Record Management is the process of ensuring effective functioning of an organization through recording information regarding the organization’s institutional activity. This can be any content in any format which contains information regarding the creation, maintenance, procurement and scrapping of vital records which deal with the functioning and growth of an organization. The objective of records management is to store any substantial object or digital information to help the organization in documentation and influence its business performances. Records management is also considered vital for eliminating the risks involved in litigation and ensuring quick and better decision making in the longer run.
The importance of records is their tendency to serve as authentic documentation and these documents can exist in two forms:
Physical Records
These are the oldest forms of records which hold information in paper format or occupy physical space. Though considered old, these are still widely used for very confidential purposes like litigation.
Electronic Records
These are the modern evolution of storing information, data breeding with technology, paving way for encryption and decryption and are very secure. Still it’s vulnerable as recent pasts proved technology can be exposed.
The duration of holding these records depends upon the individual organizations to reuse it for performance enhancement and it is of paramount importance for an institution’s progress. These records include agreements, studies, meeting minutes, project reports, financial records, contracts, grants, policies, procedures which become obsolete after a period of time. Many times volumes and volumes of such information which is completely outdated and not needed keeps accumulating, eating critical data spaces. These worthless information incur heavy costs to the organization. An efficient records management is often setup to ensure comprehensive governance and discard unwanted data which burdens the institution’s economy. A good records management is often setup and is very crucial for success of any organization structure.
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