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Records Management: Fast-Track Growth
Has your organization already developed a Records Management strategy?
Gartner estimates that by 2013 more than half of all businesses will have a Records Management program in place, which is up from the roughly 35 percent of businesses that currently have a program in place. Some factors that are accelerating the rate of adoption include the rules around legal discovery, ever-more-stringent government regulations, and changes to the freedom of information legislation in different countries.
In 2008, the Records Management market for software and maintenance topped $460 million. Records Management systems are evolving to meet the requirements of compliance and the ability to track the complete life cycle of documents.
Part of the evolution of RM involves a change in style in how Records Management is implemented. It is likely that the future will bring more centralized organization-wide Records Management and e-Discovery systems that are implemented as services which interact with multiple messaging and content management systems — in fact, Gartner estimates that more than 60 percent of organizations currently have data repositories in six or more different systems.
By 2013, the reach of Records Management will span across multiple document repositories, data archives, and business applications. e-Discovery functionality, which also needs to reach across multiple data repositories, will be considered as a core Records Management capability.
Where to start? Gartner recommends looking at vendor products that have been certified by the stringent DoD Records Management specification called 5015.2. Few vendors are able to get their products certified from the DoD. Microsoft SharePoint, for example, attempted to be certified, but failed in attaining certification. Alfresco Records Management, which is 5015.2 certified, and which is available at a low open-source price point, is a good option for many organizations that are looking for an affordable way to start their records management programs. Contact Formtek for more information.
