Record and Its Types

A record Is the collected information concerned with activities of an organization. It acts as basis for present and future organizational activities. Record is the pool of information created and received in an organization which is kept in written or digital form for future reference. It has significance in planning, decision making, communicating, co-ordinating, supervising, monitoring and controlling. All types of record are important and valuable for an organization. In this context, different types of record have been discussed below:

On the Basis of Nature

• Correspondence  Record : Correspondence is the written form of communication within and outside of an organization. It is essential to maintain record of such correspondence for future reference and further communication. It includes letters, circulars, notices, agreeements, memos etc.
• Legal Record : Different legal requirements and provisions have to be fulfilled by an organization. The record of which have to be maintained to handle legal affairs and aspects of the organization. Documents like memorandum of association, article of association, government rules and regulations, acts, contracts etc.
• Financial Record : An organization has numerous financial and monetary transactions. These are relevant to know the profitability and financial position of the organization. Such record includes bills, journals, cash receipts, ledgers, trial balance, income statements, balance sheets, cash flow statements, profit and loss accounts etc.
• HR Record : This includes record related to employees  or human resource of an organization. Such record have relevance in terms of employee training, employee development, human resource planning and formulation of human resource strategies. HR record includes personal details of employees, their transfers, promotions, rewards, punishments, evaluation etc.

On the Basis of Retention

• Very Important Record : Such record which have nature of permanency and have to be kept throughout the existence period of the organization is called very important record. Documents like registration certificate, memorandum of association. Article of association, national and international treaties, border map, property documents etc.
• Important Record : Important record is concerned with general administration and financial administration of an organization. Generally, important record is kept for period of 5 to 10 years based on their requirements. This include bills, receipts, vouchers, account payables, contracts, tenders, quotations etc.
• Useful Record : Useful record have relevance or usefulness for short period of time. Based on the importance, such record is kept for 1 to 5 years. Notices, circulars, general letters, inter office correspondence etc. fall under important record.
• Unuseful  Record: The record which become valueless immediately after its use is called unuseful record. Normally, such record is disposed after its use. Letter of enquiry, invitation letter, general notice, greeting cards etc. are included under unuseful record.

What is Record Management?

A record Is the memory of facts, figures, and information kept for future reference. It is information in different forms created, received, and maintained by an individual or an organization for evidence in the future. Organizational functions such as decision making, service rendering, and formulation of strategies or policies are performed with the help of such records. Office records could be in the form of correspondence, contracts, agreements, circulars, accounts, reports, invoices, vouchers, price lists, meeting minutes, tapes, microfilms, catalogs, cost analysis statements, firm registration documents, property documents, etc.

Record management is the systematic process of managing a record during its entire life cycle.  This involves different activities performed to manage records from their creation to disposal. In other words, record management is the art of arranging records from the time of their creation, use, and disposal in an office. It is a comprehensive activity that involvesthe creation of a record, its storage, its proper and efficient use, and finally its disposal. Good record management is required to meet legal obligations and survive sustainably in a throat-cutting competitive business environment. In any office, record management should be accurate, simple, flexible, convenient, and economical. Record management helps to increase office efficiency in planning, decision making, and operation by providing actual and factual information. It is also helpful in minimizing errors and prevents fraud to ensure the organization runs on the right track of progress. It supports as an evidenced mechanism in case of legal disputes in the future.

Key Definitions

Defined By	Definition
Little field and Peterson	“Record management includes forms, reports, reproduction of written materials, filing, records retention, microfilming and related services”
Patricia Faulhaber	“Records management addresses three-phase of the life cycle of records- (i) the creation or the receipt of a record: (ii) the maintenance, safe storage, retrieval, or general use of a record: and (iii) the disposal of a record”

From the above discussion and definitions:

• Record management can be understood as a system and art of managing records over its life cycle.
• It is concerned with creating, receiving, storing, availing, and disposing of records.
• It is the process of safely keeping the records in the office and ensuring they can be used or referred at the time of necessity.

Importance or Objectives of Record Management

Record management is concerned with managing different official records over their life cycle. It is of high significance to perform different functions or activities in an office. It is regarded as the backbone of office management. The objective or importance or role of record management has been discussed below:

1. Protect Records: Record management helps to keep all kinds of records in a systematic, scientific and safe manner. Office records are in the forms of letters, reports, catalogs, price lists, cost analysis statements, vouchers, bills, receipts, etc. which are of importance in present as well as in the future. Record management helps to keep such records safely by using different techniques and protect them for the long term.
2. Provides Legal Evidence: Record management protects and preserves records for a long time. Such protected records can be presented as evidence to settle disputes and misunderstandings in a legal way. The records are to be preserved for a certain duration as specified by law.
3. Detects Error: Record management helps in detecting errors related to duplication, misfiling, misplacement, etc. This helps in the prevention of fraud. For this, the record management has to be reliable, relevant, complete, and up to date.
4. Facilitates Comparision: Record management ensures the availability of records whenever needed for making various comparisons. Such comparisons could be between periods, product lines, external competitors, etc. Such comparison helps in formulating necessary strategies and policies in a competitive business environment.
5. Ensures Rapidity: Good record management ensures rapidity in office works. All the required records can be easily accessed and used under such record management. This brings efficiency and rapidity in carrying multiple office functions or activities.
6. Helps in Decision Making: Record management contributes immensely to decision-making. No decision can be made without referring to experience or conducts inthe same or similar situations. Records provide the necessary information, direction, and guideline for the future course for which decision has to be made.
7. Improves Efficiency: The record management system makes quick availability of necessary records during office operation. This helps in getting accurate and reliable information for official works. Such availability, reliability, and accuracy of information improve the efficiency of office operation.
8. Serves as Barometer of Progress: A systematic record management serves as a barometer of the progress of an organization. The true status and progress of the organization can be evaluated through up-to-date, reliable, and complete records regarding various aspects of organizational operation.
9. Future Reference: Office records are systematically and scientifically maintained using different techniques. Such records can be referred to in the future. Record reference is needed at the time of planning, decision making, controlling, conflict management, supplier disputes, court cases, etc.