15 Mar Your Office Space Costs Way Too Much to Store Boxes
Storing documents off-site can offer many benefits to your company. Current regulations require your company to keep records for a minimum of ten years, so storing all of the documents can take up valuable office space. It’s been estimated that 80% of documents that are filed are never referenced again. But it is not just space that eats up your financial resources: there are also labour costs for employees to find, retrieve and re-file the documents.
The four hidden costs of storing files locally
In addition to the more apparent costs that come with storing files locally are some other points that can also negatively affect you. It is worth considering these four hidden expenses of using an inadequate storage site:
Physical and environmental damage
Documents are often stored in basements, which are below ground and prone to flooding. Such underground spaces are also the dampest, a huge threat for paper documents. Basements are also often the least protected from fire proofing, leaving your important documents vulnerable. Often, these are not insured – contrary to those stored at professional facilities – leading to further repercussions.
Lack of security
The last place a company will invest in security is in its storage facilities. Storage areas also tend to be places rarely frequented by employees, such as basements. So if a document does go missing, it could take months for its disappearance to be noticed. To make matters worse, if this document belongs to a client, this could seriously damage your company’s reputation.
Accessibility and efficiency
Storing your own documents means you need to invest in boxes, racking, barcoding systems and even employees to manage and archive the documents. This costs you time and money. Professional storage facilities not only have all of the above in place, but also the experience of business archive storage expertise.
The General Data Protection Regulations (GDPR) have introduced completely new standards in terms of data protection. The regulations have also introduced the concept of a data processor, which could refer not only to companies that collect mailing lists, but also those that store data, which may include backup archives. Failure to follow the EU’s regulations can lead to hefty fines. Storing your documents in professional storage facilities means your documents are safely and legally stored.