How Do I Design A Program That Works For Our People And Our Business?
The Intersection Of Value , Risk And Cost
Information Economics is managing and leveraging information created and received by an
organization with a view to the bottom line. Every business needs an enterprise-wide information
strategy that aims to reduce risk, ensure compliance, lower costs, and now with the emergence of
big data, prepare for analytics. Information Economics provides a comprehensive and collaborative
strategy to help organizations optimize information value and limit risk at every stage from the initial
creation of records and information across their active life, right through to secure destruction.
The previous chapters of this eBook looked at minimizing
the costs of managing your records, extracting maximum
value from your information and mitigating risk. In this
chapter we discuss how to develop a records and information
management program that harmoniously integrates all your
people and processes. Not only do organizations need to
manage information with a view to the risks it entails, but
they also need to ensure its treated as an asset.
Need To Ensure
Treated As An
As an information professional, you understand these facts.
But you need everyone in your organization to appreciate
what’s at stake – and to understand how to reduce the
costs of storing information, how to make frequently used
information accessible and how to protect all information
from risk. Your records hold information that can help you
understand what your customers have asked for in the past,
and predict what they’ll want in the future and when they will
want it. Data science is a corporate discipline that can provide
you with new ways of organizing and finding value in
1 AIIM 2014 – An update from the battlefield
2 Association for Information and Image Management
3 UK Information Commissioners Office
4 2014 Paper Light Attitudinal Research Campaign
The Current Situation
Information management is growing in importance
as data becomes more essential to business success.
However, taking control of your information requires
bringing employees along for the ride. Convincing senior
stakeholders and other employees is central to success.
48% of companies now say that data is often used to
substantiate business decisions, but only 16% can say that
all employees have access to the data they need and a
user-friendly way to analyze it4. So while the significance
of information is growing, the engagement of employees
seems to lag behind.
48% Of Companies Use
Data To Substantiate
Motivating and engaging employees across all levels
of the organization to use data is imperative to overall
performance. It’s a leap for most employees to move
from “that’s interesting” to “I can use that information”
– information must be relevant to employees for them
to engage. They must also be able to see via goals and
targets, how using data can help both the organization and
the employee to be successful. 53% of respondents to a
2015 survey by the Economist Intelligence Unit stated that
data initiatives are most commonly pushed from the top
of an organization, down. Seeing C-suite executives lead
by example inspires those further down the organization.
However, training and retraining of employees is ranked
as the second most effective tactic for driving employee
engagement and adoption of data analytics (48%), after
the C-suite example setters5.
5 The virtuous circle of data – The Economist Intelligence Unit, 2015
Consider The Risks To
As well as the threat of fines for non-compliance
there is the ever present spectre of data breach
with 90% of companies that suffer a significant
data loss going out of business within two years6.
In the UK, 31% of the worst security breaches
in 2014 were caused by avoidable human error7,
serving to highlight the need for education and
training. 87% of European and North American
businesses do not believe that ex-employees have
taken information owned by their organization to
a new employer – a naïve view that information
of all types at all levels is not being exposed by
existing and future employees to competitors8.
90% Of Companies
Go Out Of
It is all the more remarkable that just 47% of North
American mid-market companies have monitored
information risk training in place8 and only 27% have
policies covering the security, storage and disposal of
In the end it comes down to readiness to change.
Research in 2014 found that 21% of office workers
and 41% of senior managers were reluctant to change
the way they handled information9. This suggests
businesses need to treat information like any other
asset and ensure that standards for use are agreed,
reinforced and measured.
However, employees seem to be making it work
through sheer determination and attitude rather than
policies, processes and communication. 31% say they
felt reluctant at first, but try to take a positive attitude
and get to grips with information management10.
6 London Chamber of Commerce
7 Information Security Breaches Survey 2014 – UK Department for Business Innovation and Skills
8Beyond Good Intentions – A PwC report, 2014
9 Opinion Matters – Iron Mountain Berkeley PR 2014
10 2014 Paper Light Attitudinal Research Campaign