All companies, big or small, private or public, have large amounts of information in paper and electronic form. This information needs to be tracked, stored securely, accessed efficiently and destroyed when it is no longer needed. This is vital for better decision making, lowering overhead costs and meeting regulatory compliance requirements.
What is a Record?
Amongst all the information generated and received by companies, there is a subset is highly valuable from an operational or legal standpoint. Information is often in the form of documents – MS Word files, Spreadsheets, Emails, Paper-Letters, Payslips etc. The moment their identity is established and their destruction date is determined, they become a record. There usually are well defined requirements around retention and destruction of records for every industry.
Records can stored be on a number of media formats. The most common formats are:
CD / DVD / Hard Disk / USB Pen Drives
What are Examples of Records?
Below are some examples of the types of records Indian companies in various sectors store with professional records management service providers. Please note that the list below is NOT comprehensive as every organisation has different sets of requirements. Data is sourced from an EisenVault market survey.
Sector: Banking, Financial Services and Insurance (BFSI)
Most companies do need to store records like employee records, vendor contracts, financial reports and audit reports for a number of years. These are usually legally enforceable requirements. EisenVault can help your company professionally manage all your records, be it paper or electronic.