How to Cut Expenditure on Company’s Records Storage?

Ways to reduce storage costs

Not every company document is an actual record that must be stored for a long time in a storage box. But most of the company employees don’t know the difference between a recorded document and otherwise, so all of the company paper ends up in expensive storage rooms.

Most companies are not even aware of the amount of expenditure they waste on off-site storage spaces. Managing the company’s physical records is essential for every business, but it can be a major burden on a company’s finances and resources.

Ways to reduce storage costs

For a smooth business operation, all the files and company records must be efficiently organized and archived with minimum expenses. On that note, the following are some of the ways that can help your company cut storage costs.

1. Get rid of non-record material

For a lot of companies, a maximum portion of their records storage consists of non-record material. This includes duplicate copies, drafts, and out of date reference documents. Imagine how much storage space you would be saving by destroying these unneeded documents regularly.

Most of the time, companies ship a good amount of their records to off-site storage spaces for several reasons like mergers, acquisitions, office moves, or downsizing. These boxes keep piling up year after year and end up costing a lot to the company. So educate your employees about your official records vs. non-record material and device a schedule clean-up so you can purge active files before all documents are dumped in the storage spaces.

Quick Tip: Get rid of non-record material on a regular basis.

2. Inactive Storage

Before a record becomes redundant or reaches its retention period, they undergo an “inactive phase.” In this phase, they are no longer needed by the company, but they cannot be disposed of before some specified time. In such cases to cut costs, move these documents to a lower cost off-site storage so you can make more room in the expensive, primary storage.

You can also put lifecycle controls to check which document has not been used for over a year. This way, you can dispose of the unneeded files.

Quick Tip: Take immediate action for documents in the “inactive phase” to free up storage space.

3. Records disposition

Incorporate a record retention system in your RM to make sure you know which document has to be regulated for a while. By disposing of the unneeded documents, you can avoid unnecessary storage costs.

Quick Tip: Do record scheduling and disposition regularly to avoid additional storage costs.

4. Off-site box audits

Conducting a box audit is necessary for all companies as it helps you identify the contents of each storage box and whether they are needed or not. This way, you can reduce the volume of inactive and unneeded documents and boxes. Following are some of the ways you can achieve that:

  • Record all the information on the box level, moving to the file level.
  • Restructure box content based on retention.
  • Destroy or recycle all non-record material.

Quick Tip: Your off-site storage space also needs an audit.

5. Optimize In-office filing solution

The study reveals that office waste in the UK costs British businesses at around 15 billion pounds per year. A lot of money can be saved by going paperless and incorporating technology into the storage equipment. By combining innovative technologies like mobile shelving and a professionally designed record management solution can change the way, you utilize your storage space.

To cut storage costs, optimize your in-office storage potential by having a comprehensive space plan. You can also opt for record management experts like Epson UAE based company to maximize the capacity and efficiency of your office storage and reduce costs. Some tips for improving on-site storage are:

  1. Use end-tab folders (make your files more visible) instead of top-tab folders.
  2. Use color-coding labels to implement an efficient filing format.
  3. Use vertical filing to save on the overall footprint of filing space.

Quick Tip: Storeless and store more smartly!

How much can you save by going paperless?

You may be wondering if investing in a company providing records management services is worth your effort. To understand the gain and advantages of this system, answer these questions:

  • How much storage are you currently using in square feet?
  • How much does a square foot of your office storage cost you? (including taxes, maintenance fee, and leasing costs)
  • If you have off-site storage, how much are you spending in total? (including monthly storage fee, charges for accessioning and security)
  • How many boxes do you use monthly in off-site storage, and what is the cost per box?

Now run the numbers in your head, and you would find out that you are wasting almost 20-25% of your revenue on storage spaces. Consult experts providing records management services like Epson UAE based company and save resources by incorporating a centralized filing system software that tracks all your office records.

Save money with Records Management Solution

An effective records management solution can help with an increase in operational output, cost-saving, and decrease organizational risks. With a records management plan in place, you can apply resources and revenue on core business activities instead of damp storage rooms and redundant manual tasks.

The increased organizational output would translate into overall savings and revenue generation for your organization.

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