By: Arvind Subramanian, Executive Vice President and Managing Director, India at Iron Mountain
In our data-driven world, records are a cornerstone of business operations and a critical asset. Effective records management, for both digital and physical assets, is essential for building trust and resilience.
This is particularly true in sectors like BFSI, public sector, and healthcare, where a large number of Indian enterprises and government departments still manage physical records due to regulatory and historical needs. In fact, a report by Iron Mountain found that nearly 75% of Indian organisations are still managing some or most of their records in physical form. Failure to secure these assets can have severe consequences, including eroding customer confidence and causing significant financial and reputational damage. The recent Reserve Bank of India’s Currency and Finance Report 2023 – 24 highlighted the rising stakes, noting the average cost of a data breach in India reached $2.18 million in 2023 – a 28% increase since 2020.
In India, where regulatory landscapes are evolving rapidly and businesses are under pressure to modernise, secure records management has become a cornerstone of resilience and trust.
Ensuring Legal and Regulatory Compliance
Frameworks like the Digital Personal Data Protection (DPDP) Act are placing greater responsibility on organisations to ensure their records are secure and compliant. This means records are accurately classified, stored in a secure manner, and retained or disposed of in line with legal timelines. For instance, the Indian government mandates secure data disposal, making certified secure shredding a key part of your compliance strategy.
A recent report, “Responsibly Sourced Data: AI’s Crucial Ingredient,” published by Iron Mountain and FT Longitude, found that 53% of Indian organisations consider robust security and encryption mechanisms vital to their operations. By prioritizing strong compliance practices, these organisations are not just avoiding penalties; they are building trust with customers and regulators. This approach transforms compliance from a simple obligation into a true competitive advantage, allowing businesses to operate more securely and efficiently.
Enhancing Operational Efficiency
As the volume of both physical and digital records grows, outdated storage practices can slow down workflows and increase costs. Information spread across different locations and systems makes retrieval a real hassle, hurting productivity.
A strong records management framework fixes these issues by streamlining processes. With centralized repositories, digitization services, and secure storage, teams can find the information they need quickly and reliably. Automating retention and disposal also prevents redundant data from building up, saving both space and resources. The result? Lower costs, faster workflows, and the ability for teams to focus on what matters most.
Enabling Better Decision-Making
Beyond just efficiency, effective records management is about giving leaders the timely, accurate information they need. When confronted with an overwhelming amount of data, fragmented records can lead to missed opportunities and costly guesswork.
By implementing smart lifecycle management practices – from secure storage to easy retrieval – organisations can transform raw data into trusted insights. Digitizing archives and standardizing retention policies ensures decision-makers always have access to complete and reliable records. This foundation allows them to make sharper, data-driven decisions on everything from assessing risks to expanding into new markets. It’s not just about compliance; it’s about gaining a real competitive advantage.
As India accelerates its digital economy, the way organisations manage their records will increasingly shape their competitiveness. Those who embed strong governance, security, and lifecycle practices today will be better positioned to unlock the full potential of their data tomorrow.