Information is at the core of every business’s digital transformation. Managing it has gotten more and more challenging due to growing volumes of content, and the disparate and complex tools and systems. Intelligent information management is critical to the success of digital transformation initiatives like online ordering, omnichannel customer experience, remote work, and compliance mandates. A new study by the Association for Intelligent Information Management (AIIM) looks at how companies are grappling with their content management challenges amid digital transformation and the impacts of the Covid-19 pandemic.
Compliance is the leading intelligent information management driver
The AIIM study was a 10-year follow-up to a 2013 study, with participants mostly coming from government, finance, banking and insurance, and education in North America, the United Kingdom, and Europe, Middle East, and Africa (EMEA). Ten years ago, 38% of respondents cited compliance and risk as the top departmental goals within their organizations. Today it’s still the top driver for 41% of companies. Nearly all (95%) of organizations say they are well underway with digital transformation initiatives.
Organizations are awash in information management systems. The number of these systems used by organizations has grown in 10 years from an average of 3.14 systems per organization in 2013 to 4.95 in 2023. Nearly 15% of all organizations surveyed are using 7 to 10 information management systems. These systems are not integrated in nearly 75% of organizations, which poses challenges to compliance adherence and reporting related to electronic discovery (eDiscovery), privacy, information security, and overall governance and compliance. Information on customers, processes, claims, applications, cases, and other entities typically isn’t available in a single view. Duplication and inconsistent data are rampant problems. Lack of a single view impacts an organization’s ability to efficiently compile information for reporting and compliance.
Tools and technologies emerge to meet the need
A variety of information management tools are in use by organizations. Majorities of respondents to the survey use document management or electronic content management (ECM) systems (80%), analytics (71%), content services (67%), processing automation (62%), business process management (61%), and document capture and intelligent document processing (58%).
With a plethora of different solutions used by different departments within the same companies, the overall effectiveness of information management initiatives was rated “better than average” by less than half of companies, with one-third rating their ability to manage information through its lifecycle and applying governance and compliance “below average.” Less than half of organizations utilize digital invoices, with the remainder still using paper ones.
An aging profession
Despite the slow adoption rate of digital processes for information management among some companies, 79% of respondents believe that information management will become more important within their companies in the next two years, gaining recognition and funding from executives.
Information management is an aging profession, with 44% of respondents in the study over 45 years old and only 14% under 30. Half of younger people 18 to 30 in the survey said they are not interested in a long-term career in information management. AIIM is highlighting the need to recruit, train, and retain information management professionals by creating clear career pathways for them.
Survey conclusions and recommendations
One-third of companies in the survey have yet to achieve significant success with their digital transformation efforts and more than half use paper and manual handling of documents. Information management must become a bigger priority for all companies to survive and thrive.
Content systems have proliferated over the past decade, with some organizations having up to 10 different systems within different departments. Most of these systems are standalone and not integrated, creating access, management, and compliance inefficiencies. Organizations must evaluate the content management systems they currently use and are considering purchasing to ensure that they are connected to other information systems and all lines of business.
Information management is an aging profession. New workers are needed to fill the ranks within the next five to 15 years. Organizations should elevate their focus and earmark resources for recruiting, training, and retaining the next generation of information management professionals.
Read the Association for Intelligent Information Management (AIIA) 2023 State of the Intelligent Information Management Industry survey and forecast.
