The data your business collects is one of your most valuable assets.
However, it’s difficult to leverage and utilise what you have without an information management strategy. It can provide organisations with a framework to collect, store and manage data. The results are improvements to operations and increases in efficiencies of existing processes.
The amount of data your company collects will continue to increase. It will mean information management strategy will become a necessity and you will most likely need an information management system to help you manage the increase in documents & data in your organisation.
What is an Information Management System?
An information management system stores, organises, and manages large amounts of data. It is designed to provide efficient and secure access to information in various formats from a single source. They are beneficial for organisations that require the ability to search large data sets quickly and accurately.
Information management systems can also allow employees to store, index, access, analyse, update, and share data with other staff within the system. It can include paper documents such as contracts or reports. It’s also suitable for digital media like images or audio files. The system provides easy-to-use security features. It can enable administrators to restrict user access based on their roles within the company. This ensures that only authorised personnel can view certain types of confidential information.
5 Benefits of an Information Management Strategy
Combining an information management system with a strategy can be powerful for businesses. There are multiple reasons why a company should utilise a framework. Here are the top five reasons why it’s vital for organisations.
1. Enhanced Document Security
Hybrid and remote work is increasing in popularity. But it has become challenging for many businesses to implement protocols to keep data safe and secure. Companies must adapt while ensuring customer data is protected. It helps them avoid heavy fines and impacts to their reputation.
An information management strategy can define what data employees need access to, so permissions can be implemented. It can also outline policy enforcement, version control and quality management processes.
2.Improved Collaboration
Remote and hybrid working has also forced organisations to rethink how they collaborate. It might be rare for paper documents to get passed around the office. But it’s easy for electronic documents to get emailed or attached to communication software. However, this can quickly lead to issues around version control. It’s exactly why an information management strategy is required.
Agreeing on a strategy can help create a collaboration process. It ensures all staff get access to the most up-to-date customer documents they need. It will also mean that your employees use the same information to do their job.
3.Greater Business Intelligence
How much does your organisation rely on data? The best companies in the world use it to spot trends, identify issues and create strategies that will improve efficiencies. It’s also vital for building initiatives that will gain an advantage over competitors and for decision-making.
But to achieve this, it requires an effective information management strategy. It needs to include the consolidation and management of data. This will enable a single view of the organisation. It can promote faster decision-making, so your company doesn’t miss out on key trends.
4.Increased Productivity
A MYOB and Forrester Consulting report found that productivity issues equate to a nearly $300 million per year loss to the Australian economy. Most of it is attributed to under-utilising technology. It could be as simple as searching for paper records.
With an information management system and strategy, staff can embrace technology to improve productivity. They can spend less time on manual, time-consuming tasks. Instead, they can focus on high-value duties that contribute to the organisation’s goals and objectives.
5.Reduction in Risk and Compliance Issues
An information management strategy doesn’t just ensure your customer data is safe. It outlines how it is used. For some industries, these details are vital from a risk and compliance perspective. Documenting the accountabilities also ensures it is shared appropriately internally and externally.
It can also be incorporated into business continuity plans. Paper documents can age and become worthless over time. There is also an increased risk of extreme climate events that can destroy your records. Incorporating document scanning and digital creation into your strategy can overcome this.
Engaging Information Management Specialists.
By 2025, it’s estimated that the amount of data generated each day will be 463 exabytes globally. An information management strategy will be vital to determine how it is collected, stored and maintained. Fortunately, there are specialists in document storage, records management and destruction services. They can ensure you maximise the benefits of implementing an information management strategy.
Do you want expert advice on information management systems? Compu-Stor is an Australian-owned family business specialising in information and records management solutions and services. Compu-Stor provides a wide range of solutions using the latest technologies and methodologies to deliver secure and efficient services from document, media and data storage to digital scanning, business process automation, and consulting services.
Through its Digital Transformation Solutions, Compu-Stor helps maximise the accessibility and flow of information within organisations. With offices across Australia, Compu-Stor works with its customers to provide cost-effective and secure solutions tailored to their needs.
Contact us today for a free initial exchange to see how we can help you: 1300 559 778
For more information, visit our website at https://www.compu-stor.com.au/.
