All organizations today create and use information—but are they organizations using it just to support a narrow aspect of their business operations or are they using information strategically? Grow the business? Gain market share? Improve organizational efficiencies? Better serve customers or constituents?
Optimizing how you use information and extending it to new areas increases its value. Mundane data or documents become weapons in gaining and sustaining competitive advantage when used in decision making and supporting critical processes. Information can even become a strategic weapon if an organization manages enterprise assets like capital. Treating information as an organizational asset transforms it from single purpose to something that can be tapped for multiple uses.
Common Business Problems Requiring Information Management
Common business problems that require an enterprise information management (EIM) strategy oftentimes don’t have the words information, enterprise, management, data, or governance in them! Some of the business issues driving initiatives for EIM include
- Trucks leaving at the wrong weight
- Deliveries to the wrong location
- Noncompliant hazardous products
- Customer satisfaction issues
- Incorrect billing
- Misunderstood supplier network
- Services that don’t align with customer demand
- Noncompliance to government mandates, impacting payments or revenue
Many process issues happen because the company lacks an information management strategy, including:
- Poor quality data
- Master data not updated correctly
- Missing required documents for order processing
- Financial and sales documents not in alignment
- Using similar terms in different ways throughout the organization
Regardless of your reason for starting information management, understanding your drivers ensures you’ll get the right executive support and key stakeholders on board.