for transactions or negotiations? Is there an existing best practice for employees and departments generating expenses, invoices etc.? If so, is it as up to date as possible or is it "the way it's always been done?" (If your answer is the latter, you'd better be prepared to make some changes!) Then look at how you record all of this information. Is there a better way of doing it? Is there a better system available to you? Are there better people within your organisation to ensure that this vital information is tracked accurately?
The people who work in your organisation are the ones creating the records you need to track and you must rely on a best practice in order to ensure that they do. As mentioned earlier, this can also be where the biggest challenge for any organisation lies. Changing a mind-set and gaining an appreciation for why the information needs to be recorded in a particular way is often the most daunting part of the process. Without this understanding, record keeping is often sloppy or, at worst, untraceable when non-archiving methods of communication are used.
Marrying the right people and processes with the right IT infrastructure should be a key consideration when evaluating your record keeping compliance. Keeping pace with new technology is imperative as is maintaining an eye on the organisation's plans for the future. If expansion is on the horizon, ensure that there is a system in place to synchronize the process across the organisation. Companies can pinpoint accountability, ensure compliance and protect their interests simply through developing a framework that addresses this. They can generate real-time reports and automatic alerts on the status of business activities such as month-end closings, sales documentation, credit management, expense approval etc. As you can see, the benefits to this are innumerable.
Above all, companies must avoid the urge to treat the process as an "onerous, expensive waste of time that has to be done so we might as well just get it done". They must embrace it as a vital business process that gives them a portal from which they can look both forward and back. As an organisation you can learn from mistakes of the past by planning properly for the future. The industry will continue to evolve and new legislation will invariably be introduced as situations present themselves. New influencers, be they physical or technological will also come into play.
No successful business stands still for very long and for companies, regardless of size or location, driving new levels of organizational efficiency and moving forward as a result of knowing that they have done the right things (and can prove it if necessary) is a vital element of making any business a long term success story.
Article Source: http://EzineArticles.com/6101120
The amount of data a business produces is staggering. Many organisations, from the top down, become numb to the need for effective records management. People often do not understand the reasons for record keeping and will engage in sloppy practice - or indeed - no practice at all! Records management gets viewed as a non-mission critical task that is taken on only when more "pressing" responsibilities have been addressed and it is often delegated to the person with the least experience or awareness of the reasoning behind the collection. Quite often, when this happens, that employee can become so mired in record keeping that they shun aspects of their job or the process becomes inefficient and unworkable. Companies must evaluate the mind-set of their employees when it comes to record keeping, and it is imperative that employees are taught the reasons for record keeping and they must be held accountable through measurable KPI's.
Record keeping is the "snapshot" of an organisation and the means by which it can shape its course for the future. It is the brain by which a company gains a retrospective on certain corporate actions. Good record-keeping allows companies to operate more efficiently, account for their actions and protect their assets. Automated, efficient and reasonable record keeping protects all stakeholders in a business-officers, employees and shareholders alike.
Adding to the challenges faced in maintaining these records is uncertainty over exactly what needs collecting. There are periods where it feels like new regulations are coming into effect on an almost daily basis and the task of keeping as current as possible therefore becomes even greater. Something required now won't necessarily be required tomorrow and vice versa - so where does a company go to find information it might not have collected previously? Many companies would not know where to look or how to find it, unless they undertook an expensive inventory and comprehensive analysis of their records. Many organizations are having difficulties managing and consolidating information from remote locations. In companies with multiple offices, the records are often hidden in separate databases, technology solutions and various spread sheets. Organisations are not sure if they can even meet compliance regulations because they lack the technology to properly meet these targets. This is when the enormity and importance of the task at hand becomes very apparent.
By embracing the issue of compliance head-on, companies can improve their business practices, financial performance and reduce operational risk within their organisation. Financial accountability, policy compliance and a best practice for record keeping are the key elements involved in making this happen in any organisation. In itself, this becomes "best practice" for key elements such as expense approval, workflow and document certification. As an organisation, it is imperative that you take a "warts and all" approach to evaluating how you keep records currently.
How much of your current record keeping is still physical and how much is electronic? Are you covering all the new records being created with new forms of electronic communications (including IM's, blogs, Twitter or other "Social Media" channels)? Do you keep archived email for transactions or negotiations? Is there an existing best practice for employees and departments generating expenses, invoices etc.? If so, is it as up to date as possible or is it "the way it's always been done?" (If your answer is the latter, you'd better be prepared to make some changes!) Then look at how you record all of this information. Is there a better way of doing it? Is there a better system available to you? Are there better people within your organisation to ensure that this vital information is tracked accurately?
The people who work in your organisation are the ones creating the records you need to track and you must rely on a best practice in order to ensure that they do. As mentioned earlier, this can also be where the biggest challenge for any organisation lies. Changing a mind-set and gaining an appreciation for why the information needs to be recorded in a particular way is often the most daunting part of the process. Without this understanding, record keeping is often sloppy or, at worst, untraceable when non-archiving methods of communication are used.
Marrying the right people and processes with the right IT infrastructure should be a key consideration when evaluating your record keeping compliance. Keeping pace with new technology is imperative as is maintaining an eye on the organisation's plans for the future. If expansion is on the horizon, ensure that there is a system in place to synchronize the process across the organisation. Companies can pinpoint accountability, ensure compliance and protect their interests simply through developing a framework that addresses this. They can generate real-time reports and automatic alerts on the status of business activities such as month-end closings, sales documentation, credit management, expense approval etc. As you can see, the benefits to this are innumerable.
Above all, companies must avoid the urge to treat the process as an "onerous, expensive waste of time that has to be done so we might as well just get it done". They must embrace it as a vital business process that gives them a portal from which they can look both forward and back. As an organisation you can learn from mistakes of the past by planning properly for the future. The industry will continue to evolve and new legislation will invariably be introduced as situations present themselves. New influencers, be they physical or technological will also come into play.
No successful business stands still for very long and for companies, regardless of size or location, driving new levels of organizational efficiency and moving forward as a result of knowing that they have done the right things (and can prove it if necessary) is a vital element of making any business a long term success story.
Article Source: http://EzineArticles.com/6101120
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