Records are different from the ordinary pieces of information and data that generally find a place in all business firms and individual households, in different forms. Records are those documents, in either print or digital format, which act as proof of critical events that are required to be accounted for at a later date.
Be it a normal expense invoice or a rent receipt, these records are of immense value during their lifecycle, and need to be carefully managed until their purpose is achieved and then disposed of appropriately.
Although managing records is not the prime focus of any business firm, the exercise usually enables high service levels and compliance with social, legal requirements in a cost-effective manner. Records when stored and accessed with great care are easily located in times of need with in fact minimum effort spent on searching the required records.
How?
Records management is usually implemented with the help of business applications and a set of highly effective, organisation-specific rules and policies that are strictly enforced and followed. The process involves capturing relevant information, classifying specific documents as records and formulating record storage and handling mechanisms, access and disposal guidelines.
Why Manage Records?
An efficient records management programme presents several advantages to the company.
- The process ensures a disciplined approach to handle classified and critical information in the form of records, either in the physical or electronic format.
- Records classified and stored in a structured manner, can be retrieved instantly on request, saving time and effort spent on looking for misplaced information. Records retrieved on time helps establish the credibility of a company in times of legal and other procedural audits, which otherwise may have serious consequences. Proven ability to handle records efficiently also helps the firm address customer support and service operations in a better way, thereby improving customer satisfaction.
- A well-implemented records management programme also improves the efficiency and productivity across the firm by standardising the way in which records are created, stored, retrieved and trashed or archived.
- The process also ensures compliance to regulatory measures related to record maintenance as proposed by the local authorities if any, preventing any accidental violation of rules that may attract punitive action.
- Records management also aids the decision making process at different levels of the management hierarchy, while safeguarding vital statistics for future reference during the entire course of the record’s lifecycle (or the validity period of a record). Records also help maintain a proprietary knowledge repository of the organisation’s workings at different points in time that serve as reference points for future decisions and research.
- Last but not the least, with space becoming an expensive resource, an effective records management programme will help limit the number of records generated, bringing down the storage space requirements, and the expenses incurred on storage infrastructure and its maintenance. Switching to a digital record management system further increases the efficiency of the process.
Challenges
Records management process though may seem effortless at first glance has several challenges associated with it, especially those involving data protection, access rights and misuse of personal details. Business firms till date, are not bound by any strict record management regulations, with the exception of legal and government statutes. Formulating a suitable process with adequate guidelines to meet storage, safety and compliance needs is the prerogative of the company.
Once the process and guidelines are defined at the organisation level, companies can resort to professional help from data management service providers and avail their facilities to store records in both physical and digital formats as required.
