The basic principles of records management are: Purpose Verification Classification Reasonable cost Elasticity Retention Availability In essence, these principles dictate what a ‘good’ records management system is, and represent a structure to be sought after.
A record contains information that is made, produced, executed, or received in connection with transactional business activities, and supports an organization in conducting its business overall. Records are hard evidence of an organization’s unique policies, procedures, and decisions, and often hold significant administrative, historical, and legal value.
Generally speaking, there are two types of records management systems: traditional paper-based record management systems, and electronic record management systems. As the name might imply, traditional paper record management systems involve the management and storage of hard-copy documents. Due to the clear benefits of electronic records management, a growing amount of organizations are adopting this method to manage the lifecycle of their records. In most cases, this is caused by the desire to reduce or even eliminate paper-based processes.