Information Economics is managing and leveraging the information your business creates and receives with a view to the bottom line. Every business needs an enterprise-wide information strategy to reduce risk, ensure compliance, lower costs and prepare for the emergence of big data analytics. Information Economics is a comprehensive strategy that will help you optimise information’s value.
Where do you start with Information Economics? The first step to finding the value in your information is to take control. A formalised records retention schedule is the foundation of records management. It will tell you how long you should keep each type of record. Learn more about document retention periods with our UK Document Retention Guide.
Once your records are classified based on your retention requirements, it will be easy to determine what’s eligible for destruction. A strong policy in the form of a legally enforceable retention schedule is essential, but people are equally important. Look around your business for people with a vested interest in good information management and invite them to be part of a steering committee that will oversee and promote the policy changes you recommend.
What are the advantages of records retention? An enforceable records retention schedule will help you reduce your legacy store of records and become compliant. You’ll also be in a position to reduce your storage costs because you’ll have less to store and a coherent policy that’s reliable and easy to update. Achieving compliance, consistency and cost reduction, while not easy, will demonstrate the value of records and management to the business and raise your professional profile with senior management. Find out more about Information Economics Want to get off to the best start? Get our mini-guide to retention.