Ensuring effective management of your most important asset
Data is your company’s most important asset. Having the wrong document management system (DMS) in place can wreak havoc on an organization, while having the right one will not only save your employees time and the company money, it will ensure your data is secure. We all operate in a data-driven culture, and every company needs to understand and agree that data is their most important strategic asset.
A recent study revealed that the time workers spend as a result of information management inefficiencies amounts to a loss of 21% of an organization’s total productivity, costing the organization nearly $20,000 per worker annually.
This problem is only going to continually grow with the rise in data volume, velocity and variety. The challenge is primarily caused by information scattered across multiple data repositories. Companies need to look at this issue in a systematic manner as part of their overall digital transformation strategy. They need to leverage a document management system that will house their data and have it available in a user-friendly interface. This will increase cost savings, efficiency and effectiveness across the company.
Knowing how to pick the right solution for your company can seem daunting. However, document management systems often seamlessly integrate with other vendors, so all your data can be available to you, however you need it, without it being cumbersome for the user.
Microsoft Teams has become a foundational technology for collaboration and remote work. It can be leveraged to chat, call, meet and collaborate. However, this also presents yet another data repository to manage and govern. A strategic approach would be to leverage a document management solution that integrates with Teams to improve the quality of data management, end-user efficiency and client service.
Systems exist that address these challenges and are available to improve productivity and collaboration with Teams. With the right system, there can be synchronization of data between your DMS and other external applications whether you are using an on-premises, cloud and hybrid model.
Some of these functions can be accomplished within the DMS (iManage and NetDocuments at a minimum). Third-party applications from companies such as Prosperoware and SeeUnity take the base functionality to a whole new level, truly extending the DMS into Teams and other applications.
Data management architectures and technologies continue to evolve rapidly, holding a promise of efficiency, but they also demand a deeper understanding of the risks and implications of not managing your data appropriately. Bolting on one application after another without a data management plan will ultimately increase any IT spend/budget and may not give you what you need. Many organizations continue to store way too much data for which they have absolutely no use. Some simple practices to ensure your data is not overcrowded and unorganized include:
- Outlining your business goals from a data perspective
- Prioritizing data protection and security
- Focusing on data quality
- Reducing duplicate data
- Ensuring your data is readily accessible to your team
- Creating a data recovery strategy
Simplifying your data workflows and streamlining your processes will ensure you are able to stay in control of your data. Having the right system in place for your organization will provide you with administrative oversight, visibility and reporting. You will have an integrated IT ecosystem that leverages both legacy and modern technologies while allowing users to work in their application of choice without sacrificing security, governance or management.