Information Economics Video 2 – Access the value in your information
Our second video in the Information Economics series explores the problem of information access and the potential for digital solutions. If you’re still doing business at the speed of paper, this video will give you reasons to change.
Information economics is all about achieving ROI – return on information, and that means getting maximum value from every piece of information your business uses.
In the first part of this series we looked at how off site records’ storage and a defensible retention schedule could help optimise storage costs.
But maximising the value of information is also about getting the right information to the right place quickly and efficiently, with no compromise to security.
The biggest barriers to achieving this are paper and the need to retrieve it manually. People in information roles can spend up to 35% of their time searching for information.
This can cause direct damage to a company’s reputation and revenue. Consumer research shows that 77% of people find being passed around and having to repeat requests as the greatest customer service annoyance, and 25% have experienced a representative not being able to find their details at all.
Part of the answer lies in training and education. Remarkably, only 26% of companies have training programs on information risk issues.
And although 80% have formal polices, 64% of these admit to lacking company-wide adoption.
Digitising information is the best way to ensure fast and accurate access.
More than 50% of companies receive most of their customer correspondence on paper and a digital mail-room can extract relevant information and begin unlocking paper-free processes.
This allows your people to get the information they need instantly and businesses who have implemented these processes cite faster response to customers and improved staff productivity as the two biggest benefits.
Digitising is an investment but 60% see a payback in just 18 months.
Digitising can be useful for archived records too, with a pay-as-you-go approach delivering the best value.
So, staff-training to implement policies and document digitisation are two of the key ways to extract value from your information.
To find out more read part two of our Information Economics ebook now.