Did you know that the amount of information created every two days is equal to what was generated between 2003 and the dawn of civilization? Let that resonate for a moment. With these mass amounts of information being produced on a bi-daily basis, it is no wonder the term 'information chaos' has been circulating around the records management world.
Tom Ng, Solutions Manager for Collabware, presented on how information chaos can negatively affect companies on both an organizational and individual level, and the importance of future-proofing the information in your content repositories. Read on to learn why it is critical to gain the most insights out of your information, and a bit on how to future-proof your content in Office365. You can also reach out for more information or a free demonstration to see how you can put this into action for your organization.
Four Factors Affected by Information Chaos
1. eDiscovery Within Repositories
Whether for audit purposes or as a discovery exercise, there are always times that require a particular employee, vendor, or business-critical document. Searching up the document seems simple enough: but what if it has not been properly stored and the location/document name are unknown? Tom provided the example of searching for a corporate contract through Outlook, SharePoint/OneDrive, File Shares, and other repositories to demonstrate just how overwhelming it can be when collecting the necessary content you need. Individuals may wonder: Where do we even start with our search?
When searching for a corporate contract, a go-to can be Outlook. But who sent it, what was the subject line again? With overflowing inboxes, finding an emailed document can be a frustrating and time consuming experience (Image source)
Maybe searching on Outlook was not successful, so SharePoint/One Drive could be the next repository to browse. But if you don't remember the exact name of the document, searching here can also be a challenge. (Image source)
Still trying to pin down the contract, navigating network drives may be necessary. But for the everyday individual with several years' worth of files and drives, that would mean diving straight into the black hole of information chaos. (Image source)
2. Employee Productivity
This search process not only causes frustration, but it can also be incredibly time consuming. Sure, spending two minutes looking for a document here or there seems harmless enough but it adds up. Tom shared the statistic that the average worker spends around 36% of their time searching for information spread across multiple channels and platforms. To further the issue, user experience is affected since 44% of that time they are not able to find the information they were searching for in the first place.
3. Content Retention and Security
Beyond difficulties with search and the time it can waste, an excess of information that is ill-managed also runs risk of accidental disposition, ransomware attacks, and big legal costs to organizations. Tom provided examples, such as the statistic that ransomware damage costs will hit $11.5B by the end of 2019, according to Cybersecurity Ventures. So while it can seem intimidating to think about properly storing and securing all of your information, it is critical to have a solution that can protect your information and provide you with instant recovery.
4. Decision Making
Beyond ensuring that legal requirements are met with eDiscovery and your information is secure, organizations can end up making uninformed decisions that could have been bettered with insights gathered from their data. For example, Tesco, one of the largest grocery chains in Europe, used their data analytics to inform how they could optimize lighting and cooling temperatures. With these insights, they saved 20 million euros' worth in cooling costs. Who knows how much money other organizations could save if they made decisions informed with insights from their data?
What is the common theme and conclusion we can arrive to from this information?
To avoid these information chaos-induced risks of data security breaches, time mismanagement, and uninformed decision-making, it is important to be able to properly extract information and draw insights from your content. A way to make this possible and future-proof this content is by taking advantage of a solution that allows you to archive, protect, discover, and manage content from multiple sources.
Tom demonstrated how the cloud-based solution Collabspace allows you to stream your content from SharePoint, OneDrive, File Shares, and other repositories not only for archiving, protection, records management capabilities and ensuring compliance, but also leveraging Intelligent ECM capabilities such as auto-categorization, record policies, drag-n-drop workflows to help make informed, accurate, and timely decisions. With the right solution, you can feel fully secure, easily find the content you need, and make informed decisions to attain true freedom from information chaos.
Want to learn more about overcoming information chaos in your records management? Reach out to us with questions, for a free demo. Or, you can get a copy of our free downloadable brochure to find out more about how Collabspace can future-proof your content: