What is Information in Bussiness?

As you might know, I’m on an interesting journey to make sense of Records & Information Management. In the article about understanding data and information, I took a step back to first understand data and information. For your convenience, I’ll recap my findings: Data processed, analyzed, placed in sequence, and or remodeled, and then structured becomes information. The most valuable benefit is that it provides context and if done right, enables decision making. In its simplest form, information can be divided into 3 categories: Records Business Value Information Nonvalue Information Today I want to gain a better understanding into differentiating between records and “other types of business information”. As I’m looking around my office right now, I’m realizing that most of the content I’ve gathered over the last 25 year, would not be seen as records. And even more shocking is that I’ve been storing it on multiple expensive storage devices which I’ve not looked at for years. And yes, there’s more. I have many boxes filled with physical documents as well. The task ahead of me would be to determine which are vital for business continuity (records) and, whether I consider them to be organizational or operational records. Although records make up a small percentage of the information in your company, they do hold the most value. ISO 15489 (Information and documentation – Records Management) states that records are: “Information created, received and maintained as evidence and as an asset by an organization or person, in pursuit of legal obligations or in the transaction of business.” Organizational records These records refer to your business structure and includes information that concerns the legal status, obligations as well as the company information that defines your organization. It serves as evidence and proves the existence and purpose of your business. Regulatory, compliance and governance documents reside here as well. My company’s registration certificate, details of directors, permits, licenses, mission and vision statement, policies, tax registration etc. would be considered organizational records. Operational records Operational records are all about “how you get things done”. On this level I start identifying information that is involved in my functions and transactions. Although the above organizational records confirm my business, I cannot conduct business without the operational records. These records are the outputs of transactions within the various processes in my company from beginning to end to deliver a service and support my revenue stream. First to mind would be accounting records such as proposals, invoices, statements, progress and personnel records.Records can be physical or digital. In the next article I’ll take a look at the information not considered records, and how to determine their value. ;

Now that I’ve identified the small percentage (and most important) of my company information as records, I need to look at the information that’s left. It makes me think of the Pareto Principle & the 80/20 Rule. 20% Of my company information holds 80% of the value. Sadly, I still need to clean up and make decisions regarding the 80% that’s left, although it only contributes to 20% of the value. Painful I know, but perhaps if I do this, I can get rid of many boxes and repurpose old storage devices. This process also helps me to have more empathy for the many cleanup and migration projects I’m involved in. When asking employees which important content to migrate, they’ll respond with “everything please”. When asking employees to cleanup and identify content first before migration you’ll seldom get the same answer. Importance & value definitely changes when linked to effort and the challenge is that the bulk of content created is not what we would consider valuable. ephemerapl. n. (ephemeron, sing.) Materials, usually printed documents, created for a specific, limited purpose, and generally designed to be discarded after use. Business information with no value The easiest way for me to determine whether information has value to me, is to ask myself the following: “If I lose that folder with documents or box with files, will it have a negative impact on me and my business?” If the answer is ‘No’, then it truly has no value. Think of emails not related to your work and duties, newsletters, copies and drafts of documents and informal content created. For me the challenge is, that I do not go back, to cleanup and delete content and this information becomes the majority of the information I hoard. Business information with value If I answered ‘Yes’ to the above question, then the information has value to me. Although not considered as records and having limited lifespans, this content adds value, especially for reference and even reusability. Examples for me would be training manuals and videos I create, project related emails, formal communications, budgets, and sales projections. In summaryI hope this has helped you gain a better understanding around the information in your company. The difference between data and information, how to define a record and understanding the value of your ‘non record’ information types.;

Records Life Cycle Definition The records life cycle is a concept that describes the various stages through which records pass, from their creation and active use to their final disposition. Understanding this cycle is crucial for effective records management, ensuring that records are properly maintained, accessible, and legally compliant throughout their existence. Stages of the Records Life Cycle Let's dive into 3 stages of records.  Creation and Capture of Records During the creation phase, records are generated or received by an organization. This can include various documents such as contracts, invoices, emails, and reports. Capturing records involves ensuring they are properly documented and stored in a way that they can be easily retrieved and used when needed. For example, when creating articles of incorporation, extensive collaboration among partners and legal advisors is often required. Employment contracts might involve using templates with minor adjustments, while a restaurant bill simply needs to be handed over to the financial department for processing.During this phase, documents are still considered living information that can be amended until they are finalized. Storage and Maintenance Once records are finalized, they enter the storage and maintenance phase. At this point, they become business and/or legally relevant and should not be altered. Accompanying information or metadata, such as the date of signing or the duration of a contract, is also recorded.This metadata is essential for managing and retrieving records efficiently. For instance, a restaurant bill must be retained according to financial regulations, while articles of incorporation and employment contracts need to be preserved in their original form for legal and business purposes. Proper storage ensures records are protected and accessible throughout their retention period. Disposition and Destruction Disposition involves the final stage of the records life cycle, where records are either archived for long-term preservation or destroyed if they are no longer needed. This process must be handled with care, especially for records containing sensitive information. For example, restaurant bills may only need to be kept for a few years, while employment contracts and articles of incorporation might require longer retention. Once the retention period expires, records must be disposed of securely and irreversibly, such as by shredding paper documents or securely deleting electronic files. This ensures compliance with legal obligations and protects sensitive information. And you can do it with KORTO.  Why is Records Management Important? Effective records management is vital for several reasons: Compliance: Adhering to legal and regulatory requirements to avoid fines and legal issues. Efficiency: Streamlining access to important records, improving productivity and decision-making. Security: Protecting sensitive information from unauthorized access and breaches. Cost Management: Reducing storage costs by disposing of unnecessary records. Historical Preservation: Maintaining a reliable record of the organization's history and activities. Best Practices for Managing the Records Life Cycle Develop a Records Management Policy: Establish clear guidelines for handling records at each stage of their life cycle. Train Employees: Ensure staff understand their roles and responsibilities in records management. Use Technology: Implement electronic records management systems to streamline storage, retrieval, and disposition processes. Regular Audits: Conduct periodic reviews to ensure compliance with policies and regulations. Secure Storage: Protect records from unauthorized access, loss, or damage. We found a great video of how to learn what life cycle of records is, take a look:  ;