Although it is sometimes mistakenly considered synonymous with document management, records management actually serves a different purpose. It encompasses all of the functions of document management, but, rather than focusing on organizational efficiency, records management is dedicated to compliance.
What is records management?
So what exactly is records management? Think of it as an overarching plan for how your organization maintains vital information for the purpose of compliance. While document management ensures the timely, accurate and secure flow of documents and data within an organization; records management involves the creation, retention and destruction of records according to government policies and standards.
So the purpose of records management software is to essentially consolidate individual documents – including necessary drafts, versions and copies of active documents – into the information needed for compliance purposes.
Why is records management important?
Both the length of time records are retained, and the manner in which they are maintained, are highly regulated by federal, state and local government agencies. These policies are routinely updated and noncompliance carries costly fines and penalties. An effective records management plan addresses these compliance and governance issues, helping your organization mitigate risk.
Protect your organization through records management.
A robust records management plan is crucial to your organization’s success. Understanding the value of records management – and using it in conjunction with a strong document management plan – can help your organization achieve two goals: optimal efficiency and compliance.