Information Economics will help you find the value in your information without losing sight of risk and cost. Our video tells you why information is getting harder and harder to manage.
As the information explosion gathers pace, the records and information your business holds is growing exponentially.
Customers want more information, regulations are making you keep more information and your people generate and use more information than ever before.
So the cost of handling and storing it has never been higher.
However, managed properly, you can find and use the value in your information.
Information economics is about maximising these opportunities, reducing risks and controlling costs to make sure you achieve ROI – Return on Information.
Before you can exploit the value in your data you need to take control, so you know exactly what you have, and exactly where it is.
42% of organisations say the volume of paper is increasing while 36% of firms keep all their information in case it's needed.
However, 71% of companies could reduce storage costs by 30% if they knew what they could destroy and when.
By destroying records that are beyond their statutory retention periods, you could cut your physical and digital storage requirements by up to 40%.
Once you're only keeping the information you need, you can maximise its value and minimise its cost.
Start by reclaiming your office space. Every filing cabinet you can dispense with gives you space which could have a rental value of around 1,500 USD per year.
Storing your most valuable and important records offsite reduces their exposure to loss, damage or theft. Professional document storage means your data is secure, helping you avoid data protection fines of up to 380,000 USD.
And with your storage properly organised, research indicates that the effectiveness of workers could increase by 26.5% through improved access.
So, to ensure you get a return on information, tackle your document storage and start seeing information differently, then you can plan how to extract maximum value from your data.