What Does Records Management System Mean?
Records Management system (RMS) is the management of records for an organization throughout the records-life cycle.
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.