Surveys Indicate Information Is Top Business Priority
In this information age, doing business without the help of technology is next to impossible. Having quality products and services will not guarantee longtime success. Having the right information and knowing when and how to use it would be key.
But it’s easier said than done. A new survey findings indicate that while organizations cite information as their highest business priority in 2009, less than half of business decision-makers have a high confidence level in the quality and accessibility of information within their organizations.
In addition, the research found that approximately 40 percent of companies are hindered by a lack of in-house expertise and an unclear information strategy. Organizations realize that getting the right information at the right time is critical to their business success, but often find it difficult to justify investing in information-related projects.
Research showed that cost reduction and compliance were considered among the most important business goals for companies. However, most organizations remain ill-equipped to manage information for electronic discovery (e-discovery) requests in a timely and cost-effective manner. This is due to the lack of a proactive strategy, solutions and funding to properly address requests.
When asked which “information-centric” projects they would spend on in the next two years, respondents noted document workflow transformation, records management and e-discovery/compliance.
Of the respondents surveyed, nearly 80 percent recognized a need to address at least three types of electronically stored information with an e-discovery solution: emails (89 percent), office documents (78 percent) and data in databases (72 percent).
Very few organizations said they would be looking to address multimedia information sources through e-discovery. This raises the question of how organizations would deal with the complexities of an e-discovery request that includes other forms of unstructured content including text messages, video, audio and social media content.
The challenge here is to gather the right data, being able to transform your data into information and be able to convert it to knowledge that could help you in your decision making.