Records and information are vital for any business success and growth. In the absence of a proper records management system, the essential data can get lost in the vast sea of information. This means you will be unable to locate the exact records at the time of need. So, to keep the records properly organized and accessible, you need a good records management system.
Records Retention is an important part of records and information management (RIM) and the records life cycle. It refers to the span of time for which a particular information should be retained or maintained, irrespective of its format (electronic, paper or any other).
So, for how long can the records be retained?
The retention period may differ depending on the type of information to be retained, the kind of content and several other factors such as:
- Internal organizational requirements
- Involvement in litigation
- Legal statutes of restriction
- Regulatory needs for inspection or audit
- Taxation and financial reporting requirements
Besides the above-mentioned factors, the retention period may also vary depending upon other regional, state, local, national and international entities.
After an applicable retention period for any series or type of information has expired, and all the moratoriums or holds have been released, the information is usually destroyed with the help of an approved destruction method. Thereafter, the information becomes completely unusable or irreversibly. Any information that contains historical value may be sent to an archive organization to be preserved for extended long term duration.
If you are looking for an effective records retention system then checkout this blog that talks about starter kit for records retention schedule. It offers a useful system to automatically control records workflow that includes targeted searches, end-user filing, destruction/ disposition with audit trail. The starter kit provides you one-stop option for managing your diverse electronic and physical records.
The 90-day starter kit trial will give you access to Eloquent Records. After the 90-day trial experience, you have the option to upgrade to the full production version of Eloquent Records. You may run the software in the Eloquent Cloud server or your own server.
The starter kit will allow you to decide upon the Retention Schedule and Classification Scheme, so that it becomes available to the users for comment and review. You can create a sample of records with folders, boxes and documents.
If you would like to find out more about Eloquent Records or get a free demo of the starter kit, you can contact then using the Contact Us information in the website.