What is Records Management and why is it important?

Records management is a conveniently self-explanatory term – it’s simply the act of storing, organising and safeguarding information in the form of records. Nearly every entity, from individuals to massive multi-national corporations, requires a records management system.

Businesses and non-profit organisations of all types require formalised and functional records management protocols and systems. For some organisations, like historical institutes, records management is the organisation’s primary function. However, most businesses rely on formalised and standardised records management to facilitate their core organisational objectives.

Records Management Touches Every Aspect of a Business

Records play an important role in nearly every aspect of what a business or organisation does. From contractors and manufacturers to lawyers and doctors, every business relies on records of some type.

A handyman might make a living by painting homes and replacing windows, but they still need to track receipts and accounts receivable. A manufacturer making phones isn’t in the business of organising records, but they certainly need a reliable records management system to track material inventory, distribution, contracts and vendor payments.

It’s safe to say that no business or organisation can operate without some formalised records management process. Failure to maintain a clear and readily searchable records management solution is a recipe for disaster, even for relatively simple businesses or organisations.

Every business must file taxes, and a business’s ability to write off losses or claim deductions is likely of vital importance to their bottom line. HMRC generally requires businesses to be able to back up or justify their deductions with records and evidence for things like losses, depreciation and expenses. A system of secure records storage and organisation is essential for the entire VAT filing process.

Effective Records Management Tools

When people read the term Library Management System, they often assume it’s a type of software for libraries. While libraries can use library management systems, they are far from the only end user who benefits from the use of these organisational tools.

Library management systems, like the one designed and managed by Soutron Global, are essentially the best possible records management software for nearly any type of business or organisation. They represent a highly secure way to store and organise all types of records.

There are a variety of features that make Soutron’s library management system the ideal records management platform for nearly any organisation.

  • Entries of all types can be easily added, including audio, video, photos, PDFs or any other file type
  • Access can be strictly controlled
  • The records are stored in the cloud, meaning employees or organisation members/contributors anywhere in the world can access the records at any time
  • With cloud storage and backup of all files and records
  • Library management systems can incorporate complex tagging capabilities and the establishment of hierarchical relationships to improve searchability
  • Content in text based documents stored in a Soutron library management systems is searchable
  • Facet search filters and enhancements, like date sliders, make it easy for searchers to quickly find the records they’re seeking
  • It’s easy for employees or records managers to add new entries

Why Is Search So Important for Effective Records Management?

A lack of organisation or searchability is likely one of the most common complaints business owners and employees have about their own internal records management system. Many businesses still rely on things like file cabinets, external hard drives or shared drop boxes for storing and safeguarding records. Those types of record storage solutions often aren’t thoughtfully organised, making it difficult to quickly pull up a specific record when the need arises.

A platform like Soutron’s library management systems can store records going back years or decades if your business has them. If some need arises, like requiring the details of a specific contract from decades in the past, searchers using Soutron’s library management system can tweak search parameters and find it in seconds. Employees can even search every document in their library for a specific name, keyword or date and pull up every relevant record in an instant.

The combination of a highly efficient search and rich document metadata makes library management systems a truly valuable tool for any records management needs.

Find Out if Soutron Is the Best Records Management System for Your Organisation

You can learn more about Soutron’s Library Management System by browsing our website, or schedule a demo to see the platform in action.