Restricted Market Records management system deals with several industrial and government regulations whereas document management concerns with management of day-to-day business documents, thus it is important for the former to strictly adhere to industry standards. All document management software systems cannot help you deal with records. This is why, it is important to choose a software system like Docsvault which can help with documents as well as records management.
Scope of Documents Record in simple terms means a document that cannot be edited or deleted can be disposed only as per legislative rules. Although you may use the same system for document management and records management, these types of content are managed differently. These differences in management practices include: the goal, or purpose of each practice, the information or content involved in each practice, methodology, or the way each practice is performed.
The goal of document management is efficiency. Approving documents faster, reducing manual data entry and automating recurring tasks are some of the many functions of document management that work toward this goal. The goal of records management is compliance. A well-maintained records management system helps organizations avoid penalties when audited by regulators, auditors and other governing bodies. Document management and records management share a common goal of business continuity.
Shortcomings in either can contribute to organization-wide challenges. However, when both document and records management work toward their goals efficiency and compliance , organization resiliency is better within your reach. It does not matter whether they are contracts, leases, vendor communications, or even a thank you letter from a customer. These are all documents. Your business documents are what document your daily business activities.
When we think about records, they are the final, unalterable and legal recording of an event or a transaction. Many documents do become records. For example, a final, signed contract becomes a legal business record. Iterations of a contract until it is finalized are not individual records.
Here is where the confusion typically comes in. You are required by law to keep certain records for specific amounts of time. This record retention period varies by the type of record and you should confirm what the record retention requirements are in your state. However, in addition to legal requirements, your organization should have a document record retention policy for all your business records. Failure to have one, and the failure to safely store and then destroy documents, leaves you in the position where all your business documents can be required in a legal action or an audit.
One of the items typically mentioned in a subpoena is your records retention policy. Electronic review and approval is a key feature of a DM application. Keeping this functionality simple for users, yet flexible to handle changing business functionality is a key requirement. For more information on typical workflow requirements click here. RM and DM do need to Talk — Historically, records management software focused on imaging and technologies to capture information at the end of its useful life, when it is no longer actively needed by the organization.
Today that perspective is shortsighted. Legal discovery, big data, and regulations require information be managed cradle to grave. For an organization to be legally protected, any DM system must interact with an RM application and break the historical notion that RM is an end-of-the-line function. Leave a Reply Cancel reply. This website uses cookies to improve your experience. Please accept this site's cookies, but you can opt-out if you wish.
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