What Does Records Management System Mean?
Records Management system (RMS) is the management of records for an organization throughout the records-life cycle.
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The activities in this management include the systematic and efficient control of the creation, maintenance, and destruction of the records along with the business transactions associated with them. Considered a key component of operational efficiency, record management adds more value to organization’s information assets.
Techopedia Explains Records Management System
Part of a company’s broader activities, records management is associated with governance, risk and compliance policies.
Activities involved in records management are:
- Identifying the information which needs to be captured.
- Information planning for the organization.
- Enforcement of policies and practices regarding creation, maintenance, disposal of records
- Creation of a records storage plan.
- Classification, identification and storing the records.
- Coordination of providing internal and external access to the records keeping in view of data privacy and business and data confidentiality.
Benefits brought by records management are:
- Elimination of redundant data.
- Increase of productivity and accountability in the organization.
- Reduction in research for the right information. Resources are saved from time consuming research for data retrieval.
- Cost-effective record storage due to absence of redundant records. Operating costs are reduced.
- Creation of records are governed by standards and regulations present in the organization. Thus, it ensures regulatory compliance.
- Record management helps in controlling the creation and growth of records.
- Record management brings in the capability to adopt new technologies for record keeping.
- Litigation risks are minimized using records management.
- Vital information can be well protected and secure using record management.
- By providing easy and better access to relevant records, it helps in better governance and corporate decision-making.
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