RECORDS MANAGEMENT

Electronic Records Management for the efficient and systematic control of the creation, receipt, maintenance, use and disposition of records

Understanding Records Management?

Records management is “responsible for the efficient and systematic control of the creation, receipt, maintenance, use and disposition of records, including processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records

 

What are Records?

Records are "information created, received, and maintained by an organization or person, in the transaction of business". This is one of the many definitions you will find in business today.

But what does it mean in the context of your work? It means that whenever you create or receive a document in the course of your work, it provides evidence of an activity, decision, or transaction, you need to keep.  That document becomes a record and must be stored safely so it remains accessible for as long as it's needed.

Types of Records

  1. Correspondence record includes letters, circular, notice, memo, inquiries, order etc. 
  2. Personnel record such as those related to the personnel or employees of the organization.
  3. Accounting records.
  4. Legal records.
  5. Miscellaneous records.
  1. Control the generation and growth of records: Even though we are increasingly becoming reliant on electronic files, the amount of paper used in offices has not significantly reduced. If a record management system is adopted, an organization can control the creation of records or copies and retain only those records that are actually needed or are active. This controls the growth of records and thus reduces the storage space needed.
  2. Effectively Retrieve and Dispose Records: The consequences of spending too much time searching for misfiled records can be quite severe; you may not only lose in terms of billable hours but also lose valuable customers. This is why it is important to invest in a well-designed filing system that can facilitate retrieving records and disposing of records past their end-of-life date
  3. Assimilate New Records Management Technologies: With government becoming stricter about compliance issues, it is necessary for companies to apply a good record management system and ensure they are in full compliance with laws and regulations. 
  4. Safeguard Important Information: Every company, public or private, needs a systematic program for protecting its important records and information from disaster or theft. Record management system preserves the integrity and confidentiality of important records and safeguards it as per set rules. 
  5. Minimize Litigation Risks: Implementing a record management system can reduce the risk associated with litigation and potential penalties. A well-planned and thoughtfully applied record management program can reduce the liabilities associated with document disposal.
  1. Cut Costs and Save Time & Efforts: Handling Records takes up a lot of time and money in terms of storage space, printing, filing and staffing to maintain an organized record system. It also takes a lot of time and money to search or reproduce lost records in absence of organized system. Records management system can help save considerable expenses by reducing operating costs and improving efficiency of employees.
  2. Better Management Decision Making: Making relevant data easily accessible allows companies to take decisions faster so that they can stay ahead of the competition or make an informed decision. Records management software makes useful data accessible and disposes off unwanted data, so that relevant data can be accessed faster. Indexing and retrieval capability allows managers and authorized executives to search and find files faster.
  3. Preserve Company Knowledge: A company’s files are its knowledgebase, which forms an integral part of its future planning and decision-making. Every single record created in a business day is a potential background data for future management decisions and planning. These records document the activities of the company, which managers may use in future to research the workings of the company.
  4. Keep Employees Motivated: Poorly managed records, unorganized filing system and frequent loss of important document creates a poor working environment, which has a direct effect on employees’ motivation level. Though you cannot put a quantifiable figure on the loss of motivation due to these circumstances, it is one of the most important reasons to establish a good record management system.

Consult with a Solution Specialist

Call today and see how Paytec Records Management can help your organisation.

Call Paytec on:

MELB: +61 3 8804 1303

ADL: +61 8 8464 0333

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