Document Archiving: What It is & Why You Should Opt For It

Document archiving, by definition, refers to the process of storing documents for the long term that you no longer use. All while ensuring that these documents remain retrievable as and when needed without any hassles. 

This archiving of documents is typically done based on the company's policies and in line with its security, privacy, and data retention protocols. Many businesses use archiving software to carry out this process.

Another important term to understand here is that of a “record”. A document turns into a record after the completion of a business process. According to a formal definition, documents become records once they offer evidence of driving decisions or actions. 

Besides, records are not just text-based information but also include photos, videos, and drawings. A record can’t be revised or changed.

Physical archiving of documents is the conventional way of storing physical records in a safe space. It can be a locker room, an archiving room, and filing cabinets within your organization's premises or at an off-site location. 

Many businesses across sectors still follow this traditional document archiving method to keep their paper-based information secure and handy. However, this method is not free from risks. Documents can wear out over time and get damaged if not stored well. There is also a risk of losing the documents altogether. Moreover, retrieving physically archived records is a cumbersome and time-consuming process. 

As the name suggests, digital archiving is the digital equivalent of storing physical documents that you no longer use frequently. The documents are scanned, digitalized, and stored on hard drives, cloud storage, or on a local server. The process is not only simpler and faster but also facilitates hassle-free document management.

The best part? It enables you to retrieve any record almost instantly. Plus, it doesn’t require you to invest in a physical space or reserve a part of your premises to store documents. 

Apart from that, digital archiving comes with robust security mechanisms and disaster recovery functions in place to keep your crucial data safe and private. There are many cloud document management systems that provide accessibility levels as well to let you control who can access which information.   

Document archiving, whether you do it through document control software or dedicated archiving software, helps your organization in a number of ways, as listed as follows

With digital document archiving, you can eliminate the expenses for keeping and maintaining a physical storage for documents. Furthermore, you can steer clear of noncompliance fines since you’re preserving vital records.

Digital archiving of documents, often done through paid & free document management software, streamlines the way you manage data. It also simplifies and speeds up the document retrieval process, saving you precious time. 

Archiving systems often come with the power of automation. From capturing documents to indexing them, you can automate crucial tasks in the document management lifecycle. Moreover, it is possible to set document retention schedules. Such automation minimizes human intervention while improving accuracy. At the same time, it improves the overall efficiency of your workflows, which, in turn, boosts organizational productivity.

With important documents archived digitally, you get instant access to vital information. That not only enables you to gain actionable insights when you need them the most but also helps you avoid repeating past mistakes. All of that, as a whole, enables you to make better business decisions.

Document archiving tools are packed with security features to keep your confidential data secure. It includes protection against potential malware and cyberattack risks, as well as encryption capabilities. What’s more? Many of these tools offer user authentication and access control, prioritizing data safety and enhancing the security of your records. 

Now that you know the basics of document archiving, let’s move on to the bigger question:

There is no one-and-only list of documents to be archived as an organization. Every business is different, and so is its need for maintaining certain records to refer to in the future. Thus, the documents a manufacturing unit may archive may drastically differ from the ones a financial consultancy would choose for archiving. 

Even so, we’ve collated for you a generic list of documents that businesses tend to archive. Here’s what it includes:

It includes everything from financial statements to invoices, receipts, taxation documents, and audit reports. 

Legal documents you can archive include contracts and agreements, compliance records, legal correspondence, certifications, licenses, and permissions. 

Human resources documents business archive includes HR policies & processes, payroll records, employee incentives & perks documentation, and performance reviews. 

Whether it is feasibility studies, project proposals, annual reports, or domain research, it qualifies for document archiving. 

As an organization, you can archive critical correspondence such as emails, memos, and letters. 

When it comes to customer records, you can archive consumer orders, sales records, customer feedback, and contracts.  

It is important for businesses to archive intellectual property documents, such as trademarks, patents, licensing agreements, and copyright registrations.  

This includes records like your company’s SOPs (Standard Operating Procedures), guidelines, manuals, procedures, and policies. 

Project documents, for instance, project plans, design documents, meeting minutes, and progress reports, can be archived.  

Archiving documents like safety processes, manuals, certifications, and reports helps businesses retain their core safety principles.   

Companies tend to preserve documents, including technical specifications & manuals, engineering drawings and documents, and procedures. 

Educational documents to archive include degrees, certificates, and other such crucial academic papers that prove educational qualifications.  

To sum it up, the list of documents you should archive greatly depends upon your industry, business requirements, as well as local and legal compliance. 

Document archiving not just helps you preserve important organizational documents, but also does so in a more effective manner. All you need is a powerful document management system or archiving tool. Through this tool, you can store both the active and inactive documents digitally. There are robust security functions, too, to safeguard your data against theft and cyberattack risks. From access rights to encryption, you control who can access the information at all times. If that’s not all, it is possible to schedule regular backups as well. 

Document archiving, as a whole, streamlines document management while making it simpler and faster to retrieve records whenever you need