Cutting Costs With Record Management Services

July 31, 2023 | Elless Solutions Team

Archive storage providers offer services for managing documents and data, essentially making your records management journey easier. 

They should be able to cut the costs of managing your documents in-house, giving you more time and resources back. But how do you negotiate a contract that works for you and optimise the time, space and money you should, in theory, get back? Our 50 years of combined industry experience have refined top factors to cut costs. And now, we’re sharing our inside knowledge with you. 

Read on to discover our insights, actions and policies you should know before signing a contract.


Records Retention Policy

A record retention policy is a set of guidelines that outline the types of documents a business should keep and for how long. By creating and enforcing a record retention policy, businesses can ensure they are not retaining unnecessary documents, which can lead to increased storage costs and potential legal and compliance risks.

Your archive storage provider should work with you to develop a record retention policy tailored to your needs and industry-specific regulations. They should also be able to give accurate guidance on the appropriate retention periods for different types of records, ensuring documents aren’t kept any longer than needed. If they don’t work with you, they are not the right long-term storage partner.


Police Your Policy

Once a record retention policy has been established, it is essential to robustly police it. This means consistently reviewing and auditing the policy to ensure it is being followed correctly. Businesses can work with their document management provider to establish an audit schedule that suits their needs.

Auditing your record retention policy can help identify documents that are no longer needed and reduce unnecessary storage costs. It can also identify any compliance risks and assist in mitigating them before they become a more substantial problem. By working with a document management provider to audit your record retention policy, you can ensure that it remains up-to-date and effective. And again, if they don’t work with you, they are not the right long-term storage partner.

Frequency of Retrievals 

Retrieving physical documents from storage can be costly and time-consuming. Each time a record needs to be retrieved, it requires staff time and resources, which can add up quickly, especially when the documents aren’t required immediately.

Instead, initially creating a bi-weekly schedule where an employee goes to the storage facility to pick up all necessary documents will help cut costs. Once you start requiring more trips, you can move it to weekly, but daily visits are rarely a good idea. These schedules can be organised with your record management provider and should be flexible.


Digital Over Physical Retrievals

Even with a cloud-based system, most documents will still need to be physically retrieved. However, businesses can reduce costs by opting for digital retrievals over physical wherever possible. This can be achieved by using the search and retrieval tools provided by a document management provider.

Document management firms can provide tools that allow users to search and retrieve documents quickly and easily. By using these tools, businesses can reduce the time and resources required to retrieve documents, leading to significant cost savings over time.


Check Your Invoices

Over the decades, your provider may have been acquired or purchased other providers; beware – systems get merged, and our experience has unearthed multiple database inaccuracies. Document management providers typically charge based on the volume of documents stored, the frequency of retrievals, and the level of service required. However, there is always the risk of overcharging, especially when dealing with complex pricing structures.

Businesses should regularly review their invoices to ensure they are being charged correctly. Of course, if there are any discrepancies, they should be addressed promptly to avoid unnecessary costs. Ideally, businesses need to point out these inaccuracies before payment is made, so try to review each invoice as it comes in.


Admin Fees

Providers will add certain fees, such as administration fees, GDPR fees, inflation fees, and mid-term increases. This is often just a ‘try-on’ without any contractual obligation and can usually be dismissed.


Regularly Review Your Providers

Finally, businesses should review their current records management provider and contract annually. Research shows that long-standing customers can often incur the ‘loyalty penalty’, while new customers are, on average, paying 30% less.

Renegotiating contracts or switching providers does not have to be onerous; we do it all the time. We recommend that you speak to a professional before doing so to get the most out of it. Ensure you’re not paying above the mark for your archive storage by speaking to one of our experts. Through analysis of your current contracts and service, we can identify potential savings and reduce compliance risks.

With such a wealth of knowledge, our team has helped companies like yours save up to 50% off their record management costs. Speak to us today to see how we can help you get the most out of your contract. 


Ready to Get Started?

Contact us today to get started on the process. If you have any questions we will be more than happy to advise.

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Elless Solutions Team

Elless Solutions Team

In 2016, we created Elless to be the independent advisor that fills the gap and provides businesses with bespoke solutions, honest advice and cost-saving answers. Continue Reading...

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