Organizations around the world invest a great deal of time and money to manage information. The expense of hardware, software, and facilities can add up quickly and costs the average organization somewhere in the range of 3.5% to 7% of annual revenue. So, if you have a $50 million company you can anticipate that you’ll spend around $3 million or so to manage your information every year.
But that’s not all; the expense of managing information includes people and process as well. Analysts tell us that a great deal of lost productivity is caused when employees are simply looking for information -- the equivalent of one day per working week! So imagine that your organization hired five employees, but only four do the work.
How can you get more return on your investment and gain more advantage from information? That’s the subject of a new Tip Sheet from AIIM, "The Intelligent Information Management Starting Line - 3 Tasks to Target Now." In it, I explore best practices that can help you leverage information to increase revenue and capture new opportunities and new markets.
These three best practices make sense. It’s hard to capture improvements and be innovative when the organization works with outdated tools, so modernizing your information infrastructure is an important first step to set the stage for transformation. All of these objectives can be difficult to achieve without first tackling information chaos. Evaluating your information stores is essential to understand exactly what information you have, where it is stored, and what it means to the organization. And finally, top performing organizations find that assembling a cross-functional steering committee is an important factor for success.
What’s your next step? To get started, download this Tip Sheet from AIIM and get to work. Also, look for partners and suppliers that have the right mix of capability, vision, and expertise that will help you gain an advantage with intelligent information management.