Digital Invoicing

Electronic Records Management Challenges of 2021 and How to Solve Them

July 20, 2021
Author
Inkit Team

Different types of electronic records PDFs penetrate most industries, from healthcare to federal agencies. As digital transformation trends become backed up with new regulations and standards, electronic records management becomes a mandatory norm. Businesses and organizations don’t choose between online or offline records storage and management; they just have to go paperless.

Although most businesses realize that electronic records management (ERM) brings more good than harm, it’s still hard. They have to adopt records management applications, digitize document archives and do many other things to support the necessary types of electronic records PDFs. Effects of past inefficient record-keeping and poor records management are devastating. You can face data leakage, get legal penalties, and suffer from related financial losses. On the engineering side, the ERM development and implementation are also challenging.

If you worry about the transition to electronic records management, our tips should help you. Inkit has selected the top electronic records management challenges of 2021 and offers an effective solution to deal with them.

What is Electronic Records Management (ERM)?

Electronic records management involves paperless record generation, storage, and delivery practices used by an entity. Since PDF is considered the most convenient format, electronic records management usually happens in PDF.

Electronic Records Management

To connect multiple electronic records management processes, businesses and organizations adopt document management systems. They automatically generate documents, organize storage, and delete the records according to timelines. Without such software, full-fledged electronic records management automation would be impossible. It’s widely adopted in many fields and can process all the core types of electronic records PDF.

Learn How to Go From Physical Documents to an ERM

Types of Electronic Records PDFs Processed in ERMs

If you use any of these documents in the company, you can make them electronic. Here are the main types of electronic records PDFs handled in ERM systems:

  • Administrative records: budget planning records, manuals, directives, correspondence files of high-level officials, instructions, regulations, annual reports, etc.
  • Legal records: records related to property rights (agreements, leases, licenses), citizenship rights (birth, death, legal proceedings, criminal cases), and employment (veteran’s records, payroll records, etc.).
  • Fiscal records: bills, invoices, budget, payrolls, accounting records.
  • Customer communications: emails, documents, and other messages delivered and received from customers through different channels.

These are just the core types of electronic records PDFs. Since each organization is unique and falls under different regulatory requirements, the actual list of records will vary. The choice of the types of electronic records PDFs to store is the first electronic document challenge. Discover the other ones below.

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Electronic Records Management Challenges of 2021

Effects of poor record-keeping reduce the efficiency of business organizations. Because of bad records management, employees often cannot find the documents they need. Poorly organized records management can lead to legal liability and failure to prove regulatory compliance. Disrupted team cooperation and low-quality customer support are some other effects of inadequate record-keeping. To avoid them, you’ll need to overcome the following challenges.

#1. Shared Access to Documents

Since the structure of companies becomes increasingly segmented, in 2021, demands for proper record management systems also change. They must allow organizations to easily connect multiple teams, manage access permissions, and keep all the documents adequately categorized in one place. Physical document management practices and some legacy ERM systems don't ensure the necessary level of flexibility. That’s why shared document access may become a challenge for many companies adopting electronic records management.

#2. Document Security Threats

The average cost of one lost record is $150. If you lose thousands of records because of a data breach, the effects of insecure record-keeping will make you go bankrupt. And in 2021, over 1 billion people were already somehow affected by top US data breaches. As you can see, even though electronic records management is safer than filing cabinets vulnerable to natural disasters, security risks are still high. Hence, the protection of confidential information stored in records management applications may be difficult.

#3. Pressing Regulatory Deadlines

By the end of 2022, federal agencies must switch to electronic record-keeping to follow the Office of Management and Budget requirements. Online records also simplify ISO 9001 certification compliance. A range of other industry and global standards demand or at least recommend electronic records management. Hence, if you want to go paperless, you don’t have much time to map out the transition and develop custom software. Things are even more time-pressing if you operate in strictly regulated industries. You will need to consider the life cycle of different types of electronic records PDFs, learn how long to store them, and other records-retention rules.

#4. Connectivity Between Integrated Tools

Top companies use around 37 different tools or software solutions on average. It means these services generate different types of electronic records PDFs you need to connect. If the tools don’t smoothly integrate, you will have trouble automatically gathering all the records in a single electronic document management system.

Integrated Tools

#5. Document Standardization and Rendering

Apart from poor connectivity, the use of multiple tools leads to document standardization problems. Since software generates records in different formats, it may be challenging to put them in order. Without automated document rendering and PDF conversion capabilities in your electronic records management system, it will be even harder to do.

#6. High Software Development Costs

If you need to power an electronic document management system with a missing feature, in 2021, it will cost you a lot. Custom software development requires an in-house tech team and tremendous investments. Finding a way to get quality functionality while avoiding huge expenses is not easy. And since no ERM system is perfectly tailored to your needs, you will likely have to upgrade it (e.g., add automated document rendering). In this case, the best option is to layer the necessary features with an API.

Learn How to Integrate Pre-Built PDF Rendering Software into Your Product

#7. Transition From Legacy ERM Systems

This challenge will hit organizations that have started digital transition and are stuck on their way. They have an electronic records management system, but it’s outdated and doesn’t meet their business needs. If such organizations decide to switch from legacy solutions, they will have to adopt a wholly new system or make profound changes in an existing one. Both approaches entail many problems and require careful planning.

Use Inkit to Cope with Electronic Records Management Challenges

Inkit is a reach enablement platform (REP) with electronic records management capabilities. Render, one of its core products, automatically generates PDF documents from HTML and stores them in the system. Since Inkit provides Render as an API, it takes less than a day to connect Inkit’s PDF rendering to your existing document management system.

It’s a real catch for developers that want to speed up the engineering process and managers looking for ways to cut software development expenses. After a quick integration, Render will enable your existing system to convert HTML sources to PDF based on triggers automatically.

With protected cloud storage space, your confidential data is properly secured. You can also manage developers’ permissions to make sure only the entitled people can access private information.

Want to build your electronic records management strategy using Inkit? Contact us to get a demo.

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