When organizations evaluate electronic records management solutions, the choice often comes down to purpose-built systems versus adapted collaboration tools. But there are important differences.

Here’s how Versatile (designed specifically for records lifecycle management) compares to Microsoft 365® Purview™.*

✅ True hierarchical classification vs. Purview’s workaround using Adaptive Policy Scopes. Versatile supports multi-level hierarchical record classifications (e.g., business function, sub-function, record type, sub-type). Purview offers no default hierarchical structure for labels or policies, but hierarchies must be mimicked using Adaptive Policy Scopes. 📘Learn More

✅ Editable retention categories: Versatile lets you modify retention settings as your needs evolve. Purview locks in many properties such as name and scope once created. 📘 Info

✅ Flexible retention triggers: In Versatile, you define retention triggers based on any of the standard date fields. Purview allows creation date, last modified date, and label application date by default, but an advanced license is required to customize event triggers. 🔗 Info

✅ Automatic policy inheritance: Versatile applies retention policies to folders, which are automatically inherited by documents within the folder. Microsoft Purview requires manually applying retention to records unless you pay for advanced licenses. 🔍Read the Doc

✅ Proactive notifications: Versatile automatically alerts you when records are eligible for destruction while Purview requires an upgraded subscription. 🔗Learn More

✅ Built-in disposition workflow: Versatile includes a review and approval process out of the box. Purview requires premium licensing. 🔗Info

✅ Unified retention management: Versatile applies retention across SharePoint, OneDrive, Versatile folders, third-party repositories, and even physical records (all from one place). Purview, with an advanced license, allows the creation of file plans as a work-around for physical records management. 🛠️Tech Specs It also allows importing of third-party data using data connectors, but there’s no “manage-in-place” option. 🛠️Tech Specs

Versatile was specifically designed with records lifecycle management in mind, unlike other content management systems that prioritize collaboration and storage, usually leaving retention and disposition as afterthoughts. Versatile is straightforward to configure and manage, with expert help to guide you along the way.

Ready to see the difference? Contact Zasio today! connect@zasio.com

*Microsoft 365 and Purview are trademarks of Microsoft Corporation.

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Having trouble separating myth from fact? Never fear! By thinking through some of these common records management misperceptions, your questions are likely to have clearer answers. Here is how Zasio recommends addressing three of the most common records management myths.

Myth 1: It’s best to hold on to your records forever.

As the thinking goes: better safe than sorry, right? In reality, disposing of records per an approved record retention policy will help your business tremendously in managing its records. You might be tempted to keep your records indefinitely, but keeping records longer than necessary might not be so practical. For one, keeping physical documents that no longer have a business or legal value can take up expensive office or outside storage space. Second, keeping certain sensitive records longer than necessary can expose your company to costly legal actions, large privacy fines, and even information theft.

To avoid these problems and save your organization money in the process, a record retention policy can be the best solution. Also, having and maintaining a record retention schedule is strongly recommended to control the growth and volume of records your organization has on file.

Myth 2: Maintaining a records management program is too pricey.

Let’s weigh a couple of other options before we get into that. Would you rather invest in a records management program that will help your business thrive, or risk a high-cost data breach that has the potential to put your company out of business? A recent article in Wired Magazine illustrates how poor records management can contribute to the end of an organization, telling the tragic true story of how a mental health counseling startup in Finland was hacked[1]. In the startup’s case, having a mature records management program could have significantly mitigated the damage caused by the hack, reduced its risk of bankruptcy, and protected tens of thousands of patients’ sensitive personal information.

It is also important to consider the additional litigation costs that can result from failing to maintain a robust records management program. For example, Rule 26 of the Federal Rules of Civil Procedure assumes your company has a records management program in place and can find case-related data. Failure to comply with Rule 26 can not only drive up the cost of discovery in litigation, but it can also land your organization in trouble with the court. One tool at a court’s disposal for violations of Rule 26 is imposing sanctions against an organization that has not properly preserved, or cannot locate discoverable information.

Myth 3: I have electronic records; therefore, I don’t need a records management policy.

Even if your company has digitized the bulk of its records, these records still must be managed properly and stored securely. While searching through computer files is less physically painful than risking paper cuts from riffling through filing cabinets for hard copy records, both options are very inconvenient. Consider how much time and money your organization spends searching for information each day. A report from the International Data Corporation estimates that knowledge workers spend as much as 30 percent of their time searching for information. A primary goal of any records management program is to cut that number significantly, leading to considerably higher efficiency.[2]

An electronic record management (ERM) system offers a cost-effective, and most importantly, convenient way to properly and securely manage your records. Basic features of most ERM systems allow digital files to be viewed, edited, and saved securely. One of many benefits of using an ERM system is monitoring document retention lifecycles. Once a file’s retention date passes, it is securely destroyed so the only records you keep are the ones you need or are legally required to retain. The best part is there is always an audit trail showing who accessed the records and when and convenient ways to schedule disposition.

Conclusion

Don’t let records management myths get in the way of your company properly managing its records. No one wants to spend their valuable time or money on something that could have been prevented. Instead, make your organization’s records management program a thing of legend.

If your organization is ready to create a record retention schedule, contact Zasio today to see how our innovative products and services can help meet your record-keeping and information governance needs.

[1] They Told Their Therapists Everything. Hackers Leaked It All by William Ralston. https://www.wired.com/story/vastaamo-psychotherapy-patients-hack-data-breach/

[2] “The High Cost of Not Finding Information an IDC White Paper” by Analysts: Susan Feldman and Chris Sherman https://computhink.com/wpcontent/uploads/2015/10/IDC20on20The20High20Cost20Of20Not20Finding20Information.pdf

Disclaimer: The purpose of this post is to provide general education on Information Governance topics. The statements are informational only and do not constitute legal advice. If you have specific questions regarding the application of the law to your business activities, you should seek the advice of your legal counsel.

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