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| | Reduce risk and improve productivity through efficient record-keeping | |
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| Records Management – Executive Summary | | |
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| Records Management enables organisations to comply with the ever-increasing regulations on governance, reporting and accountability. At the same time, it can cut costs, streamline business processes and improve decision making.
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| Records Management is about the systematic creation, classification, retention and disposal of business records. This is essential to meet the burgeoning compliance regulations and corporate governance obligations placed on organisations.
Furthermore, with the rise of electronic forms of communication, organisations must consider their obligations with respect to the storage and retrieval of emails, voice mails and even instant messaging. The Gartner survey on Corporate Governance Spending (2004) shows that Records Management and ECM technologies can contribute most to a corporate governance solution.
At the same time, Records Management assists organisations in several other areas.
The huge cost of sifting through millions of pages of material to meet legal discovery obligations often pass unquantified by many organisations. Clear classification together with document digitisation (which is increasingly accepted in many jurisdictions) can save vast amounts of time and cost.
Equally, the cost of storing and managing paper-based archive is very high in terms of storage space, physical materials and manpower. Record Management systems can save costs and give instant access to vital information which can in turn enhance the quality of management decisions.
However, a word of caution is in order. Technology alone cannot provide a complete Records Management solution. It takes a systematic approach, a deep understanding of the business, constant monitoring of changing legislation and the support of senior executives to create an organisational culture in which record keeping is everyone’s responsibility.
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