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Published by 2022970517, 2022-07-15 09:11:19

IMR 652: E-MAGAZINE

E-MAGAZINE REGARDING BUSINESS RECORDS MANAGEMENT.

Keywords: IMR652,E-MAGAZINE

July 2022

Do business
records
management
affect
business
growth?
Record and
Information
Management
(RIM) in SMEs

Record and Information 1-5
Management (RIM) in SMEs




Document Management

Practices in SMEs - Information 7-9

Management Capability-Based

Approach




Do business records

management affect business 11-14

growth?




The Role of Records Management

in SMMEs in South Africa and Its 16

Implications for Business

Sustainability




Helping SMEs Rise to Challenges 17

Posed by the Covid-19 Pandemic




3 Benefits of Records 18
Management for Businesses




Why should business records 19
management be prioritized?




Implementation of ISO 15489 21-24








TABLE OF






CONT


ENTS

Introducing
our
Editor’s

Ezuayanti a/p Dino
Editor-in-Chief


Nurul Athirah Nursyazatul
bt Abdul Rahim
Athirah bt Hisham
Columnist
Columnist

Nur Fatini Aqilah
Columnist


Siti Norasyidah
Bt Zulkiffli
Columnist

SRM&IMEs

Record and Information Management (RIM)

RIM or known as Records and Creating and implementing a system are involved in RIM
Information Management is business to direct and control the life cycle of records from their
records in a corporation area that creation until they are destroyed or archived.
involves the administration during The life cycle steps in the records management system
their life cycle. Moreover, a record is include:
documentation of a business event.
Creation - The first creation of records in any other
A comprehensive RIM program form of documentation in business events.
should include: Storage and Management - Electronic management
Record Storage, Records systems are used to manage hard-copy storage or
retention and disposal, digital files.
Compliance with laws and Maintenance and Tracking - Records that still have
regulations, and Management value and are essential are stored and managed,
of active and inactive records. meanwhile, records that are outdated or unneeded will
be disposed of.
- Read and Ginn (2008) Destruction and Disposal - When a records retention
period has ended, they will be disposed of since they
are no longer needed in the RIM program.

BUSINESSOOZE www.businessooze.com    |   1

Small and Medium-sized Enterprises
(SMEs)

Why SMEs is important?

SMEs are essential in every country because they manage
and maintain a country’s economy. They are a huge
innovative system and attractive. Besides that, SMEs sector is
considered an area of strategic interest in an economy. it
gives a beneficial effect on economics. It will help the business
organization become successful and increase the economy in
each country.

Besides that, SMEs bring competition between enterprises
regarding the price of the products, the design, and the
efficiency of the products. All enterprises will hold a monopoly
in their activities if SMEs do not exist to assist the enterprise.
Every enterprise needs SMEs to help their business to become
better and more successful.

Next, SMEs also provide and assists the companies to supply
better on their products and services operation. SMEs help the
enterprise efficiently manage the distribution of the finished
good material and supply raw material

BUSINESSOOZE "SMEs is a business with
numbers of employees,
revenues, and assets that fall
under a certain level. In
determining an SME are
differences between countries
and sometimes between

industries."



- Definition of SMEs

www.businessooze.com    |   2

RIM practices among 3 The enterprise has access
SMEs. controls to confidential
records. The enterprise can
1 The enterprise promotes and supports the view their own confidential
skills development of staff in records records and ensure that
management. Staff in the enterprise can the records are protected
improve their skills or gain new knowledge on and restricted based on
managing the records management of their the right on access.
enterprises.

2 There is proper planning for the 4 The organization has a developed
information needs of the enterprise.
The planning process provides the records storage plan, which includes
information top management needs
to make effective decisions about the short and long-term housing of
how to allocate the resources in a
way that will enable the organization paper-based records only. The
to reach its objectives. Productivity is
maximized and resources are not organization set periods of time that
wasted on projects with little chance
of success. certain types of information need to be

disposed of, making it important that

there’s a system in place for tracking

active records in order to stay

organized and compliant.

BUSINESSOOZE www.businessooze.com    |   3

1 SMEs lack information regarding 2 There is the problem of a lack of ICT
the benefits and costs of the and business skills that are
adoption of ICTs. SMEs do not have widespread impediments to SMEs'
many records and information that effective performance. They have
contain benefits and important poor ICT and business skills that
information. Besides that, to own an affect the SMEs' performance and it
ICTs adoption cost a lot of money, will also affect the RIM in SMEs
and some SMEs cannot afford it.

3 The availability of reliable internet

connections and other

communications services, preferably

broadband at competitive prices, also

affects the inclination of SMEs to

adopt ICTs. They have poor ICT and

business skills that affect the SMEs'

performance and it will also affect the

RIM in SMEs.

4 SMEs often lack the human and
financial resources needed for ICTs and
e-commerce. The human that is their
staff is not enough to manage the SMEs
and they also have a poor financial
recourse that is needed for the ICTs and
e-commerce to promote the business.

BUSINESSOOZE Challenges SMEs
face that directly and

indirectly affect RIM



www.businessooze.com    |   4

SMEs views on strategies to
improve on RIM among
SMEs.

SMEs should dominate in the SMEs should be
retention process. SMEs should
be upskill in managing encouraged to perceive
retention process and follow
the records retention policy, that records management
including a records retention
schedule and standard. as part of the company’s

internal audit process is

consistent, compliance,

and legal conditions are

reached to ensure

Next, SMEs managers should compliance with the

instruct their employees to regulation is followed.

ensure they aware and

understand their duties in

records management and

obligations. It is also to know

what is expected from them

on continuing basis. It will help

their business record "A compliant
RIM system
management be more needs to

effective and efficient. demonstrate
the key
Besides that, Selected staff
from agencies with statutory elements of
responsibility for records consistency,
among SMEs should have accountability,
basic analytical skills training. adoption, and
The staff should be exposed to accessibility.".
the training on how to
manage business records to
achieve the goals of
successful SMEs.

(Iron Mountain,
2005)

BUSINESSOOZE www.businessooze.com    |    5

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Document Management
Practices in SMEs

- By Nurul Athirah Sunday, 10 July 2022

This article aims to analyze document

management (DM) practices of small and

SMEs. A South American city's road freight

transport sector's information

management capabilities (IMC) were

measured using a survey-based

methodology. The main results of this

study show the barriers these businesses

face in (EDMS). In addition, the study

highlighted the commitment of top

management to invest in IMC

development.

BUSINESSOOZE Document Management

PRACTICES

DM includes a set of activities related to
production, handling, storage, and disposal of
documents. Documents are also relevant for
the success of the business, mainly because of
the information flows associated with product
flows in the supply chain, which need to be
managed efficiently. Document management
practices comprehend DM structures,
strategies, and issues. There are three levels to
measure document management, which are
personal, group, and enterprise. EDMS and
ERMS (electronic record management
systems) are being increasingly implemented
to manage documents and records of
companies.

www.businessooze.com    |   7

What are SMEs? July, 2022

The definition of a SMEs is small
and medium-sized enterprise, is
crucial for obtaining access to
financing and government benefits
designed especially for SME
companies. SMEs in Malaysia engage
in a variety of activities, including
services, manufacturing, agriculture,
construction, etc.

98.5 % of Malaysia's officially
registered enterprises are SMEs.
Malaysia is responsible for about
RM521.7 billion, or 38.3% of the
country's GDP (in 2018). Most major
SMEs businesses in Malaysia are
involved in 66.2% of all employment.

Top Organization

USE DEFINITIONS OF SMES IN MALAYSIA

The The organization that used the SMEs good !
definition of SMEs in Malaysia, which is
i) Bank Negara Malaysia (Central Bank
of Malaysia) – Financial Institutions, ii)
Lembaga Hasil Dalam Negeri (LDHN) –
Tax Authority, and iii) Ministry of
Human Resources. So, SMEs play a big
part in helping the Malaysian
economy grow, create jobs, and bring
in money as it moves forward.

BUSINESSOOZE www.businessooze.com    |   8

The impact www.businessooze.com    |   9
of SMEs

on the World Economy

Compared to the global industrial
sector, SMEs have seen faster
development in recent years. The
ability of the SME sector to create
jobs with little capital investment is
its main benefit.

By evolving and improving in
response to changing
circumstances, SMEs serve as a
barrier against unemployment. The
overall state of the numerous SMEs in
the nation is strongly correlated with
the varied degrees of poverty,
hunger, and economic well-being of
society.

SMEs increase the tax base, spur
innovation, and generate many new
job opportunities. SMEs competitors
become more aggressive, which
drives up the market environment.
The strongest aspects of a business
are brought out by this continuous
strive for supremacy.

SMEs account for a significant part of
all businesses in practically every
country. More than 90% of SMEs
increase the employment rate in the
majority of emerging and developed
economies. SMEs continue to grow
and create new jobs even as large
industries grow and increase
employment, which implies that
bringing in new entrepreneurs
generates fresh innovations, skills,
and great ideas.

BUSINESSOOZE

TOP COMPANIES

ARE HIRING !

Download Now !

APPLICATION

PRIORITY PRIORITY

DO BUSINESS
RECORDS
MANAGEMENT
AFFECT BUSINESS
GROWTH?

By Nursyazatul Athirah

Increasing the Most developed countries' economies depend on the
number of small success of their small and medium-sized businesses
and medium-sized (SMEs). Small business operator units should make sure
enterprises (SMEs) to keep accurate and complete business records
will help grow the because they are important for making decisions . This
economy's directly can be made sure of by getting record-keeping training
productive sector, and hiring employees who are knowledgeable and
bring in money for professional. According to Ezejiofor, Olise, 60% of small
the government, and medium-sized enterprises (SMEs) still fail in their first
and help reduce five years. So, SMEs need to keep track of their operations
poverty through to make sure they grow and can stay in business in the
tax transfers, job long run.
income, and
business According to IRMT and WB, keeping good records is
ownership. important because it helps to keep track of government
decisions and activities, as well as those of other
organizations, and serves as a baseline against which
future decisions and activities can be judged.

Most business researchers know that SMEs are very important in many ways. Given how
important they are to the economy and the progress of countries, they have been called a
growth engine and a development-driven tool for the domestic economy. According to
Ghana Statistical Service, small businesses are those with less than ten employees.

BUSINESSOOZE www.businessooze.com    | 11

The position of the business
records management concept
in SMEs

R ecord keeping, which is also One of the main reasons why it will be hard
called documentation, is an to use accounting standards in developing
organizational function that is in countries is that the record-keeping
charge of managing information systems of small and medium-sized
from the time it is first created to businesses (SMEs) are not in good shape.
the time it is thrown away. Based on the information above, it makes
sense for entrepreneurs to keep and
Keeping records helps organizations make manage important records correctly
better decisions and come up with the right throughout the RM life cycle. This will allow
policies, which makes them more effective them to find internal and external problems
and efficient. More importantly, accurate and solve them properly and effectively, as
records help external auditors and tax well as use the records as tools for strategic
collectors, and one of the biggest mistakes planning to grow their businesses.
in financial management is not combining
accounting and records management Records are
systems, which leads to mistakes and the "information made,
loss of important information. received, and
preserved as evidence
and information by an
organization or person
in the course of legal
duties or the conduct of
business by Australian
Records Management
Standards

-United Nations
(UN)

BUSINESSOOZE www.businessooze.com    |   12

The need for SMEs E rnest says that records
to keep and manage management programmes help
records improve the usefulness of records
as a management memory that
keeps track of the hours,

equipment, and space given for

records. They also help make

intra-organizational and

communication problems easier

to solve by keeping records

organised and safe.

Most small and medium-sized
businesses have failed because
they didn't have good accounting
systems. Accounting systems are
important for figuring out how
profitable and growing a
business is. It needs to be
supported for the following
reasons: SMEs need an
accounting system that lets them
know at any time how much
money they are making or losing,
what their assets and liabilities
are, and how much they owe
other people. Practices for
keeping records can be taken
into account when making
business decisions and can be
used as a strategic way to help a
business grow and develop.

Davis, Dunn's research showed
again how important it is for state
agencies to keep good records
so they can plan their projects
well. Most of the time,
misappropriation of resources
happens because there aren't
enough records or data when
management needs them.

BUSINESSOOZE www.businessooze.com    |   13

Inadequate rules for records Challenging issues
management, difficulty in maintaining in records keeping
electronic records, problems with and management
standard compliance, inadequate
personnel and professionalism, and www.businessooze.com    |   14
inadequate record disposal and retention
are all important difficulties. More research
shows that SMEs have trouble keeping
good records because they do not know
enough about how to do it, do not have
enough education, cannot afford to hire
professional accountants, or try to
remember everything.

Also, it goes without saying that keeping
records is important in the SME sector. But
it has been found that a large number of
these SMEs do not keep any records at all.
There are many reasons why things are
the way they are. More so, Kyobe and
Molai describe some of the biggest
problems with managing records. These
problems have to do with policy issues,
following laws and rules, the type of
records kept and how they are used,
where they are kept, the accountability
and responsibility of users, and the type of
data kept and how it is used. Even though
SMEs face other problems, keeping good
records has been cited as a key to their
success many times.

Many small and medium-sized businesses
(SMEs) failed because the owners and
managers did not keep good records and
could not make important decisions in a
timely manner. Some people do not
understand why some business owners do
not know how much money they have. It
seems that entrepreneurs often forget how
important keeping records is for making
decisions, growing, and developing a
business. Most business owners have no
idea how important it is to keep records.

BUSINESSOOZE

20 JULY 2022
9AM-6PM
Putra World Trade
Centre (PWTC)

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JOB
VACANCY

- By Nur Fatini Aqilah

Due to a lack of RM classification The SMMEs acknowledged that RM is
essential to the viability of their
because of lack of business RM training, businesses, but they lamented their lack
the owners were unable to create and of knowledge and expertise in putting
monitor sales, purchases, and records management methods into
inventories RM. Lack of records effect. The study suggests emphasizing
management procedures may have the value of records classification and
made it more difficult for them to assisting SMMEs in differentiating
enhance returns on investments and between physical and mental records
track business success. However, the management infrastructures during RM
SMMEs demonstrated that RM is training.
pertinent to their industry, and the
results demonstrated that the SMMEs In order to track business performance
understood the value of RM in and provide agile documentation, SMMEs
enhancing their operational efficiency. must assure and enhance RM procedures
of money flow. Through Small Enterprise
The majority of SMMEs understood how Development Agency (SEDA), or the
critical RM was to the viability of their Enterprise Development Agency small
businesses, but they lacked the skills enterprises, as well as designing and
necessary to establish, oversee, and execution of the RM system appropriate
maintain business RM. When SMMEs for heterogeneity of SMMEs.
seek loans, business risk management
(RM) frequently collects cash flows and
credit records that banks may use as a
gauge of the SMMEs' creditworthiness.
The SMMEs did not, however, yet have
RM in place to support their financial
and accounting RM.

BUSINESSOOZE www.businessooze.com    |   16

Helping SMEs Rise
to Challenges
Posed by the
Covid-19 Pandemic

- By Nur Fatini Aqilah

A lthough a crisis may bring difficult The creation and implementation of
problems, it may also give SMEs and targeted financial help have been made
entrepreneurs new chances. Many to lessen the effect of the Covid-19
inventive and successful companies epidemic on SMEs. These assistance
have come out of difficult times. In other programs include, among other things,
words, economic crises frequently tax reductions, employment-related
include intensified reorganization, which policies, and economic stimulus
might ultimately make an economy programs. Credit guarantees might
stronger and more robust. reduce the cost of financing or
borrowing, which is believed to
Businesses in the retail, manufacturing, encourage investments.
and service sectors are being forced by
the Covid-19 epidemic to rethink and To increase local businesses'
restructure their business models since competitiveness in the global market
some of them may become obsolete in during the pandemic, it is crucial to
the future given the rise of the digital further integrate them into the global
economy. For SMEs, the crisis offers a value and supply chains. Like other FTAs,
chance to develop or advance their the Regional Comprehensive Economic
digital business strategy. The Covid-19 Partnership (RCEP) provides its
epidemic is driving more customers members with a market that is
online and speeding up the adoption of consolidated and has simplified rules of
e-commerce, necessitating more SME's origin, which will increase trade and
digital adaption. By embracing digital, investment among the participating
SMEs will be better equipped to maintain nations and boost regional value chain
their current clientele while leveraging activities.
new alliances and fostering a culture of
mutual support and trust. www.businessooze.com    |   17

BUSINESSOOZE

Benefits of
Records
Management

3 for Businesses
- By Nur Fatini Aqilah

1. Effective Retrieval of Records

RIM accounts for the speedy retrieval of
the materials by indexing and
categorizing the papers, making them
accessible, and cutting down on
employee search times.

2. Enables Regulatory Compliance

The rules and regulations like HIPAA,

FACTA, and the HITECH Act are critical

for businesses to have a well-organized

records management system.

Regardless of the records management

system paper-based or electronic is

vital to track records at every stage of

their existence as proof of their

presence.

3. Enables Business Continuity

An effective RIM program must include
safeguarding the business assets. Each
organization component benefits from
the information.

BUSINESSOOZE www.businessooze.com    |   18

The business records system is one of the The organization and operation of the
most material and strategic assets
accordingly, it should be organized and business records management system
managed timely and comprehensively
for being taken advantage of and used in an enterprise must conform to the
as a supportive basis for management
and decision-making. organizational structure, operational

Business records system plays a vital role processes and administrative
in integrating and inheriting knowledge
through generations of people in charge, requirements, comply with laws, ensure
identifying, preventing, and managing
risks and inefficiencies. information confidentially, and protect

Business records mandatory compliance against abusive acts and conflicts of
procedures according to requirements of
the competent state agency. interest.

BUSINESSOOZE Business records management will be
dependent but mandate that everyone
carry out their tasks in accordance with
the established guidelines. It actively
integrates and controls all information
and materials in any circumstance. An
enterprise is an entity that operates
independently and continuously for a
long period of time.

www.businessooze.com    |   19

JOB VACANCY:

REGISTRY AND RECORDS MANAGER

The position holder will be in charge of managing the physical and electronic records
management for the Fund.



To apply, submit copies of your academic transcripts, a cover letter, and a full CV to
[email protected].

Deadline: Monday 22nd December 2022

IMPLEMENTATION
OF ISO 15489

ISO 15489 and Records Management

Principle

WHAT IS ISO
- BY SITI NORASYIDAH
15489 ?

ISO 15489 IS a voluntary code of

practice which offers guidance on

how to implement record

management principles and

practices in organizations.

ADD-ON...

Published in 2001 as the first global
standard for record management.

the first standard that specifically
provides an outline for
comprehensive assessment of full
and partial records management
programs which was adopted in
more than 50 countries and
translated to over 15 languages.

A revised version of ISO 15489 was
issued in 2016 after 3 years of review
and consultation.

It acts as guidance towards
electronic record keeping and
embedded organizational retention
of information, knowledge and
records.

BUSINESSOOZE www.businessooze.com    |   21

MORE ABOUT - BY SITI NORASYIDAH
ISO 15489

ISO 15489 defined record which as
information created, received and
maintained as evidence and information
by an organization or person, in
pursuance of legal obligations or in the
transaction of business.

ISO 15489 is a management of business
records international standards that
consists of 2 parts:

Part 1 : Concepts and principles This part can be applied to the creation,
capture and management of records
ISO 15489 part 1 or ISO 15489-1:2016 defines regardless of structure or form, types of
the concept and principle. This is which business or technological environment.
approaches to the creation, capture and
management of records are developed. Part 2 : Guidelines
In part 1, it describes concepts and
principles relating to : ISO 15489 part 2 or ISO 15489-2:2016 is the
part where the guidance and guideline are
Records, metadata for records and given.
records systems
policies, assigned responsibilities, The guidance covers :
monitoring and training supporting the Preliminary
effective management of records Proposal
recurrent analysis of business context Committee
and the identification of records Enquiry
requirements Approval
records controls Publication
processes for creating, capturing and Review
managing records. Withdrawal

BUSINESSOOZE www.businessooze.com    |   22

What is Records
Management Principle ?

There are about 7 different list of
Records Management' Principle. Below
are the 7 principle listed:

01. Principle of Purpose 03. Principle of Classification

Purpose of records should be clear All records should be
and suitable for an organization
while maintaining the record. A classified on the basis of
record that is kept without clear
and suitable purpose should be the nature of documents as
disposed of as it was a waste of
time, labor and financial source. a proper classification

02. Principle of Verification needed in order to avoid

Evidence for all documents which any confusion to occur.
are preserved in an office is a
must. The documents will lose Proper classification will
their value as a proof in court if
verification cannot take place. also aid in business

performance proper

evaluation.

04. Principle of Reasonable Cost

Cost factor is one of the

essential factors that should

be considered. In regards to

that, valuable information

should be recorded

systematically while

disposal of useless

information should be done

in order to be able to

efficiently record keeping

with an optimum cost.

- BY SITI NORASYIDAH

BUSINESSOOZE www.businessooze.com    |   23

BUSINESSOOZE 05. Principle of Elasticity

Elasticity in the capacity
should be in the process of
record management which
refers to the capability of
being able to be expanded
and contracted according to
the requirement.

06. Principle of Retention Records

To preserve the required
document for future reference
is the main goals of record
management. In order to abide
by it, records should be
preserved according to their
importance and value. Thus,
disposal is a must for
unnecessary documents.

07. Principle of Availability

Records should be protected
and easily available by any
means when a specific
information is required as to
fulfill the record preservation
for future reference goals. If
the records are not available in
the current time, the records
are useless.

- BY SITI NORASYIDAH

www.businessooze.com    |   24

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