A cost-benefit analysis of document management strategies used at a financial institution in Zimbabwe: A case study

Background: Choosing a cost-effective document management approach has become a priority to many organisations, especially in view of the rapidly changing technological environment in which information is being created and managed. A literature survey indicated that document management strategies have the potential to provide some substantial cost-saving benefits if they are used judiciously. Objectives: This study investigated a commercial bank’s document management approaches in a bid to ascertain the costs and benefits of each strategy and related issues. Method: A quantitative research approach was employed through a case study which was used to gather data from a sampled population in the bank. Results: The document management approaches used were not coordinated to improve operational efficiency. There were regulations governing documents management. The skills and competences of staff on both document management and cost analysis are limited. That is partly due to limited training opportunities availed to them. That means that economies are not achieved in the management of records. That has a negative impact on the overall efficiency, effectiveness and legal compliance of the banking institution. Conclusion: The financial institutions should create regulations enabling periodical cost-benefit analysis of document management regimes used by the bank at least at quarterly intervals as recommended by the National Archives of Australia. A hybrid approach in managing records is recommended for adoption by the financial institution. There should be on-the-job staff training complimented by attendance at relevant workshops and seminars to improve the staff’s understanding of both the cost-benefit analysis concept and document management.

[1]  J. Rowley.  Using case studies in research , 2002 .

[2]  Anne L. Barker.  Document Management: New Technologies for the Information Services Manager , 2000 .

[3]  Justus M. Wamukoya,et al.  Records and archives as a basis for good government: implications and challenges for records managers and archivists in Africa , 2000 .

[4]  Proscovia Svärd,et al.  The Interface Between Enterprise Content Management and Records Management in Changing Organizations , 2011 .

[5]  Alistair Tough,et al.  Record keeping in a hybrid environment : managing the creation, use, preservation and disposal of unpublished information objects in context , 2006 .

[6]  Alistair Tough,et al.  Record Keeping in a Hybrid Environment , 2006 .

[7]  Anne F. Kittler,et al.  A cost-benefit analysis of electronic medical records in primary care. , 2003, The American journal of medicine.

[8]  Cleophas Ambira,et al.  Records management and risk management at Kenya Commercial Bank Limited, Nairobi , 2011 .

[9]  Harry Akussah,et al.  Records management and preservation in government ministries and departments in Ghana , 2002 .

[10]  Patrick Ngulube,et al.  The management of public records and archives in the member countries of ESARBICA , 2006 .

[11]  Pino Akotia,et al.  Public Sector Records Systems in Ghana: Some Lessons in Development Management , 2003 .

[12]  P. Ngulube,et al.  Management of business records in Tanzania: an exploratory case study of selected companies , 2006 .

[13]  N. Mnjama.  Archives and records management in Kenya: problems and prospects , 2003 .

[14]  Patrick Ngulube,et al.  Cost analysis and the effective management of records throughout their life cycle , 2011 .

[15]  Caroline Williams,et al.  Managing Archives: Foundations, Principles and Practice , 2006 .

[16]  P. Ngulube.  Preservation and Access to Public Records and: Archives in South Africa , 2009 .

[17]  Sue McKemmish,et al.  Teaching recordkeeping and archiving continuum style , 2007 .

[18]  Luis César Herrero,et al.  Using contingent valuation and cost-benefit analysis to design a policy for restoring cultural heritage , 2012 .