BOSTON, May 31, 2011 (BUSINESS WIRE) --
Despite near unanimous agreement that improving core business processes
like contracts management, accounts payable and order fulfillment make
more successful organizations, few companies understand how to improve
these data-intensive processes. That's according to a recent survey of
5,500 company records managers.
Conducted by Iron
Mountain Incorporated (NYSE: IRM), the information management
company, the survey on business
efficiency asked respondents to weigh the importance of improving
processes through better information management against the current
state of those processes in their organizations.
The results reveal most are unhappy with how their core processes run,
despite having formal programs for how their companies should manage
information. The key findings include:
- Efficiency is "mission critical" - 90 percent of respondents
rank process efficiency as imperative to their business goals and to
the overall success of their organization;
- Most aren't happy with their present processes - 93 percent of
respondents are dissatisfied with their revenue-generating and
business-support processes and/or are actively trying to improve them;
- The urgency for improvement isn't there... yet - More than half
of respondents (58 percent) have not yet experienced a "trigger" event
like an audit or lawsuit that would spur improvement of records and
information management processes;
- Structure is in place, but not everyone is following through -Three-quarters of respondents are managing their records and
information themselves, but only 35 percent of the respondents believe
their program is being used by everyone in the organization.
"Information drives businesses today and can be a real competitive
advantage if managed properly and efficiently," said Sue Trombley,
director of consulting for Iron Mountain. "It plays a vital role in the
revenue-generating and core operational processes that keep
organizations running. And it can provide valuable insight into not just
your own organization but your customers, your industry, your partners
and your competitors. The right policies and procedures, implemented
across the entire organization, efficiently executed and regularly
enforced, can give you a tremendous opportunity to unlock this
advantage."
In response to these findings, Iron Mountain offers the following information
management tips to unlocking records and information management
efficiencies:
- Eliminate obstacles to sharing information - Consider the
utility of a piece of information within the organization: Does it
need to be accessed by multiple departments? How often? Breaking the
silos and single-ownership habits of information creation and
management allows for easy sharing and ensures it can move freely in
the organization;
- Take paper out of the equation when you can - Digitizing or evenremoving paper from traditionally paper-heavy processes (such as
travel and expense reimbursement) can streamline your business, making
it easier to share and improve revenue-generating operations like
accounts payable or billing;
- Don't be a "copycat" - Look for areas where redundant copies
are slowing down your business and consider centralizing information
for better access;
- Be prepared - A defining characteristic of an efficient
organization is a comprehensive disaster recovery and litigation
readiness plan, ensuring that if something does happen, you have
access to the critical information that keeps your business running;
- Keep it simple, for agility's sake - Simplifying your
information management policies and procedures (e.g., reducing the
number of "touches" and approvals needed for a document), will make it
easier to adapt core processes in times of change or growth.
To learn more about creating a more efficient information organization,
check out "The
Results are in: Business Efficiency Survey Reveals an Opportunity for
Organizations to get their 'House' in Order" Iron Mountain's "Information
Advantage" blog.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management
services that help organizations lower the costs, risks and
inefficiencies of managing their physical and digital data. The
company's solutions enable customers to protect and better use their
information--regardless of its format, location or lifecycle stage--so
they can optimize their business and ensure proper recovery, compliance
and discovery. Founded in 1951, Iron Mountain manages billions of
information assets, including business records, electronic files,
medical data, emails and more for organizations around the world. Visit www.ironmountain.com
or follow the company on Twitter @IronMountain
for more information.
SOURCE: Iron Mountain Incorporated
Iron Mountain
Christian T. Potts, 617-535-8721
christian.potts@ironmountain.com
or
Weber Shandwick
Kristen Georgian, 617-520-7042
kgeorgian@webershandwick.com