Document management: tracking and storing electronic documents and/or images of paper documents, keeping track of the different versions modified by different users, and archiving as needed. A document management system (DMS) is technology that provides a comprehensive solution for managing the creation, capture, indexing, storage, retrieval, and disposition of the records and information assets of an organization.

Records management: maintaining the records of an organization from the time they are created up to their eventual disposal; this may include classifying, storing, securing, archiving, and destroying records. Records management is knowing what you have, where you have it, how long you have to keep itand how secure it is.