In this moment and age, it is important to understand information management in its complete sense for multiple reasons. Information Management strategy is a complex management process. It includes input and output, categorisation, actual management and depository of information. Actual management includes business process management and content management. It is crucial to holistically comprehend the information value chain.
What is information management and why is an effective management vital in this age?
In simple words, the recognition and management of data in an efficient way that creates a smooth flow of the work is information management. For example, there are instances when an urgent need arises suddenly in the office and the employee is asked to travel back to search for paper documents. His search takes hours and hours, from emails for the attachment to the computer’s file manager. The result would be disappointing. Research says, this clumsy and inefficient method of information management is a very commonly occurring incident in 83% of companies. The hallmark of information management strategy will put a halt to these types of mismanagement of data. Another important finding of this research is that with the improvement of the workflow by using this strategy, 17% of the companies enjoy higher profits. It is because efficient information management gives better and faster solutions. It is high time to regard data management as a priority and a valuable asset.
In the information age, to be a successful organisation, one should take care of the data. The storage, protection and accession of information are crucial in the growth of the company. Since Covid19 gave a hike to digital businesses, there is no way other than sorting out the data flow between customers and applications.
Different businesses need different strategies of management. For example, in finance and health care, there might be a huge number of documents that should stay in compliance. Regardless of the level of significance, all companies should make involvement in information management to increase their value.
Information management in the past was only about IT hardware and software resources. Now there are plenty of new positions like CDO to supervise the data organization and policy.
Studies say that there are companies that lose more than 10 million dollars annually because of their ineffective organisation of information. The Chief Data Officer tries to oversee every aspect of data analysis and management and resist the level of loss. CDO also tries to lower the work cost and enhances the value of information. He will give an overall opinion on data storage and analysis, securing and gathering, and the quality control.
Benefits of information management
1) It will be impossible to keep track of all the product inputs in a growing business. For better product data management, this strategy is unavoidable. By organizing and managing every product information, the company will not affect the customer experience. It also makes a smooth channel for data sharing.
2) If data is disorganised, work takes more time to complete. Information management boosts time efficiency. There is no need for manual efforts. Employees will have less frustration working with more time to handle other tasks.
3) Since the data is stored and detailed consistently, customers will have a much faster experience. Customers will get every piece of information in a blink of an eye. They will have more control over the business deals.