In today’s fast-paced world of information overload, the need for companies to handle and safeguard large amounts of data and documents has become paramount. With the rapid advancement of technology and digitization of information, efficient and secure record-keeping practices have become crucial for businesses across various industries.

In 2024, staying updated on current trends and best practices in managing records and information is pivotal for helping organizations navigate the complexities of a changing technology landscape and move toward digital transformation.

This article highlights the industries where efficient and secure record-keeping is critical. It discusses the top three trends for records and information in sectors like healthcare, law, manufacturing, and finance. Following these trends and practices can help professionals meet regulations, work efficiently, and reduce risk.

Industries Where Efficient and Secure Record-Keeping Is Crucial

Healthcare

Healthcare organizations constantly deal with sensitive patient information, including medical records, insurance details, and personal data. Keeping this information secure is important to protect patient privacy and follow regulations. Efficient record-keeping systems enable healthcare providers to access patient information quickly, make informed decisions, and provide quality care.

Legal

Law firms handle vast amounts of confidential client information, including contracts, court documents, and case files. Keeping accurate and organized records is important for lawyers to represent clients, track cases, and meet legal duties. Additionally, secure record-keeping helps protect attorney-client privilege and ensures the integrity of evidence presented in court.

Manufacturing

Manufacturers need to maintain detailed records of production processes, quality control measures, and supply chain information. They can monitor products, find and fix quality problems, and show that they follow safety and regulatory rules. Efficient record-keeping systems also facilitate effective inventory management—reducing waste and optimizing production processes.

Financial

Financial institutions handle vast amounts of sensitive customer data, including account information, transaction records, and personal identification details. Accurate and secure records are important for financial institutions to prevent fraud, follow regulations like SOX, and provide reliable financial reports. Efficient record-keeping systems enable financial institutions to quickly access and analyze data, detect anomalies, and ensure the integrity of financial transactions.

Overall, healthcare, law, manufacturing, and finance companies must prioritize the security and accessibility of data and documents. By implementing strong record-keeping systems, businesses can ensure compliance with regulations, enhance operational efficiency, improve decision-making, and build customer trust.

Records and Information Management Industry Trends in 2024

Trend 1: Automation and Artificial Intelligence

Because there is so much data available, organizations struggle to sort, organize, and analyze it manually—so the use of artificial intelligence (AI) and automation is a big trend to look for in 2024.

Automation and AI in enterprise content management systems offer solutions through machine learning. These technologies can automatically categorize and index records, identify crucial information, and forecast patterns and trends.

Here is how automation and AI can help the following sectors:

Healthcare

AI-powered systems can greatly improve medical record management for healthcare organizations. These systems can automatically recognize and categorize different types of documents—saving time and effort over manual data entry.

Legal

AI helps legal firms by searching large amounts of legal documents, making legal research and discovery easier.

Manufacturing

Manufacturers can use automation and AI to improve inventory management, quality control, and supply chain operations.

Finance

AI can analyze past data and identify potential issues. In the finance sector, AI algorithms can analyze financial transactions to detect anomalies and fraudulent activities.

However, while integrating automation and AI offers numerous benefits, it also raises concerns about data privacy and security. As a result, organizations must ensure that appropriate safeguards are in place to protect sensitive information and comply with data protection regulations.

Trend 2: Cloud-Based Document Management

Living in a world with information that exists in both paper and electronic forms can be challenging for organizations unless they have a unified management system. Finding needed information can be time-consuming and difficult, especially if it is on paper—making it hard to access or share, especially for remote workers.

Digitization and digital storage has transformed how organizations store, access, and share data—and this will continue in records management. Companies can manage records in the cloud by using document scanning services to convert physical records to digital ones. Then, they can utilize document management software to efficiently and securely store, manage, and share electronic records.

Cloud-based document management systems offer several advantages over traditional on-premises solutions, including scalability, cost-effectiveness, and remote accessibility.

Here is how online document management can help the following organizations:

Healthcare Providers

Medical document scanning services and cloud storage can help hospitals and clinics improve the sharing of health records as well as enable secure access to patient data from any location.

Law Firms

Law firms can utilize digital conversion and document storage for secure information sharing and to protect client data. Additionally, scanning services and cloud storage can promote collaboration among legal teams.

Manufacturers

Digital document management can make supply chain processes more efficient. This helps suppliers, distributors, and manufacturers access inventory information and accurately predict demand.

Financial Institutions

Scanning and storing digital documents can help finance firms meet regulations and offer efficient customer service.

Before selecting a digital document system, RIM professionals must identify necessary safety features, such as secure data storage.

Trend 3: Information Governance and Compliance

Increased data breaches and privacy regulations mean organizations must focus on information governance and compliance. This involves ensuring proper procedures are in place for retaining data and managing information—including organizing, digitizing, storing, and securely destroying information assets, which is important for data lifecycle management.

This also involves creating a retention schedule to securely keep managed information for a period of time.

Implementing a strong information governance program and following records retention policy best practices has many benefits. It prevents costly fines and legal problems and builds trust with customers and stakeholders.

Here is how information governance and compliance impact the following sectors:

Healthcare

In the United States, healthcare organizations must follow strict rules like HIPAA. This requires implementing comprehensive security and privacy measures to protect patient information.

Legal

Law firms must comply with data protection rules such as the EU’s GDPR. This is crucial in safeguarding client data, particularly when dealing with clients from different countries.

Manufacturing

Manufacturers must show they follow specific standards like ISO 9001 for quality management to guarantee product safety. Failure to do so not only puts their operations at risk, but also jeopardizes the safety and well-being of their customers.

Finance

Banks and financial institutions must adhere to rules such as PCI-DSS. These rules are in place to ensure the safety of customer financial information and prevent unauthorized access.

To achieve information governance and compliance, organizations need clear records retention policies, audits, and staff training. They should protect data and track information usage using encryption, access controls, and audit trails.

Conclusion

Handling and protecting digital records and information will become more complex in 2024. However, healthcare, legal, manufacturing, and finance organizations can improve operational efficiency, mitigate risks, and ensure regulatory compliance by integrating automation and AI, adopting cloud-based document management solutions, and prioritizing data governance and compliance.

Finding a balance between tech progress and concerns about privacy and security in new trends is critical. To succeed in the future, organizations must stay current on trends and best practices in managing records and information. Doing so will help them navigate the changing technology landscape with ease.

Partner With VRC

The latest trends in records management are causing significant changes to traditional best practices. This presents a great opportunity for companies to improve and more efficiently perform their records management process. However, it is crucial for companies to have the right records management partner to guide them in this process.

Learn how VRC can help you set up your comprehensive RIM program by getting a complimentary consultation with one of our specialists.