Information is the lifeblood of an enterprise. Providing timely access to the information is the key to the success of a business in today’s knowledge economy. There are various problems that trigger this problem, resulting in the amount of time wasted in looking for the right, up to date content when you need it. This end result leads to enormous costs to the enterprise.
According to a survey by IDC - 76% of company executives considered information to be “mission critical” and their company’s most important asset. Yet, 60% felt that time constraints and lack of understanding of how to find information were preventing their employees from finding the information they needed.
Source: The High Cost of Not Finding Information, IDC
To understand the enormity of the problem, which is growing with digitization, it is important to understand the exact waste that the enterprises incur on a yearly basis. On average, based on the report, the major enterprises stand to waste $2.5 Billion per year due to an inability to locate, retrieve and consume information.
There are several factors that will cause this problem to grow as technology advancements happen:
- Multiple sources - storage services, hard drive, intranet sites, etc. are used by enterprises to store information (unstructured content).
- Content being produced at a faster rate than ever before- the #1 content authoring tool is the mobile phone.
- Formal content development by enterprises is taking an agile mode- with additional capability of allowing the users from different geographic locations to create and share the content, content proliferation is taking place at a faster speed than ever.
All the above is significantly impacting the enterprises to provide the most up to date information to their users when they need it. It is proven that employees’ productivity increases and are better equipped to meet their customer needs.
How can an Enterprise address this problem?
As it is clear, timely access to critical information separates the winners from losers in today’s information economy:
- Single Source of Truth: As Enterprises scramble to provide most up to date information, it is important to consolidate all content in a single unified platform.
- Focus on Users Access: Enterprises’ focus should shift from storing information to provide access to information when they need it. The focus should be to provide an easy-to-use interface for users.
- Taxonomy/Metadata: Easy to search, and filter the right content with powerful taxonomy/metadata definitions of the content. Though it might be daunting for enterprises to build the initial taxonomy, it is worth the investment.
- Content Security: Stay ahead of the game. Make sure that proprietary content does not land in the wrong hands.
Digital transformation is happening right now. If enterprises don’t embrace it, they will be left behind. While the costs of not finding information are enormous, they are hidden within the enterprise and rarely perceived as having an impact on the bottom line. But the decisions are usually information problems. If they are made with poor or erroneous information, then they put the life of any enterprise at stake.
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