How to Use Information Management to Secure a Competitive Advantage

That old saying “knowledge is power” is one that all of us are very familiar with, whether it’s from work, school, or life. Gaining that insight or competitive edge by accessing and consuming information can help everyone make better-informed opinions and decisions and improve potential outcomes. But as more and more data is saved and consumed across organizations, it also becomes harder to find the right information when you need it.

When it comes to managing your information within an organization, that “insider’s gold” needs to be easily leveraged by your employees so that the latest and greatest insights can be a key part of what makes your company successful. But how can a company ensure that all of this is managed in a centralized location? The answer is information management.

Let’s look at the three keys to securing a competitive advantage with your company’s information.

1. Deploy federated search capabilities

What’s the use of having “insider’s gold” in your information if you can’t find it when you need it? This is where federated search comes in. Federated search allows knowledge workers to search multiple collections of text at the same time, making it easier for employees to find the data they need to excel at their jobs and improve business performance.
So how does it work? Most organizations have information stored on several different repositories – including network shares, hard disk drives, and cloud-based storage systems – that can soon become a complex, disparate web. Rather than wasting time searching for a particular document in each of these repositories, federated search allows knowledge workers to go through every repository at once. This increases the speed employees can retrieve information and act on the insight contained within it, which not only helps employees work smarter, but also improves client relationships by having access to the information they require at your fingertips.

2. Maximize the value of data

To become a successful digital organization in today’s increasingly turbulent business landscape, companies need a strategy to not only easily discover the information housed within the organization, but also maximize the value of critical data. We have already established that knowledge is power, but failure to value and manage data can leave knowledge work businesses open to losses because of improper security, problems with sharing and collaborating, and poor data quality.

By instituting an information management strategy, companies can often improve inefficiencies within their business and reveal opportunities to improve revenues. This can include enforcing better integration with marketing and sales systems to improve customer service or learning the market value of your data and offering new services based on that information, which all create additional revenue streams. However, the biggest gain from maximizing the value of your data can often be felt within your organization. Management can learn to recognize trends and pinpoint problems by using data as business intelligence, enhancing organizational efficiency, and establishing new strategies to help the business exceed its goals.

3. Keep your data secure and compliant

The best information management strategies do more than simply relieve companies of the burden of finding information. They enable employees to gain insight from that information and secure it to reduce business risk and ensure the company remains compliant with data privacy regulations. Most businesses consider compliance a burden, but it should be looked at as an opportunity to win and retain customers. Prioritizing data privacy protection can be a major competitive differentiator.

Businesses, especially in heavily regulated industries like finance or health care, need to set and enforce governance rules and company policies to ensure only authorized people can view and share sensitive information. The added benefit? Governance rules can make it easier to keep audit trails that can be accessed at any time. Therefore, when a customer or regulator asks for evidence about a potential data privacy issue, the organization can easily pull the information requested in real-time to avoid hefty fines.

Focusing on compliance not only increases customer loyalty by ensuring data rights are being respected, but it can also help with data cleansing, which can improve efficiency. Creating a data map of the organization can help streamline operations by eliminating “ROT” – redundant, obsolete, and trivial data that can eat up storage and bog down processes – and ensure customer information is kept up to date.

By deploying an effective information management strategy, organizations can use their information to make more informed business decisions, improve customer loyalty, and create new revenue streams. Information is the golden ticket to help increase competitive advantage and improve the bottom line – you just need to know how to use it and protect it.

source: https://www.m-files.com/how-to-use-information-management-to-secure-a-competitive-advantage/

The Paradigm Shift in Information Management Means a Shift in Information Governance as Well

According to Gartner, information contributes at least 20-25% of an average organization’s value today. Studies have uncovered countless ways to use data as an asset to help improve businesses by reducing costs, improving customer satisfaction, and managing risks. Along with the paradigm shift towards valuing information as an asset, companies also need to find opportunities to maximize its worth by focusing more upon data governance. The rapid escalation in the number of information organizations need to handle makes governance even more critical.

How Data Volume and Value Make Data Governance Essential

Data governance covers everything related to managing the security, accessibility, quality, and usability of information within an organization. For example, it includes steps taken to ensure businesses have reliable, protected, and accurate information to make better decisions and help serve customers. A governance plan generally includes policies and the tools to implement and enforce those rules.

As quoted on TechTarget, Gartner analyst Andrew White said that most of all, good governance don’t stand alone. Instead, businesses should consider it a core piece of their strategy to achieve overall business goals.

HubSpot created a simple but compelling infographic to illustrate how the rising tide of the volume, value, and even a variety of data underscores the importance of data governance. Some figures they published include:

  • Out of all data created in the world, 90 percent has been generated within the past two years, an escalating trend that will almost certainly continue.
  • Typical organizations spend 3.5 to 7.0 percent of their overall revenue on information technology. For example, a company with $100 million in revenue might expend up to $7 million just on managing information.
  • Out of organizations polled, three-quarters viewed information governance as a critical factor to their success.
  • At the same time as most of the information workers viewed information management as vital, less than half thought that top executives understood the importance of governance the as very important.

The Association for Intelligent Information Management (AIIM) contributed the statistics used in the infographic. They also noted a trend that the most high-performing businesses strove to integrate governance into their overall strategy, so that supports Andrew White’s point above.

More specifically, 42 percent of these high performers already had robust plans in place and another 24 percent had made plans to follow. Of the rest, 13 percent had begun their efforts with only some departments, 16 percent had policies that were still in incubation, and only five percent had no formal governance policies at all.

The Future of Improved Data Governance

Traditionally, businesses set information governance policies crafted to reduce risks. For example, these companies wanted to ensure they protected and managed their data to avoid compliance problems and to preserve high-quality information for reporting. According to AIIM, today’s high-performing companies would also add the additional benefits of improving customer service, responding faster to changes, and to make better decisions through analytics and high-quality data.

To improve information governance, AIIM suggested including three vital steps:

  • Establish an IG team: Start with top leadership and include critical stakeholders and of course, the IT department. Make certain employees understand how managing, controlling, and protecting information will improve business and in turn, their own situations. Keep the door open for feedback on initial plans to all levels.
  • Audit existing information: Organizations need to understand, classify, and audit their information to have any chance of assigning both value and risk. This process can offer you all sorts of value because you will know which sorts of data you should spend the most on protecting, storing, and accessing and which data you might invest less in archiving. Sometimes, you may uncover valuable data that you could use if you only knew it existed.
  • Weed out what you don’t need: Information ROT refers to the kind of redundant, obsolete, and trivial data that can bog down your storage, systems, and processes. According to Veritas, a storage tech company, about one-third of all data stored will never be useful or used. Another 50 percent is considered “dark data” with no known value. Together, these provide no value and run up cumulative excess costs of trillions of dollars worldwide. Alternatively, you may find some of this dark data valuable and realize you need to invest more in protecting and using it.

Choose the Right Technology to Support Information Governance

At M-Files, we built our business around the importance of helping our customers control and manage information through its lifecycle. With automatic and even AI-enabled features, this system lets you manage records from conception to eventual deletion or archival. You can even set security and processing features that ensure compliance with your company’s governance policies and most efficient business procedures. At the same time, editing rules will maintain data quality and reduce human error. Even better, you can turn to one interface to find anything, no matter where it’s stored or even from which remote location you need to access it from.

You and your team can focus on the challenging task of creating good information governance policies and processes. After that, you can set rules within M-Files to ensure they’re enforced. Give us a chance to show you exactly how M-Files will improve your governance and overall business by contacting us today with your questions or requests for a demo or free trial.

Source: https://www.m-files.com/blog/the-paradigm-shift-in-information-management-means-a-shift-in-information-governance-as-well/

The #1 Most Important Facet of Your Remote, Flexible Work Strategy

It’s no secret that remote work or telecommuting was gaining popularity in the United States over the past decade. According to one recent study, about 4.3 million people work remotely at least half the time — a number equivalent to about 3.2% of the entire workforce. All told, the number of people who work from home in some capacity has increased by an impressive 140% since 2005 alone — a trend that showed absolutely no signs of slowing down anytime soon.

Based on all of the above, it’s safe to say that it was already established that remote work played an important role in the future of business. Few people probably realized that “the future” would arrive quite as quickly as it did.

At one point during the Coronavirus pandemic, more people were in lockdown in the United States than were alive during World War II. Many employees were working remotely for the first time and countless organizations had to find ways to adapt to the brave new world we found ourselves in.

These same organizations are now trying to figure out the best strategy to accommodate these newly remote, flexible workers. Believe it or not, the most important component of that strategy is still the one that far too many people are overlooking.

Why Information Management Matters Most of All

There are a number of important components that are necessary to make any remote employee strategy truly work. Obviously, you need video conferencing and chat tools so that people can communicate and collaborate with one another. These workers need not only reliable Internet connections of their own, but a secure way to access a business’ network so that they can continue to share data and be as productive as possible.

But while these elements are important… they’re not the most important component that should be at the heart of your strategy.

By far, the number one most important part of any successful remote, flexible work strategy has to do with a true information platform at the heart of it all. At its core, an information management system is exactly what it sounds like — a solution designed to enable not only the storage of critical data, but also the organization and retrieval of that same information.

Think about it like this. Your average business is creating an enormous amount of data on a daily basis pertaining to not only the work of its employees but also its products, its services and its customers. But without a way to share that information and make it easy for anyone to access from anywhere, the actionable intelligence and insight it contains remains trapped inside. At that point, the data is essentially meaningless — it’s little more than a bunch of 1s and 0s sitting on a hard drive somewhere.

During a period where more people are working remotely than ever, the problem of information sprawl actually gets worse, not better. Data is being created from so many difference sources that are essentially siloed off from one another that communication, collaboration AND productivity are harmed in ways that you simply cannot afford.

By having the right information management software at the heart of your remote, flexible work strategy, on the other hand, you accomplish a number of important goals — essentially all at the exact same time.

  1. Give your employees a solution that gives them anywhere, anytime access to all of the critical data they need to do their jobs in the most effective way possible.
  2. You also have an overarching strategy that applies not just to the sharing of information, but that also works in accordance with all of the principles of governance, compliance and security.

So, you’re not just providing your employees access to the tools necessary to do their jobs. You’re doing so in a way that gives you better visibility into who is accessing what information and from where, which ensures compliance with rules and regulations you must adhere to. You’re also adding yet another layer of security, thus protecting your employees, your customers and the very business you’ve already worked so hard to build.

But the major reason why this is so important right now is that sooner rather than later, COVID-19 will be officially behind us. However, the businesses that we’re about to return to will likely barely resemble the ones we left in mid-March. Remote, flexible work is absolutely here to stay and by putting this critical component in place as an organic part of your remote, flexible work strategy today, you’ll be able to reap benefits that will continue to pay dividends long after COVID-19 is finally gone.

If you’d like to find out more about why an information management solution is the number one most important part of any remote, flexible work strategy, or if you just have any additional questions you’d like to discuss with someone in a bit more detail, we’re here to be a resource for you and your team.

Source: https://www.m-files.com/blog/the-1-most-important-facet-of-your-remote-flexible-work-strategy/

EDMS Consultants : M-Files Overview

EDMS-Consultants :M-Files Overview

Workflows in M-Files (EDMS Consultants)

EDMS Consultants – M-Files Overview.

Use M-Files Automated Workflows to streamline common business processes (like contract approvals, controlled content, invoicing, etc.), stay productive, and ensure compliance. M-Files automatically monitors each step of the workflow process and sends a notification when there’s something that needs to be handled. It’s simple, quick, and built in to M-Files.

M-Files enterprise content management (ECM) solutions transform how businesses manage, secure and share information with a unique metadata-driven approach that organizes and processes content based on what it is, rather than where it resides. Thousands of businesses in over 100 countries use M-Files on-premise, in the cloud or in hybrid environments to improve productivity and quality, and to ensure compliance with industry regulations and standards, including companies such as AstraZeneca, Parker Hannifin, EADS and Elekta.

For more information on M-Files, kindly visit our website https://www.edms-consultants.com .

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