Record and Information Management - Essay Example

Record and Information Management Name Tutor Institution @2010 Record and Information Management Introduction Information is a very key strategic asset to any business enterprise. Being essential as it is raises the need for it to be sufficiently documented and archived. No firm can allude of success if not in the business of ensuring better custody of the information at its disposal. Legally, information that relates to a given corporation ought to be well copyrighted and trademarked if possible (Blair 2009). It is a worthwhile effort in the quest for defining a niche in the market at all times. This paper will, therefore, endeavor to describe the various types of information with their accorded attributes. In addition, it shall dispel the need for a good and efficient record keeping system, the possible benefits if well implemented and the consequences of its absence. In this effort, the role of the organizational management in the information handling shall be brought forth in a bid to reveal the relationship that coexists between information management, corporate risk and governance and the role of legal compliance as a whole. A distinction between information and other assets shall also be outlined. Types of information Information, as it is well known, coexists in three main categories as explained below. Firstly is the Strategic information which is information that relates to the firm holistically. It enables the firm in defining itself in the whole market. It also correlates the firm to the vast competitive world of business. The performance of the business forms a basis for this information. Any strategic acquisitions as well as disposals are also respectively considered. This is the kind of information that is usually passed over to the respective external stakeholders. Secondly, there is the tactical information. This information is utilized within the organization and mainly for its high level and technical expansion as well as goodwill with the staff. It aids in communicating from one department to another and facilitates the good and highly sought relationship together with the internal; peaceful coexistence. The mid-level managers are with full jurisdiction to this kind of information. The methodologies that are put to task in the recruitment, training and motivation of the workers form a good chunk of this category. Finally, is the operational information. This is the lowest kind of communication within an organization. It is the final point at which the relevant corporate information is to be acted upon. Furthermore, this is exactly where all the information finds actual application as well as practicability. The operational phase of information involves the dissemination of information from low level managers to the workers themselves. They receive final instructions as understood by the supervisors alongside the other operational heads in the confinement of the numerous departments within the organization. Need for recording With such a clear understanding of the flow of information from when it is conceived to when it is actually put to task, its safeguard gets to be paramount and significant. As such an understanding of the various modes of safeguarding it comes in handy and thus, should be advocated for. However, for the information to be accountably kept for future referencing, it must be documented. On having recorded the information in a reliable manner, the organization through its capable management team ought to choose and utilize an information system that is suitable (Charan 2005). The mode of keeping the documents is arrived at from the wide variety at the disposal of the company. This could either be electronic or manual and should be consistently applied throughout the firm’s being and existence. As per the South Australian government, an adequate record management framework comprises worthy standards, guidelines, strategies, policies, toolkits and practices (Myburgh 2008). These are mainly minimum prescriptive requirements for both agencies and numerous authorities. A good record keeping method has the following key objectives. First, there is timely capture, creation and disposal of official information and an assured access to the certified records as and when needed. Second, there is reduced loss, and misplacement, of the safeguarded records. Third is the easy accessibility to the records when need arises. Fourth, there is improved implementation of actual management reporting mechanisms and an ensured record planning and management; thus, assured reliability. Fifth and lastly, this provides a reliable source of communication in the subsequent times and a timely basis for what step to be taken to spur the firm to greater heights. At all times, an adequate assessment is to be carried out before arriving at the record keeping system. This is to ensure that all the unanswered queries are put under due scrutiny for an accorded response as well as consideration. If the strategies with the policies under consideration for application are found to be in contravention of the generally accepted provisions, then necessary steps are taken to correct this. Benefits of a good recordkeeping framework Having carried out the necessary control measures, and set up the most convenient record keeping framework for the prevalent information system, there are a number of expected and anticipated benefits as analysis hereafter. Firstly, there is an improved organizational leadership and delivery of the approved services. This shall resonate into better accountability and productivity for the firm as a whole. Secondly, there is the accurate informational dissemination within the entire organization structure; as well as its implementation within the firm. Thirdly, an enhanced aptitude to meeting both societal expectations and corporate social responsibility as a whole will be duly realized. Fourthly, there results a reliable and improved customer satisfaction. This works in bringing into being superior corporate operational governance. Fifthly, an elaborate and informed decision making, policy making and strategic planning for advanced service delivery in the quest for better corporate image becomes substantial. Finally, there arises a worthwhile corporate governance and risk management which wholesomely redirects the firms into profitability. Consequences for bad recordkeeping Without a good information base, the corporation will lose its competitive edge against its rivals and competitors. Chase (2007) stipulates some of the results to the firm as expounded here below. In the forefront is the embarrassment for the organization especially where it is unable to justify its various plans of action. Every decision that is taken by an organization should be backed up by reliable information. If this information is lacking, the results may be disastrous especially if the company or business venture is in the public domain as per its code of operation. In addition to that, unnecessary penalties in court litigations against the firm will be inevitable. This becomes the case when the corporation is not able to defend itself due to lack of tangible information that could have acted as the required proof. Moreover, the firm will be engaged in pointless meeting of redundant costs in the course of business. When a decision is to be taken that is of the nature as to affect the business’ overall outlook, and then the information to be relied upon should be one that is up to date. It becomes even more worrying in cases where it is missing! This only suggests that most of the decisions that shall be made shall be based on gut feeling and not on the prevailing evident facts of operation. Further to this, the staff as well as most of the other corporate stakeholders shall always be in the dark as to the progress of the company. Also, they shall continually be in the dark even in their daily course of dealings. They will not really know what is affecting their source of livelihood as well as their mode of operation. In addition they will be unable to justify any code of action that is taken by the management. Conclusively, there shall be an inability to keep up with the prevailing knowledge base. Since the firm is not able to capture the up to date information including the outgoing records, the current pricing trends and market standings. This renders the loss of company information a consequent reality. Definitely, this works against the progress of the firm in entirety. Discussion Information management refers to the appropriate and reliably sufficient safe keeping of information for both current and future utility. It involves the documentation and secure storage of the corporate information at all times. Corporate risk, on the other hand, is that chance taken by an organization as a whole in seeing the materialization of a given strategy. It is usually a matter of probability. Corporate governance refers to the kind of forthright administration of the corporation as a whole with regard to its resources and unexploited potentials (Monks & Minow 2008). Information management is a decision that is taken by the firm in the light of seeing the realization of all the aforementioned benefits. However, this not being guarantee, it becomes a corporate gamble that only rests on chance and probability. Given the uncertainty of the whole matter, appropriate governance ought to be institute so as not to incur unprecedented yet avoidable losses. Therefore the three are closely related in that one gives rise to the need of another. Given that records are the basis of conformity to the laid down legislations for assured success in the current highly competitive global set up, their embracing and utilization should be enhanced and duly put to task. The records are not only relevant for the companies and organizations but even to individuals including the employees (McLean 2009). The keeping of the records ensures that one is not by-passed by the currently prevailing information base. A good and effective record keeping methodology should, thus, be as per the stipulated generally accepted principles of record keeping. Some of these core principles include accountability, compliance, protection, availability, disposition, integrity and transparency. These principles profoundly ensure the correct use of the available information as a strategic asset in reinforcing the organization’s key and most significant endeavors like planning and budgeting. Modern record management is mainly involved with business processes but with an electronic touch. This has focused on the handling of the many novel ideologies in this explosive era of information expansion and growth. The paper based record framework is being alarmingly phased out. For a good records and information management to become a success story, adequate skills are instrumental. Some of these skills include effective communication, a tangibly useful personality, good information technology comprehension, project management and business analysis (Read & Ginn 2006). The records manager ought to be tenacious enough, with initiative, an outstanding confidence and of utmost honesty to ensure release of reliable information with the base of truth. In the course of managing information, accountability usually becomes frail commodity, yet it is very significant. All the efforts that are put forth in the custody of the information are to enhance the level of reliability of the information and thus, accountability on the part of the organization. This in turn allows the users of the information to depend on the information for utmost and key decisions. Legal compliance and best practice go a long way into reinforcing the realization of this solid quality for both the company and the information as a commodity (Tricker 2009). The latter prevent any inability to back up the practice in use for managing the information. With the increasingly changing technological base in information and communication, the informational trend has become very unpredictable. Several issues have arisen with time over the potential effects of this uprising in the technological era to the way communication; work and law will be carried out (Adam 2007). This raises the need for education of the potential take-up breed of individuals for readiness into curbing this need for sustainability within the highly volatile ICT environment. Information is a strategic asset to the business as a whole. As opposed to other most assets, it is intangible. Its custody is to be done skillfully as it portrays the image of the firm to the outside world. If poorly managed and loosely handled, anything could result which would threaten the perpetuity of the company’s operations. However, both these classes of assets lead to the being of the business. All the assets contribute to the firm’s profitability and continuity; and thus require due consideration in their handling. Conclusion Information, as has been portrayed, is a very significant asset to the organization as a whole. The way it is treated and even safeguarded really speaks volumes in the way the company shall fair on thereon. All the aforementioned evidence contravenes the Chief Information Officer’s opinion that need for Records and Information Management (RIM) should not be equally economically scrutinized. The information management system that is put to use should, suitably, be reflective of the laid down basis of a good system so that all the benefits can become a reality of the firm. In addition, the business will gain a competitive advantage over and above the other firms in the line of trading as expounded by Charan (2005). This will only work together into restoring the company into profitability. It is thus, factual enough that the case for RIM is significant enough and cannot be said otherwise as laid forth by the information boss. Thus, information should be well handled despite the changing times and technological trends.   References Adam, A 2007, Implementing Electronic Document and Record Management Systems. Blair, B 2009, Information Nation: Seven Keys to Information Management Compliance. Charan, R 2005, Boards That Deliver: Advancing Corporate Governance From Compliance to Competitive Advantage. Chase, SR 2007, Record Keeping. McLean, T 2009, Household Property Inventory Workbook: A Must Have Record Keeping System! Monks, RA & Minow, N 2008, Corporate Governance. Myburgh, S 2008 ‘Recordkeeping and the Paradigm Shift it Has to Have’, Information & Records Management Annual 2008, vol. 1, no. 16, viewed 13 March 2010, Read, J & Ginn, L 2006, Records Management. Stewart, JR 2000, Professional Records And Information Management Student Edition. Tricker, RI 2009, Corporate Governance: Principles, Policies and Practices. Read More