RECORDS INVENTORY KEEPS YOU UP-TO-DATE

Records and files, electronic and paper, are an organization's lifeblood. Keeping records up-to-date, properly managed and easily accessible is fundamental to keeping an organization healthy. Many companies are incorporating annual records inventories as a part of their records management practices.

A "records inventory" is a detailed listing of the volume, scope, and integrity of an organization's records. It can offer an opportune time to purge, merge or archive records. An inventory of records should be done at least annually, following your records retention schedule or as a specific situation requires.

Why inventory my records?
There are many reasons for doing a records inventory. Storage space is one driving force behind an inventory. As file cabinets fill up with paper documents or electronic storage space becomes minimal, purging, merging or imaging inactive records, or destroying archived records based on your retention policy can keep your record inventories up-todate and in order. An inventory can also provide a check to see if all files are complete and all vital elements of a record are included and up-to-date. A records inventory can even save your company money. In one instance, a Chicago-based company was able to reduce the amount it was paying in corporate insurance by proving that its personnel records were complete and current. An organization may be called upon to provide its records in a legal audit or investigation. Without a current inventory, the gathering process can be time consuming and costly in administrative hours.

There are other ways an organization can benefit from a records inventory. Keeping records current will provide a more efficient work environment. The storage media will not be overburdened with inactive records. By performing an inventory and compiling a report, an organization can benefit by realizing deficiencies in its record keeping, in both records content and records retention, and implement improvements. An inventory can sometimes even initiate a review of records retention policies within the organization.

Records inventories are neither easy nor inexpensive, but in this knowledge and information age, no organization can afford to leave this critical organizational asset to chance. Only through a comprehensive inventory can records and information management performance be at its best or be measured and evaluated so that it can be continually improved.

Steps to CONDUCTING a records inventory:

1. Define the goal of the inventory. Is it to reduce storage, prepare to merge or purge records, or identify specific records management problems?

2. Define the scope of the inventory; it should include all records, paper and electronic, and supporting documents.

3. Decide on the information to be collected (the elements of the inventory). Materials should be located, described, and evaluated in terms of use.

4. Prepare an inventory form or database to suit your needs.

5. Decide who will conduct the inventory. Contact an outside vendor or train personnel internally.

6. Perform the inventory under management's direction, keeping everyone informed at every stage.

7. Conduct the inventory, verify and analyze the results.