Author: Siddhartha Bhattacharya, VP Marketing, Kodak Alaris
Information Management
The Era of Data Chaos
has arrived. Businesses in Egypt need a better way to face the mountains of
data created every day. Depending on the industry, your company possesses
between 1 million and 12 million gigabytes of information. Most of that data is
unstructured. Of course, this makes document management chaotic. Unstructured
data is the information that does not fit into neat rows and columns. It
overtook structured data several years ago, and by 2020 it’s estimated that
unstructured data will total over 9 times the volume of structured data.
According to Bob
Larrivee, Chief Analyst of AIIM Market Intelligence: “For many
organizations I have spoken with, indications are that 80-90% of their
information/content still consists of unstructured information, in that it is
poorly organized if at all, resident across the enterprise in network drives,
emails, shared drives, and even portable devices that include removable storage
and mobile devices. Cloud is becoming a part of many enterprise information
ecosystems, but is typically not integrated and may be used in an
unofficial/unauthorized manner.”
This presents two
problems:
1.
You are managing more data, from more
sources
2.
Most of that data is unstructured
Existing data
management methods, which were made for structured data, are insufficient to
tackle either challenge efficiently. According
to Forbes, only 0.5%
of business data is ever analyzed and used.
The struggle is
universal, spanning industries and functions alike, leading to a shared pain
among business leaders. At Kodak Alaris, we call this pain “Data Chaos.”
The Answer: Digital Transformation
Data management and big
data initiatives have been buzzworthy subjects for years. But for most
organizations, big data remains just that - a big pile of data. Unless
companies extract meaning from the chaos, they miss opportunities to grow.
According
to McKinsey, big data is the most anticipated digital growth enabler, but
the least likely digital initiative to receive investment. The same study
demonstrated that 93% of business executives anticipate growth due to Digital
Transformation initiatives.
Digital Transformation involves the improvement of business processes
by pulling insights from integrated data.
It makes sense: the
volume and complexity of data, and its scale for an average business, requires
the flexibility and elasticity provided by digital. After all, once business
processes have been digitized, they are more able to...
·
Share data with teammates and
co-workers.
·
Mine data for meaningful insights.
·
Comprehend the comparative value of
various business processes.
·
Determine areas of improvement within
particular functions and workflows.
·
The chaotic world of
business data finds its resolution in Digital Transformation. Businesses
optimize critical processes by enabling rapid analysis of data. The results:
·
Increased top-line profits and distinct
competitive edge.
·
Substantial back office improvements in
accuracy and efficiency.
Increase Profits and
Gain a Competitive Edge with Digital Transformation:
Better data management
of critical business processes is a proven method to increase profits. In the
Industrial Internet Insights Report for 2015, Accenture and GE surveyed global
executives about the state of “Big Data analytics.” The top two benefits of
Digital Transformation through data initiatives were “Increasing profitability”
(60%) and “Gaining a competitive advantage” (57%).
The world’s business
leaders believe Digital Transformation leads to growth, and it makes sense:
more efficient internal processes produce noticeably better results. But
evidence is always encouraging. According to McKinsey, companies that infuse
their operations with analytics “deliver productivity and profit gains that are
5 to 6 percent higher than those of the competition.”
Digital Transformation
is good for business. This is true both in general and within specific business
processes.
Here are 5 areas where digital
transformation produces quick wins:
·
Mailroom: When your mailroom is
equipped with seamlessly automated workflows to rapidly manage data, alongside
reliable exception handling capabilities, the impact on the top line is
powerful. Employees have more time to focus on core job functions, and
time-critical documents move at the speed of business.
·
Customer Onboarding: Customer onboarding powered
by digitized processes lead to increased customer satisfaction, and even higher
life-time value from your customers.
·
Accounts Payable: When extra insight makes
Accounts Payable more intelligent and automated, your suppliers can serve you
at the right time for your needs, and your market responsiveness sails forward.
All while your staff turns their focus to the future projects that will move
your business forward. ·
Forms Processing: Well-architected workflows
for form recognition, information extraction and quality assurance remove
bottlenecks to success. When done right, it’s a quick win.
·
Records Management: Digital records management
offers many advantages over paper solutions, not the least of which is the
ability to synchronize information, increase security and quickly access
critical documents.
Ultimately, however,
it’s no secret that Digital Transformation is valuable. The secret is
how.
There is a distinct
need for businesses to analyze more of their data in order to derive insight.
Harness the Power of Data Chaos for Your
Business
The ever-increasing
flood of data and how you manage it is one of the biggest challenges facing
businesses in the 21st century, but it is also one of the greatest
opportunities.
Data doesn’t need to be
chaotic. With Digital Transformation, you're not just wrangling ones and zeros
into meta-tagged cells, you're injecting insight into your business decisions.
With new science, technology and partner ecosystems, you can streamline
internal processes and meet company-wide revenue objectives.