The business case for digital transformation has never been more clear or compelling. Today, organizations are dealing with a data deluge, as they are inundated by unprecedented levels of unstructured data, resulting in ‘Data Chaos’. In the struggle to rein in data chaos, organizations are scouting for viable technologies that can seamlessly integrate with legacy infrastructure, while ensuring efficient streamlining of processes and systems going forward. The next year will see a considerable uptick in the adoption of advanced solutions, coupled with a greater sense of urgency around implementation.
With India being a significant force in the world trade market, Kodak Alaris perceives huge potential for the growth of Information Management solutions here in the country, which will only increase over time. In addition, given the Indian Government’s regulatory upheaval and recent initiatives such as Digital India, especially around land reforms, there exists huge opportunity for Information Management to come to the fore and simplify the way works gets done.
A few topline trends that will be evident in the Information Management space during the coming year 2017 include;
- Digital transformation will simplify business operations and enable organizations to derive targeted insights
The ubiquitous nature of data and the countless formats it is embedded in, has resulted in the coinage of the term ‘Data Chaos’ by Kodak Alaris. It is evident that businesses are relatively unprepared in the realm of Data Chaos. Currently, the focus on structured data is prominent and data management systems and strategies are outdated. The chaotic world of business data finds its resolution in digital transformation. Businesses will need to focus on managing the data and information in a way that harnesses the value and enables them to better serve customers, improve decision-making and ultimately have a positive effect on the bottom line.
- Overcoming the challenges in the Information Management space – engagement, automation and insights
AIIM (the Association for Information and Image Management) outlines engagement, automation and insightsas core issues for enterprises when it comes to information and data. Companies will make concerted efforts to overcome challenges in these areas by way of evolved IT implementations. As growth and adoption of shared services accelerates due to the outsourcing phenomena, it implies that businesses are looking to use technology and partnerships to get specific operational tasks like accounting, HR and legal done in a more streamlined manner.
- Regulatory and compliance reforms to provide an impetus for adoption of enhanced Information Management techniques –e. eGovernance to eDiscovery
The regulatory landscape in India and across the globe has seen considerable upheaval in the last couple of years, with a special emphasis on compliance. As enforcement agencies enhance their collaboration, there is a growing need for the corporate space to adhere to a heightened level of compliance with regard to storage and formatting of data. The increasing efforts on this front, demonstrated in the form of stringent eGovernance stipulations and more recent judicial acceptance of electronic formats in the form of eDiscovery, has propelled organizations to ensure that data is captured and stored in appropriate methods. Thus, we expect an increased adoption of technology that supports this progressive approach.
- Compatibility, the ability to scale and transcend across devices and platforms (i.e. the open network) for enhanced collaboration, will be prime factors in driving technological adoption
Flexibility is a key metric in any business decision to factor in new technology, and rightly so, given the rapid evolution of IT. Organizations going forward, will consider compatibility and integration capabilities to be a basic requirement of any technological implementation. This will play a key role in ensuring that they are not stagnated in terms of their ability to cope with the ever-changing demands of a fast-paced workforce.
The exploitation of unstructured data represents too great an opportunity for businesses to ignore. Today, the systems of engagement and insight have moved to the edge and it is crucial to have automated tools, which are web-based. This way businesses can integrate and leverage data regardless of the edges i.e. where it is created.
- An increased business focus toward impact measurement will prevail – ROI and customer satisfaction to take precedence
Given the rapid pace of technological advancement in the past decade, Information Management systems have been extensively overhauled. Organizations have, in this process, inevitably focused more intrinsically on the deployment of new technologies vis-à-vis measuring the impact of the implementation. Today, organizations have begun to realize that the management of every facet of Information Management, plays a substantial role in impacting client/customer satisfaction. Categorically gauging the impact of any solution is therefore becoming more distinct, with organizations taking concrete measures to ensure these are identified at the outset. Going forward, this will continue to be part of the conversation when companies consider adopting new technologies.
In conclusion –harnessing the value of data
According to McKinsey, big data is the most anticipated digital growth enabler, but the least likely digital initiative to receive investment. The same study also demonstrates that 93% of business executives anticipate growth due to digital transformation initiatives.
Given the volume and complexity of data, and its scale for an average business, it requires the flexibility and elasticity provided by going digital. Better data management of critical business processes is a proven method to increase profits. In the Industrial Internet Insights Report for 2015, Accenture and GE surveyed global executives about the state of “Big Data analytics” and the top two benefits of digital transformation through data initiatives were “Increasing profitability” (60%) and “Gaining a competitive advantage” (57%).
According to McKinsey, companies that infuse their operations with analytics “deliver productivity and profit gains that are 5 to 6 percent higher than those of the competition.” The world’s business leaders believe digital transformation is good for business and leads to growth, and it makes sense: more efficient internal processes produce noticeably better results.