Understanding the Records Management Lifecycle and Its Importance

records management

Now, more than ever, having an effective records management program in place has become critical for organizations. As the creation of infinite amounts of information and database continues to increase, and regulatory laws are evolving, the need for records management India is becoming only more imperative.

While many businesses might be familiar with the concept of records management for paper documents, still many lacks in addressing the management of huge volumes of electronic records, thus, business leaders need to understand the importance of managing both physical and electronic files, to stay compliant with the regulations. Also, they need to understand how implementing a comprehensive records management program can help their organization to reach their long-term goals.

What is Records Management?

Records information management (RIM) or records management is the process of supervising and administering the information that is created, received, maintained, stored and disposed of, regardless of its format. In simple words, records management India is the management of the information of an organization throughout its lifecycle. Businesses need to follow approved policies, the records management procedure, and retention schedules while creating, maintaining and sharing information.

Understanding the Records Information Management Lifecycle

The records management cycle involves the oversight & administration of information assets throughout its lifecycle, from the initial creation until the end disposal.

  1. Creation – the RIM cycle begins when the relevant information is created in multiple formats such as contracts, database, emails, reports, paper, and digital forms.
  2. Classification – classification in RIM lifecycle provides the context of information & specifies the retention of records. While administering, a universal classification scheme is used for better searchability.
  3. Storage – storing hard copies that are not used frequently in secure offsite facilities to protect their integrity. And digital files in an electronic document management system for quick retrieval.
  4. Maintenance – a defined period is set for storage & disposal of records. And active records are tracked to stay compliant with the retention laws.
  5. Disposition – records are disposed off securely at the end of their life span. For paper documents, shredding is used most commonly, and electronic records such as hard drives are destructed by physically.

Importance of Record Management

Preservation of Record

Records management helps in managing and controlling crucial records. It protects necessary records with care and disposes of records that are no longer in use.

Evaluating Progress

Records management allows businesses to evaluate their progress. It helps in preserving the history of an organization. The past records give direction to an organization. It helps in figuring out the weakness and strength of an organization. Record management enables you to understand the progress and the direction in which a business is going.

Facilitate Comparison

Efficient records management allows you to evaluate business progress and performance. It enables you to compare between one time period with another or between the same times of business.

Helps in Decision Making

Records are the memory of business; they are useful for future decisions making. The study of past records gives direction for the future. It gives information to the organization whenever they need it; thus, it helps in making informed decisions.

Efficiency in Operation

Record management provides the required information with speed & accuracy. It enables employees to work efficiently and effectively. Therefore, increase the efficiency of business operations.

Evidence

Records are important for the settlement of the dispute as they act as evidence at the time of the dispute. Therefore it is important to have an efficient records management system.

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