Compliance Costs Affect Funding for E-Records Management

Line56 (11/16/05) Murphy, Colman

As companies deal with more and more compliance issues like Sarbanes-Oxley, funding for electronic records management (ERM) efforts have lagged behind. ERM projects are often hindered by unexpected costs, an excessive number of stakeholders, a lack of upper-level advocacy, and slow acceptance by users. To reduce such obstacles, firms should try to start small and extend implementation in an orderly fashion across the entire enterprise. Specifically, an organizational partner needs to be chosen that has sufficient funding and is trying to cope with document-related processes, such as the finance or legal department. These groups need to be shown how they can automate processes or scan paper files through a content management solution, which includes the review of hard-copy records on hand. Data suggests that most firms store records longer than necessary, which adds to legal risks and costs. It is also important to offer to work with IT to pinpoint and share the costs of implementation and configuration. Next, an ERM solution needs to be chosen that is straightforward and helps employees work faster. Once past the beta-phase, the solution should be shown to other stakeholders to highlight real improvements and productivity gains. (More)

ARMA International IMN, December 2005

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