Learn how your business can store its important older documents in an efficient, easy-to-locate, and legally compliant way
Between invoices, records, contracts, reports, letters, and other documents, your business needs a variety of paperwork to run efficiently. After you’ve finished working with these resources, you can’t simply throw them away. You may need past documents for future reference — or you may be legally required to hang onto them. A smart document archiving strategy can keep this information secure and easily accessible for years to come.
Document archiving is all about creating a purposeful, systematic way to manage your old files. This makes documents easier to find when you need them, but that’s not the only benefit. An archival system can also reduce your business costs, improve your cybersecurity, and even help you comply with legal standards. To make the most of your company’s valuable data, you’ll need to move beyond simple document storage. For that, you can invest in the right document archiving software and develop a few best practices.
Document archiving vs. document storage
Document archiving is the practice of creating a long-term storage solution for your company’s important files. When you’ve gathered the information you need from a document, you file it away in a specialized location. There, the document doesn’t get in the way of your day-to-day operations. However, it’s still easy to access in case you need it in the future.
While the two concepts are related, document archiving is not quite the same thing as document storage. Document storage refers to the everyday process of keeping documents in a safe location, whether that’s in a locked drawer or a password-protected digital folder. Document archiving, on the other hand, is more structured. Instead of a locked drawer, you might use a set of alphabetized filing cabinets. Rather than poring through individual digital documents, you could run a text search in an organized database.
In other words, every business has a document storage solution by default. Creating a document archiving solution requires deliberate planning and specialized tools.
Document archiving also has legal implications. Some fields, such as healthcare and accounting, regulate how companies store sensitive patient or customer data. Document storage may or may not comply with these standards, while document archiving often has to.
Did You Know?:Ricoh created a helpful list of modern business document management best practices, and put them into a free, easy-to-read ebook. Click here to learn more.
Benefits of document archiving
Safer documents
In a physical office, locking files in dedicated, organized cabinets is much safer than jamming them all in a drawer. The same principle is true for digital files. In traditional digital storage systems, employees can save files in any folder they like. That folder may or may not be password-protected. It may or may not be open to anyone in the company. It may or may not be encrypted. It may or may not track when users access and modify files. If your company ever suffers a data breach, the results could be disastrous.
Compare and contrast with a document archiving solution. Good document management software can automatically route files to a secure, encrypted folder. Only authorized users can access this information, and the software will know exactly what actions they took. This helps keep your files — and your employees — safe from potential data breaches.
Easier access to information
Traditional document storage leaves a lot of room for user error. Your staff could save documents in dozens of different locations with inconsistent names and file formats. Scanned documents might be raw image files or contain searchable text. Workers might miss vital information in one file or accidentally duplicate another.
Document archiving removes the guesswork from this process. An archival system can name files consistently and then direct them to specific folders. You can also convert scanned text into a digital format and add it to a searchable database while cutting down on transcription errors and duplicate files. With better-organized documents, your staff can more easily find the specific data they’re looking for.
Improved legal compliance
Managing digital data isn’t just about convenience. In certain industries and locations, it’s also a legal issue. Frameworks like the Health Insurance Portability and Accountability Act (HIPAA) and the Federal Agencies Digital Guidelines Initiative (FADGI) in the United States, or the General Data Protection Regulation (GDPR) in Europe, regulate how companies handle data with personally identifiable information (PII). This could include an individual’s name, address, email, phone number, or credit card information, among other things.
Each framework has a different and highly specific set of standards. Some require file encryption and access restrictions. Others set strict timelines for how long companies can store customer data. A document archiving system can enforce these rules automatically, ensuring that every file is stored and protected properly. That could save your company from a costly government sanction — and your customers from potential cyberattacks.
Reduced costs
One disadvantage of traditional document storage is that it requires a lot of manual input. Employees need time to transcribe, name, sort, monitor, and eventually delete files. That can be costly, especially if your staff needs to work overtime or you need to hire more hands. Furthermore, your staff won’t be able to do more specialized tasks if they’re stuck doing simple clerical work.
Because document archiving is largely automated, you’ll save money on staffing costs. Your employees will also have more time to do the challenging, interesting work that you hired them for. When staff members are efficient, the overall business is more efficient, too.
Did You Know?:Our complete guide to records management can walk you through every stage of the document life cycle. Learn about the tools you’ll need to get the job done, as well as the best practices you can implement to operate more efficiently.
Document archiving tools and software
The software you need for document archiving is called a document management system (DMS). These programs can name, sort, and extract data from digital documents with minimal human oversight.
There are dozens of DMS options on the market, all with different pros and cons. Ricoh has partnered with a variety of DMS companies, including:
Each of these companies can provide the tools you need for a comprehensive document archiving solution. If you need to begin this process by scanning and digitizing large quantities of paper records, consider a RICOH fi Series scanner.
Archive your documents with Ricoh solutions
If your business is ready to implement a smart document archiving plan, Ricoh can help. Our PaperStream Capture Pro software offers advanced solutions for efficiently digitizing and managing your documents, enhancing data extraction, streamlining workflows, and integrating seamlessly with your existing systems. Contact us today to set up a consultation and find the right solution for your business.
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