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Risk and compliance largest information management drivers

While smaller businesses use Information Management (IM) to save money and improve productivity, large businesses (44 per cent of them) do it mostly out of fear of risks and compliance.

Those are the results of a new study conducted by AIIM, which says that the number of large companies citing risk and compliance as the main factors behind IM rose from 38 per cent to 59 per cent in a year.

The report, entitled Information Management: State of the Industry 2016, says IM / Enterprise Content Management (ECM) systems and Information Governance are not aligned.

“Organisations are rightly concerned about corporate risk but are not aligning their systems so that they can comply,” said Bob Larrivee, chief analyst at AIIM.

“Many existing systems are not fit for purpose in the social, mobile and cloud age, but before embarking on upgrades and replacements, organisations need to address the lack of information governance policy as a priority – this has to be the first step in minimising risk.”

One of the biggest problems is content overload – 24 per cent have no means of limiting volumes of stored content, 47 per cent have an IG policy defining retention periods, 51 per cent delete files manually and 25 per cent have automated the procedure.

Seven per cent use various analytics and clean-up tools.

“The findings reveal that the Information Management industry is in a state of flux and many organisations are adapting a ‘bury your head in the sand’ strategy,” continued Bob Larrivee. “Organisations know that they need to manage their content and information much better than they are, and are also aware of their shortcomings should they ever be required to go to court. Yet they are still not doing enough to address this, and one feels that it may take one huge compliance case to shake organisations into action.”

The full report can be found on this link.