THE STUDY DOCUMENTS THE ADVANTAGES OF AN AUTOMATED RECORDS MANAGEMENT SYSTEM

The immense benefits of records management automation were unveiled in 2022 research by the Association for Information and Image Management (AIIM). They found that organizations that optimized their process with automated solutions had better governance, lifecycle management procedures, and higher chances of reaching digital transformation goals.

Despite the advanced technological capabilities, many organizations still need help determining what to keep and discard. According to a recent AIIM report, one specialist discussed the daunting task of disposing of 400 boxes overflowing with obsolete information stored in a cramped storage room.

Upon conducting an informative review, the expert concluded that the destruction of the boxes would be possible. However, no one wanted to take responsibility for the authorized destruction of the boxes.

Does this sound familiar to you? If so, it's no surprise that numerous organizations struggle with Information Governance (IG). It is an organized records management strategy formulated around best data management practices. The road to IG is fraught with executive apathy, ambiguous governance classifications, and a need for more communication between the records management and IT divisions. Companies striving to reap the full benefits of an automated records system must address and overcome these impediments.

Uncover the Concrete Advantages of Automation

AIIM has found a strong correlation between excellent information governance practices and improved business results. In the 2022 AIIM survey, 45% of those who considered themselves highly knowledgeable in information governance (IG) gave their business's transformational readiness a rating of 76 out of 100- a 16-point higher score than what was found on average across all respondents.

As you strive to advance up the maturity ladder, one of your most significant trials is unlocking the true worth carried within data instead of simply reducing costs and danger. A majority of respondents (a whopping 58%) acknowledged the necessity to ascend the information management value chain for improved business affairs. However, many challenges lie ahead for those organizations.

Managing a vast amount of data can be overwhelming. Respondents, on average, predicted that the amount of data they received would swell by a factor of 4.5 over the next two years. Additionally, organizations face the obstacle of handling 57% of their data being unstructured or semi-structured, meaning that it is found in emails, images, invoices, and forms. Data can only be consumed and analyzed through conventional means with proper structuring.

Another obstacle is senior leaders' apathetic attitude toward Information Governance (IG). Senior executives frequently consider human resources a burden rather than an advantage to their business strategy. Information and records managers can make a strong argument in favor of their efforts by demonstrating how contextualized information is key to achieving business growth objectives, which most executives have at the top of their priority list.

AIIM confirms that the only way to battle information overload successfully is to automate our data-handling process as much as possible.

Companies should craft a process automation plan that outlines the vision, key performance metrics, and success criteria for automating processes. Then they must prioritize their approach by tackling procedures with the most outstanding value first.

Companies that have already started their automation journey are in a much stronger place to manage the influx of data. Over fifty percent of the AIIM-surveyed organizations have implemented a comprehensive strategy regarding metadata (53%), automated processes to shield personal data (52%), and automating the creation/sharing process of workspaces (51%). Despite the potential of unstructured data, 74% of organizations have found it difficult to extract valuable insights from this source.

Powerful Strategies to Facilitate Data Expansion

Machine learning could be a necessary component of the resolution. The amount of unstructured data is rapidly increasing, making it practically impossible for humans to classify and label all the information. However, computers have been taught to identify patterns in textual data and components in pictures and videos as accurately as people can. With the power of AI, they can effortlessly draw out and bring more value to both physical and digital content, adding structure even to unstructured sources. In addition, these technologies can recognize information from paper documents and images. Machine learning algorithms can easily assign governance categories and retention schedules without requiring manual operations.

An automated records management system based on machine learning allows organizations to handle large amounts of data and streamlines manual processes. A shocking statistic from AIIM shows that while 74% of organizations recognize the challenge of converting unstructured data into valuable insights, only 12% have fully embraced machine learning technology. Undoubtedly, this is an immense opportunity for development and expansion.

Another way to manage data growth is by discarding it. AIIM's research revealed that 47% of progressive organizations have a strict system for disposing of unnecessary information, such as 400 boxes stuffed with irrelevant data. In stark contrast, only 28% of those lagging reported similar findings.

In the present day, where data is being created faster than ever and organizations are attempting to shift their focus toward digital platforms and processes, it has become imperative to analyze data, group it together based on similarities and outline rules that dictate how information should be managed. The numerous rewards highlighted in the AIIM research affirm how critical and advantageous automation is in proper records management.