Yesterday I watched an excellent webcast by Jonathan Steel, CEO of technology researchers at The Bathwick Group where he discusses the results of a survey into the importance of Information Management to a range of companies. Jonathan states that the survey found that 75% of respondents said that good information management is a key to profitability. Bathwick’s research into Smart Companies also found that good information management is a key to profitability and productivity.
I found it interesting that 60% feel that they are doing an adequate job and only 30% feel that they are doing a good enough job at information management. It was clear that respondents felt that they are doing a good job given the tools that they have but 85% said that they would be able to reduce costs by having better information management solutions and 75% said that they would also be able to sell more because they would have better insight into existing customers and potential new customers.
The big issues reported by companies in the survey were:
- Combining multiple data sources to provide a single operational view of the business
- The ability to capture all data in the first place because data exists outside of the core systems, on paper, in local spreadsheets, etc.
- Being able to efficiently report for compliance
The alarming fact that is, that 37% of companies report that they have critical data out on desktops across the enterprise leading to the inability to produce a single operational view and an inability to see all the data that pertains to a customer in a unified view.
Emphatically, respondents see the need to create a more integrated solution. In the Enterprise space 90% of respondents said that this is something they specifically need to do and 25% said that they are trying to do it. However, 50% feel that it is either prohibitively expensive or will require a lot of consultative input.
As a leader in the field of Business Process Management I am often asked to deliver a solution that:
- Orchestrates information flow,
- Integrates with existing back-end systems (to maximize current investment),
- Provides a single operational view with up-to-date status of all in-flight business processes and
- Delivers a Return on Investment within the first 90 days.
Perhaps the 50% of respondents that feel a solution to their problems is prohibitively expensive are looking in the wrong direction!