FACULTY OF INFORMATION MANAGEMENT BACHELOR OF INFORMATION (HONS.) INFORMATION SYSTEM MANAGEMENT (IM245) MANAGEMENT OF BUSINESS RECORDS (IMR652) GROUP PROJECT: BUSINESS RECORDS MANAGEMENT E-MAGAZINE PREPARED BY: NUR AIMI ATIRAH BINTI ABDUL MALIK (2020872672) NORNADIA FAQIANI BINTI MAT JAEH (2020862728) NURUL MUNIROH BINTI MUHAMAD (2020627458) NUR AZRIN ASYIQIN BINTI MOHD SEDI (2020846668) SITI UBAIDAH BINTI MOHD ZAINI (2020862702) GROUP: D1IM2455A PREPARED FOR: MADAM NOOR ARINA BINTI MD ARIFFIN SUBMISSION DATE: 25 JANUARY 2023
T Y P E S O F B U S I N E S S RE C ORD S MA N A G EME N T S I T I U B A I D A H B I N T I MO H D Z A I N I RE C ORD S CHALLENGES OF BUSINESS RECORDS MANAGEMENT NURUL MUNIROH BINTI MUHAMAD HOW TO IMPROVE BUSINESS RECORDS MANAGEMENT NORNADIA FAQIANI BINT MAT JAEH BUSINESS CONTINUITY PLAN NUR AIMI ATIRAH BINTI ABDUL MALIK BUSINESS MA N A G EME N T EDITION JANUARY 2023 IMPORTANCE OF BUSINESS RECORDS MANAGEMENT NUR AZRIN ASYIQIN BINTI MOHD SEDI
Table of Contents 01 Author's Background 02 Types of BRM 03 Importance of BRM 04 Challenges of BRM 05 How to Improve BRM 06 Business Continuity Plan
I am a degree student in the Information System Management course in UITM Machang Kelantan and I am 23 years old in 2023. AUTHOR'S BACKGROUND Currently studying at UiTM Campus Machang. Majoring in Information System Management. SITI UBAIDAH BINTI MOHD ZAINI NORNADIA FAQIANI BINTI MAT JAEH " Work hard in silence, let success be your noise " Obstacles are the cost of greatness
Hello! I'm Aimi and currently studying at UiTM Kelantan, Machang as a student of Information Management. AUTHOR'S BACKGROUND NURUL MUNIROH BINTI MUHAMAD NUR AIMI ATIRAH BINTI ABDUL MALIK I a m 2 3 y e a r s o l d a n d w a s b o r n o n O c t o b e r 1 9 , 2 0 0 0 . I a m n o w e n r o l l e d a t t h e U i T M K e l a n t a n M a c h a n g C a m p u s . K e e p g e t t i n g u p , k e e p w o r k i n g , k e e p f i g h t i n g f o r w h a t y o u w a n t . An investment in knowledge pays the best interest.
AUTHOR'S BACKGROUND NUR AZRIN ASYIQIN BINTI MOHD SEDI I t u r n e d 2 3 y e a r s o l d o n M a r c h 2 5 , 2 0 0 0 . A t t h e m o m e n t , I ' m a s t u d e n t a t t h e U i T M K e l a n t a n M a c h a n g C a m p u s . " D i f f i c u l t r o a d s o f t e n l e a d t o b e a u t i f u l d e s t i n a t i o n s "
IMPORTANCE OF BUSINESS RECORD MANAGEMENT NUR AZRIN ASYIQIN BINTI MOHD SEDI PREPARED BY
A what is a records ? record is any document created or received in an office environment, and which supports an organization in conducting its business. The importance of records management lies in how it oversees the information that is created, received, maintained and disposed of (regardless of document format). In other words, records management is important because it ensures that important records are preserved and oversees records throughout their life cycle, including compliance with established retention procedures. Ultimately, leveraging records management is the best way to ensure records with historical, fiscal and legal implications are accurately identified and preserved, and non-essential records are disposed of as often as required by established guidelines. why is records management important ? Records whether paper or digital contain information created, produced, executed or received in connection with the activities of the transaction office, and are either stored permanently or temporarily (according to a predetermined retention schedule). Records are hard evidence of an agency's unique policies, procedures, and decisions, and often hold significant administrative, historical, and legal value.
A quality records management system can bring numerous benefits to your organization, from improved efficiency and faster retrieval, to enhanced workflows and minimized risks. The following are a few of the top reasons for your agency to invest in a records management system of its own, and start enjoying all the perks as soon as possible. IMPORTANCES OF EFFICIENT RECORDS MANAGEMENT Better workflow Better workflow In fact, most agencies don't analyze the time spent storing or searching for records, so it's hard to know how much time is wasted in the process. But when documents are stored on-site in overflowing file cabinets, there is no doubt that a lot of time is lost to find the relevant information. Worse, after the records have been retrieved, they eventually have to be refiled, which takes up extra time that could be better spent elsewhere in the office. Therefore, if an integrated and comprehensive records management system, the most important data and details of an agency can be easily accessed whenever the agency needs it. In turn, this promotes better work flow and improves the agency's organizational ability to conduct business in a timely manner and ensure service delivery to constituents. 01
02 Cost savings consider the amount of reports and e-mails an agency's business generates every day of all that information, there may be only a small percentage that is actually useful or that needs to be kept on file. In addition, handling records especially of the paper type requires a lot of time and money because of finding enough storage space and printing or filing all their physical forms. With proper records management, an agency can control the growth of its records and ensure it retains the most relevant or relevant data. In addition, digital records management offers significant cost savings by reducing an agency's storage fees and increasing the efficiency of their teams ie less time spent searching for lost or misplaced files. 03 Effective retrieval Information is only useful when it can be retrieved, if an agency cannot access their files when or as often as they need, there is almost no point in keeping them at all. But with an effective and accessible procurement system, the agency can make informed decisions overnight. Records management software not only makes document retrieval more streamlined, but it disposes of unwanted data so that their most important items can be used without hindrance. Additionally, with a cloud-based records management system, data can be shared and updated remotely rather than solely on premises. This level of retrieval capability allows managers or department heads to have all the information they need at their fingertips, and allows them to achieve smarter, more deliberate results over time.
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TYPE OF BUSINESS RECORDS PREPARED BY SITI UBAIDAH BINTI MOHD ZAINI
ADVERTISING The first type of business record is advertising. According to Yasmin Ghahremani, advertising is a marketing tool that allows you to communicate with potential customers about your products or services through paid channels. Advertising aims to build brand awareness, improve business image, increase engagement, and increase sales. Advertising records are created to promote goods and services to customers, such as market data or survey, artwork, brochures, and catalogs. This way, it will be easier for customers to see ads about your product again, and you can convince customers about your business, convince them that your product is the best, or motivate them to take action. B R O C H U R E S M A R K E T D A T A O R S U R V E Y
ACCOUNTING RECORDS The second is accounting records. It is used to show financial processes in business organizations. According to Kishana Citadelle, accounting records can be defined as accounting documents that start from the preparation of financial statements to their finalisation and are reviewed by audit parties. As we know, every organization will document all business transactions in accounting records. This is because accounting records are essential to ensuring that all business information, including information about income, equity, and expenses, is kept safe. These accounting records are important for monitoring the financial performance of your business, measuring your company's profitability over time, analyzing patterns to make better financial decisions, and determining whether you have enough capital to cover your expenses. Without all the accounting data, your records are incomplete, and the information provided is also inaccurate. Therefore, it is very important to keep all receipts and copies of invoices to back up your records.
INSURANCE RECORDS Next is the insurance record. This record can be used by the policymaker to claim any damage or loss. According to Christopher J. Swift, business insurance records can help protect your business's financial assets and intellectual and physical property against lawsuits, property damage, theft, vandalism, loss of income, and employee injuries and illnesses. This is because, according to him, it will provide you with financial protection against losses that may occur during normal business operations. Without this coverage, you may be liable to pay higher costs.
LEGAL DOCUMENTS Legal Documents are used to protect the rights of individuals or organizations when it comes to any legal proceedings. Furthermore, according to Alex Tanglao, legal documents play an important role in protecting the interests of businesses and business owners throughout the life of the company. According to Nellie Akalp, there are several legal documents that need to be known. First, the Partnership Agreement. In a partnership, two or more people jointly own and operate a business. Each partner is responsible for the debts, profits, legal responsibilities of the business and owns its share of assets and liabilities. The partnership agreement outlines the ownership interests and obligations of each partner, as well as their contributions, voting rights, distribution privileges and dispute resolution procedures. Additionally, Trademarks. When launching a new company, it's important to protect your company's assets. One of the assets you want to legally own so it can't be taken away from you is your trademark. Any term, name, symbol or device, or any combination thereof, used in commerce to identify and distinguish a company's goods is referred to as a trademark. Without federally registered trademark protection, your brand may be stolen or your company may infringe on other businesses' registered trademarks.
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CHALLENGES O F B U S I N E S S R E C O R D S M A N A G E M E N T NURUL MUNIROH BINTI MUHAMAD PREPARED BY J A N U A R Y 2 0 2 3 | IS S U E 0 3 Business Records Management Magazine
Nowadays, information is the primary worry that the majority of the information society need. There are several actions involved in processing and managing information in the information society. These include the use of process information as a resource, asset, and proof of any business transaction activity. However, concerns of information manipulation, misuse, and mistreatment occur seldom within information society groups. This is where mutual comprehension of the true meaning of information must be clearly stated. Records management is an impossibility for any company that must keep, maintain, and safeguard records for an extended period of time. Information overload, insufficient training, maintaining regulatory compliance, and missing retention schedules are some of the key records management difficulties. CHALLENGES According to Soylu & Kurbanoglu (2017), information is defined as the type of information resolving the problems encountered in daily life. Meanwhile, Anyira et al (2018) stated that information is defined as processed or meaningful data about the world we work within, which in any observation may be considered data and once processed and made meaningful to a recipient it is then defined to be information. Then, according to Ghamri et al (2020), information is recorded, it will stay the same and should not change and should be traceable. Through this explanation, the information is important to the society which can be used to solve daily issues, act as meaningful item and need to be properly recorded for the purpose of future use. Business Records Management
BUSINESS RECORDS MANAGEMENT What are the Challenges of Business Records Management? Information overload and lack of time In the digital age, the amount of data we must manage is growing at an exponential rate. As a result, the sector is facing a major challenge: data overload and a lack of time. Recognizing the problem is the first step toward its resolution. We need to know where our data is coming from and how it is being used. Once we've discovered that, we may take steps to enhance management by instituting new processes or revising existing ones. A key component of building a Records management plan is ensuring that information overload is minimized and employees feel comfortable interacting with their records. Inadequate training Some of the most difficult difficulties in records management is a lack of training. To overcome this issue, it is critical to give employees with opportunities to learn new job-related skills. This may be accomplished by offering targeted training and assistance to individual staff. Experts in records management have begun to propose digital platforms as a means for employees to learn job-related skills. These platforms make it simple for employees to learn and grow their abilities in the workplace.
B U S I N E S S R E C O R D S M A N A G E M E N T WHAT ARE THE CHALLENGES OF BUSINESS RECORDS MANAGEMENT? Maintaining regulatory compliance Regulatory compliance is a set of guidelines that firms must follow in order to safeguard sensitive information and human safety. Regulatory compliance applies to every firm that interacts with digital assets, customer data, health regulations, employee safety, or private conversations. Organizations that fail to comply risk being penalized and losing critical vendor connections. Organizational policies are created to assist safeguard the corporation throughout time. They address a wide range of themes, including security and privacy. Companies must understand what these rules are and how they may be employed in order to comply with them. The compliance procedure requires a significant amount of time and effort on the part of businesses. In order to ensure compliance with organizational regulations, they must also be able to track data and information about their personnel and consumers. To ensure compliance, records management goals and objectives should be established. Furthermore, in order to stay ahead of the competition, organizations should keep up with the current innovations in records management.
Missing records retention schedule A records retention schedule is a policy that specifies how long data items must be retained for and how they should be disposed of.The timeframe (retention period) indicates how long documents should be kept before being discarded. Organizations often determine the business document retention time based on a variety of variables, including the nature of the business documents (records categorization), industry requirements, and business needs. Records retention schedules, also known as data retention schedules, are established by the kind of record and the data's commercial, legal, and compliance obligations. It outlines when specific types of papers should be destroyed or transferred, as well as when they should be stored or kept on file for future reference. This is the most challenging task in records management.
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NORNADIA FAQIANI BINTI MAT JAEH HOWTO IMPROVE BUSINESS RECORD MANAGEMENT January 2023 Presented By
IMPROVING BUSINESS RECORD MANAGEMENT Introduction Records management is defined as the management field responsible for the effective and consistent control of the creation, receipt, maintenance, use, and disposition of records, such as the processes for capturing and maintaining evidence of and data about business operations and transactions in the form of records. Strategies to Improve BRM Compliant records management is now required for businesses to handle all data, media, and information proactively and incrementally. There are several ways for improving company record management. A wellmaintained record management procedure also assists organizations in remaining compliant with recordkeeping rules, avoiding security threats, and streamlining the industry's workflow and efficiency.
a) Classification by use A transaction document is a document used in the day-to-day activities of an organization; examples include invoices, requisitions, buy and sales orders, bank cheques, and so on. Reference papers, on the other hand, include information required to continue a firm's activities for lengthy periods of time, such as business letters, reports, and interoffice e-mails. b) Classification by place An external record is one that is made for use outside of an organization. Letters, faxes, or e-mails sent to a customer, client, supplier, or various departments of government are examples of such records. Internal records are a subset of documents categorized by their location of usage. An internal record includes information required to run a business. Such records can be produced both within and outside of the business. Communication between a company and its employees is one example c) Classification by value of the record to the firm A manager determines the value of records to the company. Some documents are so vital to a company that they require extra safeguards.
RECORD STORAGE a) Paper These paper recordings are known as hard copies. The benefit of retaining paper records is that you can read the information instantly. b) Tape Tape is typically used for backing up (creating a duplicate of the contents on) hard drives and storing vast volumes of information that are not utilized frequently. The tape has a big storage capacity since it may be of vast length. However, with the introduction of the compact laser disc, the tape may become obsolete. Compact discs are significantly more flexible than tape and can carry the same amount of data. c) USB flash drives A USB flash drive is a data storage device containing flash memory that is combined with a USB port (Universal Serial Bus). USB flash drives are often detachable and rewritable, much small than floppy discs, and weigh less than 30 g in most cases. d) Compact Discs (CDs) Another type of storage is the CD. Lasers write data to the disc, which is then read by a CD drive on a computer. These discs are superior to conventional magnetic media, such as floppies, in that they can store more data than any other type of magnetic media save a hard disc.
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BUSINESS CONTINUITY PLAN PREPARED BY : NUR AIMI ATIRAH BINTI ABDUL MALIK BUSINESS RECORDS MANAGEMENT
Business Continuity Plan (BCP) Business continuity plans will help you respond faster when disruption strikes and minimize the negative impact on your business. Business continuity plan is essential to every business. A business continuity plan details processes and procedures that will help keep operations up and running as well as restore them as quickly as possible in the event of a major disaster, whether it be a physical disaster or technological disaster. It ensures personnel and assets are protected and able to function properly in the event of a disaster. Generally, these plans are best practice dictates that need to consider in business ahead of time, not only when a crisis hits. The business continuity plan becomes a source reference at the time of a business continuity event or crisis and the blueprint for strategy and tactics to deal with the event or crisis. Considering all of these, being fully aware of the level of risk that will happen is important to keep the business moving. That alone will give you a competitive edge and help mitigate any risk involved.
Importance of BCP Reduce Risk Knowing what is supposed to do in case of any unexpected disruption in business is the most important thing in risk management. The longer the downtime, the more potential for loss. Thus, the damage control initiatives and the risk management strategies simultaneously help organizations in coping up with the situation. Decreased Downtime A business continuity plan is required for decreasing the downtimes of the business. BCP is meant to help organizations run their business operations in an emergency situation. The aim of any company must be to offer uninterrupted services to its customers so that they can gain the trust of the customers and the revenue of the company must not get uninterrupted.
A good plan will help for preventing supply chain issues. It helps the organization in maintaining the whole process of the supply chain from the beginning while delivering customers with their products within the committed time. Importance of BCP Protect Supply Chain Competitive Edge In disaster times, the customer will watch the business closely to see how they will react. The ability to get business moving again will go a long way in showing customers that your business is among the best. A response to any disruptions that occur by recovering business disruptions as per the BCP will ensure that businesses are involved with a responsible entity. Quick but poised action will build customer trust in your business as well as give you an edge over your competitors. This will create a positive image of your company not only amongst the customer but competitors as well.
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REFERENCES Mintah, C., Gabir, M., Aloo, F., & Ofori, E. K. (2022, March 13). journal.pone. Do Business Records Management Affect Business Growth ? Retrieved December 25, 2022, from https://doi.org/10.1371/journal.pone.0264135 M o h a m m e d , T . , & A z u m a h , A . ( 2 0 1 8 ) . C h a l l e n g e s A s s o c i a t e d w i t h R e c o r d s M a n a g e m e n t i n S u n y a n i T e c h n i c a l U n i v e r s i t y . h t t p s : / / m p r a . u b . u n i m u e n c h e n . d e / 8 9 2 6 1/1/ M P R A _ p a p e r _ 8 9 2 6 1. p d f W h a t i s A d v e r t i s i n g ? ( 2 0 2 2 , A u g u s t 1 1 ) . T h e B a l a n c e . R e t r i e v e d J a n u a r y 1 9 , 2 0 2 3 , f r o m h t t p s : / / w w w . t h e b a l a n c e m o n e y . c o m / a d v e r t i s i n g - 2 9 4 7 1 8 2 T h e t y p e s o f a c c o u n t i n g r e c o r d s a n d t h e i r i m p o r t a n c e f o r b u s i n e s s e s a n d t h e i r f i n a n c e . ( 2 0 2 1 , D e c e m b e r 1 6 ) . a p p v i z e r . c o m . R e t r i e v e d J a n u a r y 1 9 , 2 0 2 3 , f r o m h t t p s : / / w w w . a p p v i z e r . c o m / m a g a z i n e / a c c o u n t i n g - f i n a n c e / a c c o u n t i n g / t y p e s - o f - a c c o u n t i n g - r e c o r d s
REFERENCES Wh a t I s B u s i n e s s I n s u r a n c e ? | P u r p o s e o f I n s u r a n c e | T h e H a r t f o r d . ( n . d . ) . T h e H a r t f o r d . R e t r i e v e d J a n u a r y 1 9 , 2 0 2 3 , f r o m h t t p s : / / w w w . t h e h a r t f o r d . c o m / b u s i n e s s -i n s u r a n c e / w h a t -i s - b u s i n e s s -i n s u r a n c e A k a l p , N . ( 2 0 2 2 , J a n u a r y 5 ) . 1 0 L e g a l D o c u m e n t s Y o u M u s t H a v e t o S t a r t a S m a l l B u s i n e s s . C o r p N e t . R e t r i e v e d J a n u a r y 1 9 , 2 0 2 3 , f r o m h t t p s : / / w w w . c o r p n e t . c o m / b l o g /1 0 -l e g a l- d o c u m e n t s - s m a l lb u s i n e s s / I m p r o v i n g R e c o r d s M a n a g e m e n t a n d s e c u r i t y f o r s u c c e s s f u l b u s i n e s s . . . ( n . d . ) . R e t r i e v e d J a n u a r y 2 5 , 2 0 2 3 , f r o m h t t p s : / / w w w . r e s e a r c h g a t e . n e t / p r o f i l e / O l u f e m iA r a m i d e / p u b l i c a t i o n / 3 6 3 2 9 5 3 4 2 _ I m p r o v i n g _ R e c o r d s _ M a n a g e m e n t _ A n d _ S e c u r i t y _ F o r _ S u c c e s s f u l _ B u s i n e s s _ P e r f o r m a n c e _ T h e _ R o l e _ O f _ N e w _ M e d i a / l i n k s / 5 f 2 3 2 7 e f 2 9 9 b f1 3 4 0 4 9 4 b 4 f e / I m p r o v i n g - R e c o r d s - M a n a g e m e n t - A n d - S e c u r i t y - F o r - S u c c e s s f u l- B u s i n e s s - P e r f o r m a n c e - T h e - R o l e - O f- N e w - M e d i a . p d f S . V . A l e k s a n d r o v a , M . N . A l e k s a n d r o v , & V . A . V a s i l i e v . ( 2 0 1 8 ) . B u s i n e s s C o n t i n u i t y M a n a g e m e n t S y s t e m , I E E E I n t e r n a t i o n a l C o n f e r e n c e Q u a l i t y M a n a g e m e n t , T r a n s p o r t , a n d I n f o r m a t i o n S e c u r i t y , I n f o r m a t i o n T e c h n o l o g i e s , 1 4 -1 7 , h t t p s : / / d o i . o r g /1 0 .11 0 9 / i t m q i s . 2 0 1 8 . 8 5 2 5 111