Businesses have come to realize the importance of analyzing their processes as the key to progression. According to recent AIIM research, by embracing BPM practices, one-third of organizations have decreased their review and approval cycles, over 60% have improved routing to and between individuals, and 42% have experienced greater organizational agility and routing between processes.
As Yogi would say, it’s like déjà vu all over again.
As part of our Certified Information Professional Spotlight series, I chatted with Baba Majekodunmi, Business Analyst for Payment Products & Service at Pentagon Federal Credit Union, for his story on becoming a CIP.
We have some really exciting news – we’ve partnered with the International Association of Privacy Professionals (IAPP) to offer 3 new ANSI-accredited certification training courses on privacy and data protection.
Too often we look at documents as just pieces of paper or digital files that contain information. We often forget to consider the value of that document. Some documents are assigned value based on time to write (like a very large document) or potential fines if done wrong (like a regulatory or compliance document). But every document has some value.
As part of our Certified Information Professional Spotlight series, I recently sat down with Elizabeth Croom, Assistant Legal Counsel for a state’s Administrative Office of the Courts. We chatted about why she chose to get certified and the best ways to prepare for the exam.
Solve your Talent Problems with Digital Labor & Content Services Solutions
Every industry is facing accelerating disruptive challenges, but perhaps none more so than the insurance industry, one of the original “crossing the chasm" industries for content management. Consider the following data points highlighting the need for a more innovative approach to digital labor and content services:
1) “According to a study by McKinsey and Co., 25% of the professionals in the insurance industry will retire by 2018, leaving an enormous talent and experience gap in an industry that is already experiencing a worker shortage.” Property Casualty 360.
Implication: Unless organizations can begin to access and interpret all of the "dark" data they have accumulated over the past three decades, they run the risk that a significant source of knowledge will exit the building when the baby boomers retire. The key to competitive advantage does not rest on simply hiring more workers, but on maximizing the productivity of existing workers through technology.
2) “Millennials will comprise more than one of three adult Americans by 2020 and 75 percent of the workforce by 2025.” Brookings Institution.
Implication: Technology expectations in the workplace are about to change dramatically. Organizations with business systems that resemble those that might be found in a computer museum will find themselves at a distinct competitive disadvantage when it comes to hiring the best talent.
3) 57% (of millennials) say it is important to work for a company that provides flexibility to work outside the office. 48% say it is important to work for a company that is “very innovative.” While Gen Z is only slightly more familiar with the insurance industry than millennials, more than 60% of Gen Z and millennial respondents feel unfamiliar with the industry. The Future of Insurance: Bye-Bye Boomers, Hello Digital Natives.
Implication: Inflexible systems that are not designed for a modern mobile workforce will further exacerbate the brain drain that will occur as the baby boomers leave the workforce.
4) Only 4% of Millennials consider insurance to be an attractive industry in which to work, with many describing the industry as “boring.” The Hartford’s 2015 Millennial Leadership Survey.
Implication: Insurance companies face a perfect storm in the future battle for talent due to:
Based on these data points, it is clear that something needs to change.
However, according to PwC’s 2017 Top Issues report, “the industry’s traditional conservatism and the dizzying pace of technological change has made it difficult to change.”
This “traditional conservatism” is based, in part, on the fact that insurance companies do face more significant content management challenges than many other industries.
Insurance organizations must deal with the reality that business must be transacted at the convenience and location of the customers’ choice, in a digital manner that is secure, accessible, and defensible.
Regulatory compliance, customer responsiveness, and operational agility are key to maintaining and growing their customer base. It is also vital for insurers to establish and maintain a solid information ecosystem, based on a strong IG framework that meets or exceeds the regulatory and legal compliance requirements. Most importantly, all of this must be done within a business context of multiple and inconsistent content and process management systems, both “native-born” and acquired.
The solution to this complex set of challenges is not business as usual.
While there are many parts to the puzzle of attracting millennials to the insurance industry, one part of the puzzle is providing an innovative work environment, engaging technology, and pushing systems to address the emerging set of analytics and machine learning opportunities.
While it may seem daunting, attracting millennials is vital for the industry’s success. RhinoDox CEO, Justin Ullman, puts it this way, “Let’s assume that the insurance industry can truly embrace a culture of rapid innovation and attract the talent needed to drive that. While the work ethic of millennials is often questioned, most people can agree that they are innovative, entrepreneurial and purposeful. Put that mindset to work and ask for their best ideas, and there isn’t a better demographic to help a legacy industry like insurance. As long as the right tools, processes and mindsets are in place, improvement is sure to follow.”
The mission-critical nature of many legacy systems means you cannot just rip them out without unacceptable carnage. The key to this evolution is embracing low- and no-code process solutions, semantic enrichment, modern approaches to enterprise search, and more flexible document databases to extract greater value out of existing systems.
You might be interested in one of my recent e-books -- From Documents to Content to Data.
PS. It's free.
In a recent AIIM survey, we asked organizations a simple question:
In a digitally transforming business environment, neither Records Management nor Information Governance is at the top of your executives' list of priorities. Instead, business leaders are making time -- and making way -- for tools and techniques that execute processes nimbly and on demand for improved customer experience and competitive edge.
The file cabinet metaphor doesn’t work in the digital world, and the traditional approaches to identifying, appraising, and scheduling records and information, including electronic records, doesn’t work on big data. Extracting insight from this exploding volume of information requires individuals who can prepare it for machine learning and deep learning.
By converting everything to digital form, organizations can apply auto-classification technologies to dispose of information without business value, allowing people to focus on mission, not on managing their information and records for retention. And, managing data at this massive scale increases the need for metadata management. It’s the key to moving from a “store everything” mindset to a “put it to work” mindset.
Where does all this leave the records management professional? Where are the proof points for records management as business enabler?
You may not think so, but Records Managers can play a vital role in this business transformation -- if they change their approach and mindsets to connect to the bigger world of data and content. While the value is in content in motion, the granularity of the content and the elements of control are still important to the process. Records professionals certainly lend perspective to that!
I’ve spoken with a few forward-thinking records pros who contend that the industry would have been better served by striving to modernize ‘records management’ than by trying to convince people they need “information governance”. We’ll be discussing that concept over lunch in a few cities this fall. Our aim is that together, we will assemble the proof points that redefine records management for a digitally transforming world. We invite you to join us in your neck of the woods.