Can you quickly define what “records and information management” means for our readers?
I think your readers will first think about whether they have easy access to the information they need to do their jobs and run their businesses. Then as executives they will think about the struggles and costs associated with their e-mail jungles and storage spaces filled with old physical files. But the ones who will really pay attention to the topic of records and information management are the executives who have been caught unprepared for the costs and court expectations associated with litigation and e-discovery requirements.
Could you give us a little color on the top players within the market and what differentiates the Cadence Group from your peer group?
Many of the vendors offering support for your records and information management (RIM) needs are also selling software or offsite records storage. Many of our clients express their appreciation of our objective approach. We go in to a client situation and team with the client to prioritize their risks and leverage the existing technology investments to their fullest. Don’t get me wrong, we absolutely support a client’s need to evaluate and select new technology as well, but we understand the need to look for creative solutions to retention management technology investments that have already been made or when budgets are tight. Cadence Group’s team is unique in that we are an objective group of information specialists who have taken off our blinders and look at the relationships and leverage points associated with the multiple disciplines of information management within a client’s environment. Our team is comprised of individuals who once specialized in records management, knowledge management, electronic document management, library services, and/or web content management but now embrace the relationship across these disciplines.
What usually drives firms to take the concept of records and information management seriously? It appears that this is one of those areas that most firms ignore until things go wrong?
You’re right; usually there is a trigger. A company may be: Facing enormous litigation support fees and are looking to gain control over their records and information in order to reduce those costs;Trying to separate critical emails within their e-mail server and archives;Expanding into new locations and need better access to information;Addressing new regulatory requirements;Moving to a new location and looking to get rid of unnecessary files;Looking to reduce offsite storage costs;organizing information for mergers or bankruptcy;Automating workflows to improve efficiency; orRecovering from a catastrophic event where there was a tremendous loss of vital records.
What is the typical return on investment associated with implementing a records and information management program?
The savings vary based on the size of the firm and is driven by two categories: business operations and litigation savings. On the business operations side, savings are typically driven from reduced storage costs, reduced time spent searching for items and reduced administrative costs. Across the U.S. economy, savings range from a 30% reduction in labor costs to much higher ROIs associated with business process improvements. So no matter the size of the organization, these returns are substantial and worth the time and effort. In regards to litigation, we should first discuss the reduced risk of fines, sanctions, and loss of reputation. We have all become more aware of these since Enron and the collapse of Arther Anderson. Legal cases illustrate that companies are fined hundreds of thousands to millions for their failure to preserve or produce information. Worse, inconsistencies in destruction practices can lead to an assumption of guilt. A big driver of litigation expenses is from the quantity of information which must be searched and the number of either duplicate documents or irrelevant documents that must be reviewed. Records and Information Management programs lead to fewer touch points by outside counsel. Savings in this category ranges from 10%-30%. Overall, a company can make significant improvements to its bottom line and mitigate risk through implementing a RIM program.
I understand that you are rolling out a new workshop specifically for small businesses. What made you decide to develop the RIM workshop and utilize associations as the forum to present the material?
I have been involved with small business associations and CEO roundtables for many years and really wanted to develop a way to reach out and help our peers who are facing the same RIM risks and opportunities that clients from large and mid-market companies face. Unfortunately, professional consulting fees and custom solutions are prohibitive for many small businesses. We realized there was a model in other sectors for serving the needs of small business through associations. This model offered a way to reduce the costs to the individual businesses, so we partnered with a superior legal practice in this field, led by Jon Neiditz at Nelson Mullins Riley and Scarborough LLP, and developed a package of deliverables and a workshop model that would help a small organization put a Records and Information Management Program in place. Associations are interested in servicing the needs of their members and are looking for ways to improve the value of membership. This is even more important in a down economy when membership is shrinking. Our package gives the association a value-add for their members and we work with them to make sure they are compensated for any effort or expense on their part. It also offers the association an opportunity to improve their own records and information management practices. It is really a win/win for the association and the members.
Now why is it so critical that the CEO also attend the workshop? I know you are only asking for 1 day of his or her time, but it is usually very difficult to get a CEO to commit to a full day workshop?
The workshop is an opportunity to have hours of counseling from an attorney and a certified records manager about the risks and ROI associated with the policies and processes we are recommending. A small business has the opportunity to walk away from the workshop with finalized, customized policy documents if the CEO is present. If not, the executives must sell the policies when they return and attempt to answer the hard questions without the support of the experts. I don’t personally know any CEOs that don’t have a few questions of their own.
Is there a lot of pre-work required of attendees?
No pre-work is required, but we send out a template of the policy documents before the workshop so the CEO and the team can review the policy and think about questions and possible areas of difficulty before the workshop. It isn’t required, but it gives them the opportunity to get the most out of the Q&A time with a certified records manager and an attorney who is an expert in risk mitigation for electronically stored information.
Now earlier you mentioned that this was a one day work shop with a half day follow up with each firm. What will it take for these companies to actually get their information organized and reduce their risks?
When we follow up with each firm, we look at their areas of risk and prioritize and define a custom implementation plan for them. Phase I serves to finalize the materials provided. Adjustments to policies, guidelines, and training material can be completed in hours (not days) because the critical players have made decisions during the workshop. The Records Retention Schedule must be compared to the organization’s categories of records to determine what additional records categories are needed for their business. This task usually takes days (not weeks) for someone to review the schedule with each functional area and make sure all physical and electronic records are represented on the schedule. If new categories of records are needed, the company may need our assistance in defining the retention requirements for the new categories. Phase II implements the staff assignments and trains the staff. The training is about an hour in length. So you can quickly complete Phase I & II and significantly reduced your risk through the communication of policies regarding record keeping, electronic sources and communication tools, technology considerations, and litigation preparedness. With Phase III, prioritization becomes critical. This phase involves the actual organization and identification of physical and electronic information in relation to the records retention schedule. This effort helps an organization easily and cost-effectively purge files that are no longer needed. The time for this effort depends on the state of the environment. In other words, are you fairly well organized or is everything in chaos? What kind of focus will you put on the effort? What tools do you use manage your information? Do you want new tools? This will take weeks (or months, or even years) depending on your answers. We help clients prioritize Phase III to focus on the high risk and high opportunity. With the completion of Phase III, you have improved access to your information, potentially saving as much as 30% in staff effectiveness. You are also positioned to effectively meet with opposing counsel. Phase IV is the first annual “Cleanup Week” and Review when files that are past their retention period are systematically destroyed across the organization. Now you reduce storage costs, improve server access, and reduce backup concerns. You also enforce consistent practices and reduce the risk of fines and sanctions.
What are the risks to successful implementation and ongoing maintenance?
Companies need to set target dates for their implementation plan and commit to making it happen. Then, it is very important for them to establish oversight and schedule an annual “Clean-up Week” and review of their policies. A records and information management program is a living and breathing thing. Someone needs to care for it.
What did the participants say about the RIM workshop?
Tom Cramer, Co-chairman of The Brain Trust. www.braintrustceo.com “Whether you own your own company or you have executive level responsibilities, you have legal requirements and financial risks associated with how you manage your information. Tina's workshop at a recent Brain Trust meeting of our CEO members showed us how a little effort on the front end will not only pay for itself through reduced administrative costs and other efficiencies, but will also provide peace of mind knowing that your legal responsibilities to preserve documents and information are being met.”
Kevin Melendy, President of Spectral Response, an Electronic Manufacturing Services company. www.spectralresponse.com “The most beneficial aspect of the RIM Workshop for our company was gaining an understanding of the risk we did not know we had. We’ve been in business for a long time and believed doing the right thing and getting the job done well was enough. Now we understand that putting in a systemic method of managing our records and information is the best way to protect our business. The Cadence Group, Inc. and Nelson Mullins Riley & Scarborough LLP gave us the foundation we needed through their RIM Workshop.
Stacey Scott, CEO of Elgia, providing technical support centers, virtual conference centers, training, audio and document conferencing products and services. www.elgia.com The RIM Workshop was very informative. I feel far more prepared and we can begin offsetting the risks associated with records and information management. George Mains, IT Director of The FSL Group, a Transportation Consulting and Logistics Company. www.fslgroup.com “From an IT perspective, my view of records management was the time and cost of backing up and securing company records. The RIM Workshop helped me to see the correlation between our electronic storage and the real time it would take to sift through these records. We have begun the process to re-evaluate our Records Management Policies.”
In closing, could you recap the key points our readers should be most concerned with regarding records and information management?
I’d like to answer that for our typical client and then I’ll address it for the smaller organization. The biggest concern is about e-mail and the risks created by inconsistency in how and when information is destroyed. If you look at legal cases over the past 10 years, this is where organizations have gotten in the biggest trouble. Whether you have a great technology solution or not, defining policy and training your employees on how you want them to organize, retain and destroy the information they receive, create, and distribute is critical. Most employees don’t know what they should do. This seriously effects an organizations ability to retain critical knowledge assets, support efficient operations, address compliance requirements, and avoid inconsistent destruction practices that can lead to an assumption of guilt during litigation. If you face litigation support requirements, there are additional savings an organization can recognize by implementing a records and information management program. If you are responsible for one area within your organization and can’t get support from the top, then address these needs within your own division. As a younger and smaller organization, you have the opportunity to address the day forward issues around information organization, retention, and security and can avoid some of the expensive costs of clean-up down the road. Establish policies and procedures, train your people, and get your information organized before the quantity and complexity of content becomes overwhelming.
*****
Tina Teree Baker is the President and CEO of Cadence Group, a Records and Information Management services firm, and has a master certification in Electronic Records Management. She graduated with honors from Georgia State University and has served as an Executive Officer of Cadence Group since its founding in 1988.
Ms. Baker's role ranges from working with clients and prospects, to providing the vision and strategic direction for the company, to promoting the internal culture and diverse workplace environment that is so important to the 50 employees of Cadence Group. Ms. Baker has over 20 years of experience in Information Management, successfully performing as Project Manager, System Architect, Records Manager, and Knowledge Management Consultant. Known for her ability to streamline business processes, Ms. Baker is a creative thinker, offering expertise in optimizing content, people and technology. Her in-depth knowledge of records compliance and information systems, gives Ms. Baker superior skills to create efficient, compliant, and adaptable Information Management solutions. Ms. Baker is a National Partner and Georgia Chair for Women Impacting Political Policy (WIPP) and a mentor for Georgia Women’s Business Council (GWBC). Ms. Baker serves on the Executive Team of GlobalEXECWomen and the National Advisory Board for Enterprising Women. She is a member of Collarded Greens and a number of records and information management associations such as ARMA and AIIM. Her community service activities include organizing volunteer teams for Project Open Hands and providing leadership for youth through Girl Scouts, Atlanta Youth Soccer Association, and educational and religious organizations. Ms. Baker speaks at conferences, sits on panels, and has been quoted in EContent Magazine, Atlanta Woman Magazine, and KM World. She won a Enterprising Women of the Year Award in 2008.
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