Organisations employ a set of procedures known as document management to collect, store, and track DOCUMENTS in either paper or electronic format. While the effective regulation of the creation, reception, maintenance, use, and disposition of records falls under the purview of the management discipline of records management.

Management of documents and records are two distinct strategies utilised in businesses either alone or jointly to accomplish a certain business goal. You should be aware at this point that records and documents are two different things. Continue reading this article to learn more about Document Management vs Records Management.

Organisations can use RM to help them adhere to various regulatory standards. Reducing legal risks and enhancing governance are made possible by GDPR and HIPPA compliance.

Employing an RM system will enable firms to automate retention procedures, assisting in avoiding fines and penalties related to data that have expired.

The purpose of document management is to increase productivity and efficiency. Organisations can use the system’s capabilities to manage a document’s whole lifecycle, from creation to completion.

What is Document Management?

To capture, store, and track documents in paper or electronic format, companies should adhere to a set of best practices called document management.

It enables full control over a document’s lifespan, from creation to final archiving.

The following list provides a succinct summary of document management system primary goals:

• Permit a quick and simple approach to find papers.
• Reduce the use of paper documents and switch to using electronic ones.
• Cost savings and higher productivity.
• Streamline processes for information and work.
• Reduced physical storage requirements.

There are many advantages to using a DMS in your business, including

1. Track and view document versions with version control. The user can choose which versions are currently active.
2. Check-in & Check-out: Locking the document ensures that modifications won’t be undone, and submitting changes will result in new versions.
3. Quick Documents Recovery: We can quickly find a document using full-text search & document metadata search.
4. Real-Time Collaboration: A top-notch system will make it simple for your staff to share documents (internally and externally) and offers extensive collaboration features in addition to annotations, stamps, and signatures.
5. Audit Trail: Keep track of all modifications and actions made to a document.
6. Flexible & Robust Security: This will give users the ability to specify more granular security settings and control document access by user groups.

What is Records Management?

RM is a branch of management tasked with effectively and methodically managing the development, reception, upkeep, use, and disposal of records, as well as the procedures for gathering and preserving data on business transactions and activities in the form of records.

A record is regarded as proof of certain incidents that happened within an organisation (purchase order, contract approval, correspondence).

Though not all documents will, a document has the potential to become a record.

• Control the creation of records.
• efficient record retrieval and disposal.
• Safeguard documents that are essential to business operations.
• Eliminate fines and penalties by making sure all laws and regulations are followed.
• Disposal of records automatically according to the retention schedule.
• Reduce the price of storage space in physical terms.
• Reduce manual labour so that workers can focus on more crucial duties.

Conclusion

Any firm should use both methods as a matter of course, especially in the age of digital transformation. The majority of DMS and ECM solutions on the market today support all RM standards.

A DMS like dox2U makes sense if you’re seeking for a solution that will let you handle multiple concerns at once. It can assist you in maintaining records while providing you with additional DMS features and advantages. While dox2U has a lifetime free plan tailored for smaller teams, we can attest to its quality. Get a free dox2U Workspace right away by clicking here!