Organizations that effectively manage their information will gain a wealth of information management benefits that will assist them in making the most of their most important asset.
Some of the top information management benefits are improved productivity and efficiency, faster information access, enhanced support of business needs, enhanced compliance, improved risk management, and informed business decisions.
As the volume of information grows, most organizations are finding it challenging to manage their information thus creating silos. However, with the aid of best practices, IM systems, and the right strategies, businesses can reap the benefits of information management.
If you are new to IM, I strongly recommend reading the below in-depth article
Information Management Benefits
Information management benefits are the main reason why companies invest in information technology. There are a lot of challenges related to properly managing information but if done properly it would help in tons of ways.
We have identified the top 13 benefits of information management:
1- Improved productivity and efficiency
The first benefit of information management is that it increases your productivity and efficiency. Your ability to manage information will increase your workload significantly by making you more efficient with your time.
2- Faster information access
One of the most important information management benefits is that it helps you to access important information more easily. If you are an information manager, your job will be much easier if you have a better idea of how to make the most of your information resources and improve the quality, accuracy, and timeliness of your enterprise information management.
3- Develop an effective information policy
The third benefit of information management is the ability to create a successful information policy. Without a well-defined information policy, a company cannot predict the outcome of its information practices or apply them effectively in the real world.
The key is to communicate a clear image of the organization’s information policy and guidelines to all employees and help them manage information lifecycle.
4- Support business needs
Managing information properly will help companies to track changes and improve performance. They use it for planning, organizing, and tracking information.
One of the most important information management benefits is to provide the needed information to support business processes, decision-making, and operations.
5- Improved performance
Organizations are able to analyze information quickly by adjusting the details of tasks and processes in order to improve business results. This analysis also helps them learn how their products or services match the market requirements or company’s needs.
6- Robust security
Companies need to process, store and manage data in a secure and safe manner. Various security measures are used such as encryption, access control systems, firewalls, and others.
7- Enhanced compliance
IM helps companies track the data they generate or supply to other people or organizations in order to ensure compliance with legal regulations or codes of conduct. In addition, the information can be used to identify the source of the data and who they need to talk with in order to gain access.
8- Improved risk management
Following the latest trends in information management will help your organization decrease security risks.
One of the most critical information management benefits is to increase security and reduce risk. Information security keeps confidential data safe from both physical and electronic threats, but even more importantly, it prevents unauthorized access to the corporate network.
Companies need to follow a set of rules and procedures that ensure the safety, security, and privacy of their business processes. IM is used for following these rules by organizations such as banks, financial institutions, or Internet service providers.
9- Optimized service delivery
Companies need to provide customers with the required services in order to meet their needs and expectations. Information management is one of the elements that are used when providing these services.
10- Business intelligence
Businesses play a vital role in the management of large amounts of data. Information management helps businesses when collecting data from all parts of the organization, by providing them with a common way to store and access this data.
11- Business continuity
IM is used when an organization has a large amount of information in its system. Although many companies have emergency recovery plans, they still lose information that can be crucial for the success of the whole operation.
12- Disaster recovery
If a system or a component of it were to fail, it would be difficult to get back online and finish the specific task that had been interrupted. IM is used to ensure this information can be retrieved again in case of failure. The system should also be able to continue operating given that the specific component has failed in the first place.
Check out this guide for the latest trends in information management.
13- Data analytics
Organizations that make use of data analytics can quickly identify trends and insights, which can then be used to inform decision-making. For example, if a certain type of business has a tendency toward fraud or theft, it might be more effective to focus on these problems where the volume of data is higher than for other types of business