Records Management: Keeping Business Records Safe, Secure, and Organized

What is Considered a “Record?”

A record is any information kept in hard or soft copy as proof of, or utilized in, an organization’s transactions. Final reports, budget papers, company balance sheets, emails referring to an activity, field mission maps, etc., are a few examples of records.

Benefits of Records Management

Among the significant advantages of records management are:

Lower Storage Costs

Although your company may have many documents, emails, and business reports, only a fraction of them will be critical. The best way to manage these records is to keep only the most valuable documents and dispose of the rest. The system helps to optimize data storage space and information storage.

Ensure Regulatory Compliance

There are numerous regulations in place that govern how effectively records should be kept in an organization. Noncompliance might result in significant legal consequences and penalties. You may easily follow compliance rules and avoid fines by having good records management.

Protect Vital Information

Like any other enterprise, every company has critical information that it must guard and avoid falling into the wrong hands. You can’t safeguard and keep the integrity of your vital data if you can’t manage it properly. Records management may assist you in organizing information and keeping you safe from data loss vulnerability.

Efficient Retrieval of Records

Records can be instrumental when appropriately kept. When you use a robust document management system to store and retrieve information whenever you want, your records become more valuable. Better access to data improves decision-making capabilities for businesses.

Easy Automation of Workflow

When your records are disorganized, you will waste time storing and looking for data. A records management system can make the whole process quicker and more automated.

What is Electronic Records Management System and its Benefits?

Electronic Records Management (ERM) is the administration of files and documents saved in digital format. It ensures that a company has access to the appropriate records at the time they are required. By automating processes, digitally storing documents can increase efficiency.

An ERM system has many benefits, including:

• ERM software helps you quickly identify, classify, store and retrieve your records. The software can also automatically capture document metadata, making the process simpler and faster.
• With electronic records, you can find the correct information when you need it. Rather than searching through physical records, you can find the information you need online. Everything is stored electronically.
• Electronically stored data makes it easy to access past information. It makes it easy to understand past decisions and make new decisions based on them.
• You can easily comply with regulations when using ERM systems. Automated storage and disposition of records will help you prove compliance and keep your business running smoothly.

Types of Records

There are several various classifications based on the services provided by each record. The following are some of the most frequent types:

Physical Records -These are physical representations of data stored on various media, such as notes and papers, and these records take up actual room.

Electronic Records – An electronic record is a document created and kept using technology. It may be saved digitally and doesn’t require much physical room.

Enterprise Records – These are records that concern a firm’s operations. Enterprise papers include contracts, agreements, payroll records, and so on.

Industry Records – These records are concerned with the operation of a particular sector. Medical industry records, for example, include paper and research materials relevant to the entire industry.

Legal Hold Records – Maintaining these requirements is a legal requirement. Legal hold records are those in which the rules regarding conformance standards (like ISO 15489) are considered legal obligations.

Components of Records Management

There are several components of records management, and these include the following:

Policies and Procedures

The first step in a records management system is to establish its boundaries. You’ll need rules to define authority levels and responsibilities at various process phases. It is also essential to provide detailed instructions for implementing the policies.

Records Retention Schedule

Some records have long retention periods, while others have short lifespans. The minimum duration a record should stay in an organization is indicated by this timetable.

Records Filing System

Maintaining and filing documents should be part of a plan. Records may be stored digitally or physically, referred to as digital or physical records. It indicates the significance of the record as well.

Training and Auditing

It’s not just a one-person responsibility to keep records. To do the job, you’ll need a team of competent individuals. To guarantee their effectiveness, you must teach them regularly and perform routine audits to verify that they’re functioning correctly.

Stages of Records Lifecycle

The records lifecycle is the journey that records take from creation to disposal. Using a system ensures that records are recoverable, protected, and can be discarded as needed. The stages in the lifecycle play separate yet vital roles; if one stage doesn’t reach its objectives, the whole process breaks down.

Using SafetyCulture for Records Management