Business Information Management:  Your Guide to Secure Document Storage

Business landscapes have evolved rapidly in the last decade, and they continue to change at a breakneck pace. Traditional organizations are now seeing the value of effective information management strategies to stay competitive and drive success. This has made business information management (BIM) more important than ever before. BIM encapsulates the strategies, processes, and technologies used to collect, organize, store, and retrieve information within a company. It involves the holistic and systematic management of documents throughout their lifecycle, from creation to disposal.    

Table of Contents

• The importance of effective information management
• The increasing complexity of business operations
• Core components of business information management
• Advancements in document management technology
• Implementing a document management system
• From chaos to efficiency: Inspiring tales of effective document management
• Benefits of effective document management systems

The importance of effective information management 

Why should you care about information management? Leaders are turning to BIM to help streamline operations, ensure data accuracy, and improve overall business processes. Moreover, effective information management boosts productivity, enhances customer satisfaction, and minimizes the risk of data breaches. 

The increasing complexity of business operations   More data. More problems.

• Did you know that over 328.77 million terabytes of data are created each day on average? With this data explosion, it's critical to find efficient ways to manage and organize information.  
• Traditional methods of managing information, like physical filing systems, are no longer enough. Employees spend an average of 2.5 hours per day searching for information. That's valuable time that could be better spent on strategic tasks! To tackle this challenge, businesses need scalable and secure solutions to handle their data overload. 
• Accessibility and security are crucial aspects of effective information management. Your teams need quick and easy access to the right information at the right time to make informed decisions. Protecting sensitive data from unauthorized access is also paramount. Did you know that cyber-attacks targeting small businesses have increased recently? That's why implementing secure document storage solutions is the need of the hour.

Core components of business information management  

1. Document management: First and most basic, businesses should focus on implementing a reliable document management solution that can handle the storage and retrieval of data. Implement a reliable solution that acts as a centralized repository for all your business documents. This provides easy and secure access for authorized personnel. 
2. Technological tools: Leverage automation software, workflow management systems, and search functionalities to streamline processes and improve productivity. Organizations that automate document-intensive processes experience a 30-50% reduction in processing time! 
3. Integration with business strategies: Ensure that your document management system integrates and supports your overall business strategies. This avoids data fragmentation, technical debt and shadow IT, while improving collaboration across departments. 

Advancements in document management technology

• AI-powered capabilities: Artificial Intelligence is here to stay. Businesses are harnessing the power of AI to transform their intelligent document processing (IDP) capabilities. This includes AI-driven document extraction, handwriting recognition, document separation/splitting and document classification. 
• Cloud-based solutions: Cloud-based systems provide secure access to documents from anywhere, at any time. This enhances collaboration and enables remote work capabilities.  
• Automation and streamlined workflows: Automated processes reduce errors, eliminate repetitive tasks and increase efficiency. This allows your employees to focus on more strategic initiatives. 
• Robust search features: Intelligent search algorithms and metadata tagging simplify information retrieval. This saves time and effort, improving productivity throughout your organization. 

Implementing a document management system

• Integration with your existing IT infrastructure is crucial to avoid disruption and ensure a smooth transition.  
• After the recent cyberattacks we’ve experienced, needless to say – security and compliance are paramount, ensuring data integrity and protection. 
• Meeting legal and regulatory compliance needs through regular audits and managing user permissions is essential for enhanced security. 

From chaos to efficiency: Inspiring tales of effective document management solutions

Still on the fence about investing in a document management solution? We’ve seen scores of success stories with businesses achieving remarkable transformations, leaving behind disorganized workflows and embracing streamlined efficiency with future-proof document management systems.  

Here are some examples to inspire your transformation journey: 

Fletcher Jones Motorcars - Digitization of documents enables fast access to information, stellar customer service and a cost reduction of over $40,000 annually. 

Fletcher Jones, a luxury automobile dealership, faced a significant challenge in managing their paper-based workflows. With the implementation of a document management system, they were able to automate their business processes, eliminating the need for manual document filing. This resulted in a 30% increase in productivity and faster order processing times. In addition, the centralized document repository improved collaboration among employees and reduced document retrieval time. 

Propel Schools – Automated workflows reduce approval time from up to two weeks to just a few days. 

Propel Schools, a network of charter schools, struggled with paper-based processes that hindered administrative efficiency. By implementing a document management system, they digitally transformed their operations, eliminating the need for physical record storage. This streamlined their workflows, resulting in significant time and cost savings. Teachers and staff now have quick access to student information, enabling them to make more informed decisions regarding individual student needs. 
 
Town of Windham - Digitization project helps manage and retrieve records faster and more efficiently. 

The Town of Windham, a municipality in New Hampshire, faced challenges related to records management and compliance. Their document management system allowed them to digitize and centrally store records, improving data accessibility and compliance with state regulations. The system enhanced the efficiency of their land development review process, reducing approval times from weeks to days. This not only improved customer service but also allowed them to reallocate staff resources to other critical areas. 

Benefits of effective document management systems  

In today's data-driven business world, effective business information management can make or break your organization. Assess your organization's information management strategies and consider implementing a document management system tailored to your specific needs.  

Easy storage and fast access: Say goodbye to orphan files and endless searches. Document management software centralizes documents from any source and extracts key data for structured storage. 

Workflows that annihilate bottlenecks: Do your teams constantly struggle with manual data entry and tedious tasks like filing, version control, approvals and reminders? Stop wasting time and start optimizing efficiencies instead. 

Your data – Anywhere you need it: Whether your team is in the office, at home, or on the road, get instant access to your business documents and workflows. Encrypted data transmissions and enhanced permission controls can help you protect sensitive information. 

Empower your employees with quick access to information and safeguard your valuable data. With the right tools and practices in place, you'll be well-equipped to navigate the complexity of managing business information efficiently.