Published OnMarch 12, 2020New research shows that 92% of organizations agree that information lifecycle management is essential to digital transformation success.
Like so many people around the globe and from all walks of life, I am a fan of The Great British Baking Show (GBBS) – and I am so not a baker, or cook, for that matter. There’s just something about ordinary people being clever and courteous doing something they love.
So what’s the GBBS got to do with records and information management? Well, during each episode the bakers have three challenges: two they’ve prepared for and the third – the technical, for which they’ve been given minimal instructions – is revealed on air.
As information management professionals, we also can prepare for some things while others are sprung on us. The latter, a case for change management, must be met with skill and agility – just think about the emails you’ve received about a new app launching a day or two in advance of its implementation. The former, things you can prepare for, follow a different recipe.
We set out to test a theory that organizations that are prepared with “fully baked” strong Information Management Lifecycle (ILM) practices are more successful in yielding a return on their investments in Digital Transformation (DX) activities, such as replacing manual processes with automation or using AI to drive business growth.
To that end, we engaged Frost & Sullivan to conduct research on the relationship between ILM and DX. Their findings: 92% of 1,288 key line of business and IT decision makers, representing five industries in seven countries agree that “in order to execute a successful digital transformation strategy a foundational information lifecycle management strategy must be in place.”
FYI – for the purposes of the research we used the following definitions:
ILM: the process of securing, controlling, accessing and managing data—including all records and information; both digital and physical—throughout its life, from beginning, when it is created or enters the organization, to the end, when it is discarded, deleted or stored. Effective ILM spans the organization and touches all business processes.
DX: the changes associated with the application of digital technology in business operations. Effective digital transformation promises to enable innovation and creativity, affecting both internal business processes and relationships with suppliers, partners and customers.
Some interesting crumbs from the research:
78% of organizations with high ILM maturity are early adopters of DX, compared with only 19% with low maturity. It seems that there is an awareness of ability – or gaps in ability – amongst the less mature organizations.
100% of the high ILM organizations have a formal, up-to-date retention program that applies to both digital and physical records, and have processes for on-boarding new technology to comply with ILM requirements; the low maturity organizations score far less at 55% and 48% respectively.
30% of high ILM organizations are already driving business outcomes using AI while only 9% of those with low ILM maturity use the power of machine learning – a definite competitive advantage for the ILM-savvy.
If you are not in the high ILM maturity category, the findings from Digital Transformation and Information Lifecycle Management: Partners in Success include a wealth of data for your consumption including the necessary ingredients for reaching your highest ILM potential, a proven essential ingredient in achieving “master baker” status.