With the growing importance of compliance and eDiscovery issues for many companies, it might be time to consider deploying a records management system. Chances are that your company already uses some kind of document management system. The question is, will your document management system also support records management?
At the core of this question is what is the differences between document management and records management. Let's examine six differences.
1. Documents v Records
What are documents?
Documents consist of information or data that can be structured or unstructured and accessed by people in an organization.
What are records?
Records provide evidence of the activities of a given organization’s functioning and policies. Records often have strict compliance requirements regarding their retention, access and destruction, and generally have to be kept unchanged. There are often very stiff penalties for not doing so.
By some estimates, and depending on the company, 90% or more of all documents are records (meaning a portion of them are not!). Conversely, all records are documents.
2. DMS v RMS
Document Management Software (DMS)
Document management software was developed to make it easier for users with a shared purpose, usually within an enterprise, to access and manage documents. Another important ability is that it also allows them collaborate on those documents.
Common access to the documents is enabled by existence of a library and/or a repository within the system.
Records Management Software (RMS)
RMS software is more concerned with identifying, storing, maintaining and managing data that is used to describe events in an organization’s work cycle that are related to statutory, regulatory, fiscal or operational activities within the organization.
Unlike document management systems, record management repositories are generally focused on keeping only what is necessary for a specified length of time.
One of the critical differences between document and records management relates to the reason and approach each takes to storing documents.
Document Management And Storage
The principal reason for storing the documents in a document management system is so users who need to access the information stored in those documents can do so quickly and easily.
In general, these generalized electronic document repositories provide for the checking-in and out of documents that can be revised and unlocked for future revision, with version tracking and histories.
Records Management And Storage
Records management requires that records be kept in their original format in case they are needed for compliance or legal reasons.
Good records management needs to place records in their proper context so that generally they are kept in series, or in indexes determined not by internal, enterprise-dictated rules, but by external rules.
In fact, record keeping has become such an issue that in addition to on-site records storage, many organizations operate an off-site records center too.
4. Automated processes
While all companies in the regulatory or compliance zone have to spend a lot of time ensuring that their records and document management do exactly what they’re supposed to do, many of the processes involved are now automated.
Automated processes are one of the elements that make document management attractive to companies whether that means the mass capture of documents and placement of that information in the repository, or its placement in a records management system.