Information management trends are becoming increasingly important in today’s world. The benefits of using information management trends include increased efficiency, better decision-making, and more accurate data.
Some of the information management trends include increased focus on information quality, improved governance, leveraging AI and ML technologies, enabled federated search, and wider usage of RPA technologies.
Information management trends help organizations keep track of the latest changes in technology and business methods. This allows them to keep their systems up to date and improve their efficiency. Additionally, information management trends can help organizations identify new opportunities for improving their business processes.
50% of knowledge worker’s time is spent on creating and preparing documents.(Source: https://www.armstrongarchives.com/records-management-statistics/)
10 Information Management Trends
Information management is becoming increasingly important in both the private and public sectors. As businesses become more global and interconnected, they need to find ways to manage and store their information more effectively.
One way to manage information more effectively is to use information management trends. Trends can help you identify how information is being used and shared, and provide insights into how you can improve your information management practices.
Here are the 10 information management trends:
1. Increased focus on information quality
With the growing importance of information and their types, companies are starting to pay more attention to ensuring its quality. This includes ensuring accuracy, completeness, and consistency.
Businesses must only collect high-quality information and properly preserve it in order for it to be evaluated later and provide insights to drive business decisions and efficiency.
Collecting poor quality information will increase storage costs, and maintenance, and above all drive wrong business decisions.
2. Greater adoption of information governance
As data becomes more critical to business operations, companies are implementing formal information governance programs to ensure its quality and control its use.
Information governance programs are designed to help organizations manage, protect and control the information they have.
The importance of information governance programs is increasing day by day. This is because the business world today is so data-driven that it has become impossible to survive without a good information governance program in place.
Information governance programs provide a number of benefits to organizations, including:
- Improving data quality
- Preventing data breaches
- Enhancing employee productivity
- Reducing risk exposure
3. Wide usage of Artificial Intelligence
Leveraging artificial intelligence in information management has become vitally important for organizations. AI can help organizations with:
- Automatic document/information classification by types
- Extract useful information
- Auto-populate metadata to drive a more personalized search
- Hide personally identifiable information in documents (content redaction) from unauthorized access
- Process large amount of data
- And so on
4- More use of data analytics
Companies are using data analytics to gain insights into their business operations and make better decisions. This includes using data to improve customer segmentation, target marketing, and product development.
Proper data analytics can help organizations improve their business model, release new products, improve customer experience, and understand how certain products are being utilized.
5. Federated search
Many companies store and manage their information using more than one information management system. This adds needless steps for employees looking for information to carry out a specific business task.
Federated search enables enterprises to overcome information silos by searching for information using a single location and receiving results regardless of their original location.
This reduces the number of time employees spend looking for information, increasing productivity and efficiency.
6. Automate Business Processes
Automation of business processes is critical for businesses that want to be agile and prosper in the digital age. The recent COVID19 pandemic has highlighted the need for digitalization among enterprises.
Organizations that rely on paper documents and paper-based processes were unable to do business as usual during the lockout.
The adoption of business process automation solutions to create a more efficient and effective work environment is one of the top information management trends we see presently in enterprises of all sizes.
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7. Leverage RPA technologies
RPA software robots are used to automate manual repetitive operations that employees spend the majority of their time doing (i.e. data entry).
These robots can replicate employees’ actions and execute them without human intervention, enhancing efficiency and completing tasks more quickly.
8. Embrace cloud deployments
Cloud storage is important for information management because it allows businesses to store their data off-site and access it from anywhere. Additionally, cloud storage is scalable and can be easily expanded as businesses grow.
Whenever practical, your organization should begin shifting its content to the cloud to enable instant access to information without incurring the additional costs of IT gear, software, and infrastructure.
9. Increased integration with other systems
Most organizations rely on a variety of systems to do business. In order to have an efficient information management program, there should be a wide range of integrations available to allow all systems to obtain information without the need for human intervention.
Integrations can help boost productivity and collaboration among employees from different departments or with outside organizations.
10. Overcome information silos
Information silos refer to the isolated storage of information within an organization. When information is not shared across departments or business units, it leads to inefficiencies and can result in duplicate work. In worst-case scenarios, information silos can lead to business failures.
Information silos are a problem that can be solved with AI. This is because AI has the capability to aggregate data from different sources, and then present it in a coherent manner.