Managing the explosion of documents and information in business operations has become a critical challenge for businesses today. Our recent survey of Irish business industry leaders reveals compelling statistics highlighting the urgency for better document and information management solutions and strategies. Today we delve into one key finding from that survey: 82% of respondents admitted they couldn’t find the information they were looking for, the causes, the implications and explore potential solutions.
The Struggle with Information Sprawl
In our survey of Irish businesses, 82% of respondents face significant difficulties locating the information they need with a further 63% admitting they couldn’t trust it’s accuracy. This challenge is exacerbated when using multiple systems and applications and over 60% of businesses report using up to 10 systems to store information. This fragmentation leads to information silos, duplication, and trust issues, ultimately hindering business efficiency and intelligence. The result is Content Chaos, where information is scattered across multiple locations, creating a significant burden and cost to businesses which we recently wrote about in more detail here.
So, what are the causes?
Systems: While systems are essential for business operations, disconnected systems create silos and inefficiencies unless they are considered in a companywide approach, not department specific.
Network Folders and Share Drives: In the absence of proper connected information strategies and business process automation finding and accessing information in network folders and shared drives is problematic.
Email : Email often becomes another information silo. It is not always easy to link or relate emails to specific assets, tasks, suppliers, customers, or projects therefore they tend to sit in inboxes and email folders.
Spreadsheets: Spreadsheets are excellent tools for specific tasks, when spreadsheets are ‘adapted’ for uses never intended, they are not dynamic, dependable, accessible, or resourceful.
Paper: The fact that we still rely so heavily on paper in a world dominated by digital approaches is frightening. It is not secure, it is cumbersome, and incompatible with modern business practices.
External Sources : Widespread use of Dropbox, Google Drive, and messaging platforms such as WhatsApp is widespread and an example of users trying to improve how they work. When business information is stored or shared via external sources, your business is no longer in control.
The Solution; The Four Pillars of Connected Information
Our four foundational pillars of connected information is a robust and flexible approach that connects information and challenges how business process automation is currently implemented.
1. Connected Systems: Dissolve the boundaries between systems and let information flow
2. Beyond Automation: Expandable efficiencies beyond and single business process
3. A Single Source of Truth: The latest and correct version of all your information, in one place
4. Compliance by Design: Legal, regulatory, and client requirements are met automatically by design.
Embracing AI for Better Information Management
AI offers promising solutions to the problems of content chaos and system overload. A striking 84% of respondents expressed their willingness to use AI to streamline business processes and reduce manual effort. AI-powered tools can automate various tasks, from summarising documents to managing workflows, thereby improving efficiency, and freeing up valuable time for knowledge workers.
Moreover, AI can help manage information more effectively by reducing content chaos and ensuring information is stored and accessed securely and efficiently.
We encourage you to consider these questions:
Are you like our 82% of respondents who admitted they couldn’t find the information they were looking for due to systems overload and content chaos?
When you find the information, can you trust that it is the correct version?
As the landscape of document and information management continues to evolve, investing in advanced solutions that provide a single source of truth will be crucial for businesses aiming to stay competitive and efficient in today’s fast-paced environment. By addressing the issues of information overload and content chaos, your business can unlock its full potential and drive sustainable growth.
To understand how our business can help yours, contact us directly via info@convergent.ie
