Unfortunately, many businesses are lagging behind when it comes to making this information easily available. According to a 2015 Information Mobility study from IDC2, commissioned by Ricoh, just 62 percent of critical information is in electronic form — the rest is either trapped in filing cabinets (23 percent) or worse, stuck in somebody’s head (15 percent). And even among those who have digitized information, information silos between departments often prevent the easy sharing of information, which can create significant problems — not just in terms of immediate revenue, but also opening up potential issues around privacy, security, and compliance for groups lacking visibility into needed information.
This is the result of today’s evolving information challenges, where our hyperconnected global economy has made business risk a certainty for many enterprise companies, rather than a possibility. In this new world of work, unstructured data threatens to overwhelm many organizations of all sizes. Broken document processes create bottlenecks that can stifle productivity. And risk events are rarely isolated to one department or outcome. No organization is insulated from these emerging challenges.
Companies need a foundation that integrates IT strategy with eDiscovery, and business benefit with business risk. Records management — and more holistic information governance — is a solid discipline that fills in many of the underattended gaps.