According to AIIM research on information governance, 79% of companies realize that they have to transform into a truly digital company in order to survive. As a result, the importance organizations attach to effective governance of information has shifted. And with the growing volume and diversity of corporate information, the need for well thought-out strategies and approaches for managing the information lifecycle also grows.
We at AIIM believe that information is the lifeblood of companies today and that the proper management and control of its collection and use is a fundamental company requirement. Information is at high risk for security – data security, privacy, regulatory compliance, and legal detection are just a few of the important factors that determine policies and procedures for controlling corporate records and data. But there are also great opportunities, which are often overlooked, to use company information in ways that improve company performance – customer experience, process improvement, and new, digitally-enabled ways of working all depend on information being in ever larger and larger areas more strategic paths are used.
As a result, a new paradigm arises; something bigger – an increasing link between information governance and strategy. Indeed, the true value of information governance can be determined by building skills that focus on improving strategic opportunity and business performance, not just averting risk and maintaining security. Doing more with data to improve processes and products, increase brand satisfaction, and enable more effective and strategic business decisions are just a few of the benefits of this advanced approach and good reasons for a new approach to information lifecycle management.
How can you start? One way is to give information lifecycle management a more passionate line of attack. According to Gartner, “Information Lifecycle Management is an approach that recognizes that the value of information changes over time and that it must be managed accordingly. The aim is to classify information according to its current business value and to establish guidelines for the migration and storage of this data. ”
What does that mean for information managers today? You could say that the "secret sauce" isn't complete without a final ingredient: a plan for the entire life cycle management of your information. Here are some best practices to consider.
The first step is to understand exactly what information you have, how much and where everything is. After all, if you don't know what you have it is impossible to manage. This is becoming increasingly important as the amount of information we need to manage continues to grow. Studies by AIIM show that companies assume on average that the volume of information in their companies will increase from X to 4.2X in the next two years. Over 60% of information dissemination is unstructured, so it is crucial to thoroughly review your information.
One way to combat content growth is to remove "ROT" – redundant, obsolete, and trivial information that an organization continues to hold even though the information has no continued business or legal value. RED can be found on individual desktops, on networks, on SharePoint servers, on tablets and mobile devices, on mainframe computers and in the cloud. All of this useless information takes a toll on the organization, making it easy to misplace or overlook sensitive data, expose the organization to unnecessary risk of litigation or breach, and overall lead to an overall loss of productivity, efficiency, and agility.
Effective management of the information lifecycle requires a fully focused approach based on formal governance guidelines and procedures. From start to finish, the entire information lifecycle must be considered in strategic planning. Process design should include a cross-functional team that includes IT as well as departments and stakeholders interested in how information is stored, used, and managed. The adoption of technologies and solutions should help automate the governance process with tools that increase the value and effectiveness of information to improve organizational performance.
AIIM is of the opinion that practices and methods of intelligent information management are of crucial importance for the success of the digital transformation. Use these best practices to map your information lifecycle management strategies and actions. Look for vendors and partners with the right mix of expertise, skills, and vision to help you get the most out of your efforts.
This blog was originally published in cooperation with AIIM under the title "Best Practices for Controlling Information Lifecycle Management".
You can download the original information sheet here.
