Use Your Information as an Asset

Companies that sell information already know it is an asset.  But most companies that can leverage their own information have not focused on it as a valuable resource.  

Records management needs to be integrated into a strategic plan; it’s no longer lift and shift.

Guest customer panelist in records management, AIIM Leadership Conference, Oct. 17, 2019

There has been quite a cultural change with regard to data – it has become sexy.  Thanks to the marketing and media machines, we have seen business analysts, statisticians and terms like big data and data mining get wrapped into the newly minted data science discipline — “a multi-disciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insight from structured and unstructured data,” according to Wikipedia.

Television has also played a significant role in shaping the perception of this new term.  Viewers see rooms with multiple, huge screens and data analysts pulling up lists, photos or images that immediately provide data investigators need after just a few key strokes.  It’s impressive and exciting. Plus, it shows the value of the information to investigators trying to solve a problem.

I want that job

We have seen colleges and universities develop data science majors to support the interest of students in the data field. And businesses have been driving this need as they grow to understand the value of their data.  While companies may have started to transform their data into digital formats to effectively capture and index the information for easy access and secure storage, they often ignore the “measure” element of content management.

I think measure has been overlooked as a result of not having the right people in place to do the work.  Do you hire the talent before you start the transformation or do you wait until your program is in place?  Marketing and media have been creating the magicians driving the interest, but businesses that are not ready for the data scientist have not been looking. They are behind.

Clearly, transforming your content is not the only source of data for review, but usually, adding a content management platform is an inaugural step to making more information available.

Taking the records managers out of the basement

At a recent AIIM Leadership Conference, we heard from a panel of customers talking about their organizations’ previous and current data state as they navigate their digital transformation journey.  The key idea they supported was that as businesses recognize information as an asset, it gets included in the strategic plan, elevating the value of data.  

Elevate your data.

Guest customer panelist in records management, AIIM Leadership Conference, Oct. 17, 2019

If you want to attract future talent to your organization, you have to update your way of doing business. You will not attract and retain good, young talent if your organization is not modernized and using technology to get things done, they said.  One customer indicated the main driver for modernizing their information management was for talent acquisition.

Once your organization acknowledges that using information as an asset is a building block of digital transformation, you are posed to create the strategic plan that will enable you to leverage that data. 

Measure the value of information

Whether the drivers are access or analysis, embracing a data strategy and planning for its future value will set your organization apart from the others who are slow to understand and act on modernization.  Internally, it will drive a new culture, a new talent strategy and a new way of working, but in the end it makes your organization smarter.  You can make better decisions through data analysis, and benefit from data scientists who know that their jobs are not just to look at the data, but to translate it to the business side so you can easily see the value and take action.

What will this digital transformation do for us? It is how to get useful information to people in the organization.

Guest customer panelist in records management, AIIM Leadership Conference, Oct. 17, 2019

The rise of the data scientist into the consciousness of business is a good thing.  As we often say to our customers, you can learn operational trends, see bottlenecks and discover what you don’t know.  Data has great value to an organization; you just need to manage it intentionally. This means having the people and the platform in place that can translate the information for the business decision-makers and elevate the value of data to a new strategic position. 

Joanne Novak is a program manager at Konica Minolta Business Solutions U.S.A., Inc. and is responsible for program development with the company’s Business Intelligence groups, including the Intelligent Information Management (IIM) practice. Her responsibilities are to build sales and customer-facing educational and thought leadership insights as well as strategic initiatives for IIM.