CATEGORY

Records Management

Archiving services/Records management is the process of ongoing management of records over their lifecycle from creation to destruction.

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Category Alerts


CATEGORY ALERTS

The need for the digital transformation of records management

July 18, 2022
alert level: Medium
CATEGORY ALERTS

Iron Mountain EV drive. Will it have an impact on the overall price of records management services in the long run?

October 11, 2022
alert level: High

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Records Management Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in Records Management category is 6.20%

Payment Terms

(in days)

The industry average payment terms in Records Management category for the current quarter is 63.8 days

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Category Strategy and Flexibility

Engagement Model

Supply Assurance

Sourcing Process

Supplier Type

Pricing Model

Contract Length

SLAs/KPIs

Lead Time

Supplier Diversity

Targeted Savings

Risk Mitigation

Financial Risk

Sanctions

AMEs

Geopolitical Risk

Cost Optimization

Price per Unit Competitiveness

Specification Leanness

Minimum Order Quality

Payment Terms

Inventory Control

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    Records Management Suppliers


    88,697
    Total Suppliers
    4,598
    Diverse Suppliers
    66
    Normalized Supplier Rating
    Records Management Supplier

    Find the right-fit records management supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    American Express Company
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

    dnb logo

    Up to 3 months

    1 9
    6
    Low Risk High Risk

    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
    42

    100
    Limited (1)
    ESG Perfomance (/100)
    Environment
    85
    Social
    31
    Governance
    48
    6 Domains Performance (/100)
    Business behaviour
    39
    Human rights
    47
    Community Environment
    26
    Corporate governance
    54
    Human resources
    21
    Security Scorecard
    90

    Threat indicators
    B
    83
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    97
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    B
    86
    Application Security
    Detecting common website application vulnerbilities
    B
    86
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    98
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    amexglobalbusinesstravel.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    12
    Human Rights Issues
    0
    Production Supply Chain Issues
    2
    Environmental Non Compliance Flags
    14
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    26
    Fraud Issues
    3
    Labor Health Safety Flags
    3
    Regulatory Issues
    22
    Workforce Disputes
    0
    Sanctions
    1
    esg energy transition
    86
    Discrimination Workforce Rights Issues
    3
    esg controversies critical severity
    No

    Records Management market frequently asked questions


    According to the report shared by Beroe Inc., the records and information management industry showed considerable growth in recent years due to changes in laws and regulations passed by the governing bodies. Other factors include: The industry has a high retention rate More number of organizations are starting to practice the art of maintaining electronic records Emerging regions like the APAC, Latin America, and Africa shows promising growth due to increasing acceptance of DPO services

    The net document management system market size holds a CAGR of 5.2 percent. North America stands at the top of the market (based on size) with a gross valuation of $65 Bn, while the APAC and Latin America net valuation of $46 Bn and $13 Bn.

    As per the report, the most important milestone in the record and document keeping domain is the implementation of ISO 15849. The rule was laid down to enable effective record management for organizations of all sizes and types and help them in better risk management and provide opportunities for cost savings.

    Records Management market report transcript


    Global Records Management Industry Outlook

    • The global market for records management including physical and electronic was valued at $4.89 billion in 2019 and is expected to grow at a CAGR of 10 percent, to reach about $8 billion by 2027
    • Emerging regions including Africa, APAC and Latin America are expected to witness higher growth rates due to increasing acceptance of DPO services
    • Industry has a high retention rate (Tier 1 players have an average client retentions rate of about 98 percent)

     

    Records/document management industry has seen a growth in recent years due to laws and regulations passed by the governing bodies.

    • The industry has a high retention rate (Iron mountain has an industry retention rate of about 98 percent)
    • The practice of maintaining electronic records is becoming more popular among organizations
    • Regional Dynamics: Emerging regions including Africa, APAC and Latin America are expected to witness higher growth rates due to the increasing acceptance of DPO services

    Regulatory Trends

    The most important International standard for record and document keeping is ISO 15489.

    • ISO 15489 was laid down to enable effective records management for organizations of all sizes and types. They help in better risk management and opportunities for cost savings
    • Each country has its own standards for records and document keeping, and hence differences arise between the ISO 15489 standards and the standards laid down by each country

    Drivers and Constraints

    Drivers

    • Companies need to comply with various regulations imposed on them during audits and legal matters. Hence, there is a need for excellent and efficient records management and maintenance
    • Reduction in the cost of storage worldwide has also favored the records management market
    • Huge advancements in the technology space have enabled services like online records storage, storing digital copies of documents, and document imaging
    • Ease of use and faster retrieval times have played a major role in end users to shift gradually to record management and electronic records management services

    Constraints

    • Economic conditions like higher levels of unemployment, inflation, tax rates and other economic factors affect the demand for record, management services
    • Increased market competition restrains expansion of all: Service providers compete for acquisition to undertake expansion activities, which increases the price for acquisitions and reduce opportunities for some. The market is seeing big players becoming bigger like Iron Mountain and few regional players scaling up
    • Lack of a universally accepted standard is also one of the major challenges for this market
    • There can be an unexpected increase in spend due to factors including fuel hikes and hidden costs
    • Organizational reluctance in support due to issues related to information confidentiality

    Pricing Models

    What will be the best suited pricing model for the industry?

    • Considering the number of transactions that take place on a daily basis, the volume of papers/boxes for storage will never be predictable. It is suggested to go for an open book pricing model which will help the industry to only pay for what they use and will result in transparent billing as well. For records management, the cost components involve a lot of hidden charges such as extra payment which includes palletizing, shrink-wrapping and transportation costs and other service charges
    • Opting for an open book pricing model will help to reduce the makeup pricing of different box type. An open book model would let the industry understand better the fixed and variable costs which incudes, the cost per cubic feet incurred during the engagement period with the service provider
    • By adopting open book pricing with the supplier, the industry can better understand the true costs of the operation incurred by the supplier and can lead to a better supplier relationship over a long period
    • Most of the suppliers offer fixed cost model as they have a rate card for each of the services. Opting for an open book model will completely depend on the mutual understanding of the industry and the supplier