Information drives everything. It provides insights, informs decisions and deepens relationships. Yet, information value still isn’t a primary area of focus for records and information management professionals.
First-of-its-kind value index
To get a better sense of how businesses are tackling the information value proposition, Iron Mountain partnered with PwC to conduct research on the subject and create an index, similar to previously published risk indices, by which to benchmark progress. Here’s what we found:
- Only 4% of organizations are poised to extract the full value from the information they hold – this means they have the proper culture and technology in place to realize significant benefits, such as improved processes, enhanced customer experience, product innovation and more.
- More than a third (36%) lack the tools and skills they need to leverage and extract value from their information stores; thus the great demand for data analysts.
- 43% of the European and North American organizations surveyed obtain little tangible benefit from their information, and 23% derive no benefit whatsoever.
With an average index of 50.1 out of an ideal score of 100 (52.9 in North America and 47.3 in Europe), the value index confirms that the vast majority of organizations ‒ regardless of size, geography or sector ‒ have a long way to go before they realize the maximum value from their information in a controlled and strategic manner.
Attributes of the “information elite”
As a result of the research, PwC calls the 4% of organizations that extract full value from their information the ‘information elite.’ What are some of the attributes of this minority of organizations that achieve the highest benefits of data analysis? In all instances they have a cross-functional information management or governance oversight body, utilize sophisticated analytic tools (not just Excel) and have hired or developed the appropriate skill sets. They understand how to protect personally identifiable information and intellectual property without inhibiting the ability to use information to facilitate decision-making.
So where does your organization fall in the value spectrum? Are you among the nearly 1 in 5 who don’t believe the organization knows what information it holds (16%), how it flows through the business and where it is either most valuable (23%) or most vulnerable (20%)? Or are you in the enlightened or agile (4%) category?
See how well you stack up against your peers and learn more about best practices for extracting value from your information. Read the PwC and Iron Mountain whitepaper, Seizing the information advantage: How organizations can unlock insight and value from the information they hold.