Records management is an organized approach to the administration of documents throughout their life cycle. These activities address the creation, classification, storage, and disposition of records. The documents administered through records management include anything produced as the result of a business transaction. Examples of the records that may be managed include paper documents, audio and video recordings, emails, and instant message logs.
By engaging in records management, a business will experience smoother business processes that are not delayed by missing documents. Another benefit is easy access to information for compliance audits, regulatory audits, and lawsuit-related inquiries. Also, in an environment where there is a high level of employee turnover, proper records management can represent an essential source of institutional knowledge.