"E-discovery: How a records management policy can save you time and money"
Electronic information is being generated at an astounding pace. Faced with a new landscape that boasts mountains of digital data, some companies, perhaps daunted by the prospect of conquering this Everest, have been slow to implement records management policies. These policies are not one-size fits-all. However, all well-designed records management policies offer at least three benefits for any company:
1. They centralize and organize enterprise information;
2. They provide accountability; and
3. They promote compliance with the law.
The benefits are realized immediately and will save a business substantial amounts of time and money.
Of course, the decision to implement or improve a records management policy is not always an easy one. Designing a records management policy from scratch requires an up-front investment, often in the six-figure range, in the proper technological infrastructure and, at minimum, one full-time staff member qualified to serve as the company's records manager. This outlay, though significant, should not serve as a deterrent because in the long run, the savings and efficiency resulting from the program will make the upfront cost appear nominal.