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Document Storage Is a Business Strategy

Document retention, or storage, is a management strategy. Or at least it can be. It’s an approach that is often forgotten, but archiving important information provides a company with an untapped value add.

This advantage is easy to overlook because document storage is simply seen as a necessary (and boring) task. Most companies store documents to keep records and mitigate risks. This thinking is a big mistake.

Document Storage Is a Strategic Decision

Storing documents is usually thought of as: you put your file, records, and facilities drawings in a box in some dark backroom. In actuality, C-level executives should treat document storage as a strategic decision.

Think about it—you have intellectual property that represents thousands of hours of work on-site and thousands of hours of education, and you’re just leaving it in a box in some storage space? There’s no return in that. You’re leaving an asset on the table.

It’s the equivalent of investing your cash by hiding it under a mattress.

Leverage Your Assets

When we hear the phrase “document retention policy,” we usually think of storing documents for defensive reasons. However, if we expand our perspective and view document policy as document leveraging, then your documents become more valuable than loss prevention: they become assets. And executives should always be involved in the ways in which a company uses its assets. So if you’re not paying attention to document retention, you’re not leveraging an asset.

Digital Documents Are Better

Locking up your documents in dark, remote storage spaces is about as useful as filing your information in a cave. Digitizing your documents instead comes with major benefits, like not having to put on your spelunking gear in order to retrieve information from storage.

Companies can improve bids by leveraging all the great work that was done on a similar project. With digital records of past projects, finding assets that have already been designed and paid for becomes as easy as a Google-search.

All of a sudden, all of your intellectual property becomes strategic. Now, it’s not a staffing expense you go through. It’s an asset that you think about. And that should cut down your production time, improve your product, and increase the standardization of the product.

The bottom line is management gets paid to leverage assets. Those documents being sent to storage are no exception.

 

Talk to an Archiving and Information Management expert to digitize and leverage your paper documents.

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