Why Records and Information Managers Need to Work with Corporate Real Estate

By: In: Information Management On: Mar 10, 2017
Why Records and Information Managers Need to Work with Corporate Real Estate

To most, records and information management and corporate real estate are two entirely disparate parts of an enterprise, and as a result, little effort is made to encourage the departments to regularly communicate with one another. But while each have considerably different day-to-day responsibilities, their ultimate goals are similar. Aligning them can bring tremendous value to your organisation. Let’s look at some common challenges facing records and information managers and how working alongside corporate real estate can help. Cost Reduction and Space Optimisation As a records and information manager, you need to find the most cost-efficient ways to store and manage information. One of the best ways to do so—especially in this era of exploding amounts of data—is to move physical storage offsite. Doing so cuts down on a range of costs, such as floor space, filing cabinets and the need to have full-time employees onsite. . Eliminating onsite physical storage also brings the added benefit of freed-up office space—a tremendous benefit to those in corporate real estate.  According to a survey of real estate leaders across EMEA and North America[1], 67% of respondents saw space efficiency as top cost cost-optimisation initiative, up from 52% from the previous year. Companies allocate as much as 6-10% of real estate to files, but eliminating or reducing onsite storage can drive this number as low as 2%.  To better illustrate how much this could save you, let’s look at an example.

  • Company X leases 10Ksq meters of office space at €18/sm/monthly or €2.2M annually.
  • Historically, they allocate 8% of their space to files (8Ksm or €176,000/yr).
  • Reducing file allocation to 2% would lower file space needed by 600sm, which results in:
    • accommodating 40+ employees without need for new real estate
    • eliminating space and reducing costs by €130,000/yr

The Benefits of Offsite Storage  Moving to offsite storage can not only cut both record management and real estate costs, solving two goals at once, but potentially prevent more drastic real estate undertakings like relocating to less expensive sub-markets or renegotiating leases. The added benefit of increased space can also be used to increase amenities, such as break rooms, a cafeteria or more open office space, which 56% employees find desirable in a modern office, up 10% from 2014. Increased employee engagement goes beyond extra office space. Here are a few ways your organisation’s employees could benefit from offsite storage: Digital Access to Information and Employee Efficiency The benefits of moving onsite record storage to offsite digital storage for record and information managers are numerous. Security is increased. Compliance is ensured. Records are protected in the event of a disaster. Information that’s no longer required is more easily destroyed. Data can be quickly and easily accessed to help maintain service standards.  And proper governance is in place to make sure access is limited to approved users to protect sensitive or private information. But there’s another key benefit to offsite digital record storage: employees don’t necessarily have to be in the office to access records they need to perform. According to the same survey of real estate leaders, respondents identified talent attraction and employment engagement as two of their top four priorities. Of which, 79% of those surveyed saw the ability to work from anywhere (mobility) as the number factor in attracting talent and keeping employees engaged.  The only way for this to be possible is for employees to have ready access to necessary files outside of the office. Working Alongside Corporate Real Estate Rather than working on different initiatives to reach the same ends, partner with corporate real estate to drive your records and information agenda.   [1] Source:  CBRE Occupier Survey – 2016

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About the author

Phil Greenwood

Phil Greenwood is Country Managing Director & Commercial Director at Iron Mountain responsible for delivering information and records management solutions into the UK's largest Public, Private and NHS customers. Phil directs and runs specialist sector teams aligned to the sector specific requirements of Iron Mountain's clients. These requirements demand innovative solutions that deliver compliance and governance as well as efficiency and cost cutting in order to transform business results and improve the way organisations use their information. Phil has over 10 years' experience working with UK and International records management. He is involved with the UK Information and Records Management Society. Phil has worked within service delivery and customer facing roles, as well as in general management roles within the outsourcing and information management industries. Legally qualified, Phil has also spent time as a fee earner within law firms and has a strong understanding of the way that information and services drive the core business of client organisations.