Companies are seeing an explosion in the amount of information available in their organizations. And, in these organizations there is often a vast amount of documents, which requires a comprehensive overview and ability to manage efficiently. Teams must ensure regulatory compliance, adhere to budget, maintain schedules and mitigate risk. An A.T. Kearny 2009 IT Innovation and Effectiveness study says executives consider two factors – inconsistent data and IT complexity – as the biggest IT-related barriers to company growth. These challenges require organizations to formally determine how they will create, manage, distribute, and use information within their enterprises.
Leverage your information to increase value
If a company can optimize the use of information and leverage it correctly, they can also better manage risk and ensure regulatory compliance, while operating optimally and achieving competitive advantage.
One core component to achieve this for documents, is to have a solution in place that supports compound content management (CCM) and master content management (MCM) – ideally combined and integrated with other data sources to include i.e. master data management (MDM) and enterprise resource planning (ERP) solutions to ensure that there is a single source of truth for the organization’s critical data. Documents are often managed using files such as Word, which is unstructured data, unstructured data does not lend itself well to a scenario where you want to optimize the use of information across the enterprise. The shortcomings of a file-driven document solution increases the complexity of managing your content across your enterprise efficiently. Nor does a file-driven document solution effectively provide the foundation for compound content management and is more or less impossible to use for master content management. A file-driven solution also increases the information silos in your enterprise, making it difficult to optimize use of your information.
Organizations that figure out how to best optimize and leverage information across the enterprise are likely to outperform their less savvy competitors. They will have a competitive advantage where they spend less time on managing and maintaining their information, while in fact increasing the quality of the content.
With a database driven document solution, the content is structured, it provides compound content management and master content management. With the correct use, compound content management and master content management can assist your organization in optimizing the use of information across the enterprise. There is single-source of truth, audits logs, workflow and task management – also a database driven solution can help enforce information governance in your organization.
Optimizing the use of information in organizations should be vital for all businesses
Chief Commercial Officer