Information drives everything. It provides insights, informs decisions and deepens relationships. Yet, information value still isn’t a primary area of focus for records and information management professionals.
First-of-its-kind value index
To get a better sense of how businesses are tackling the information value proposition, Iron Mountain partnered with PwC to conduct research on the subject and create an index, similar to previously published risk indices, to benchmark progress. Here’s what we found:
- Only 4% of organisations are poised to extract the full value from the information they hold – this means they have the proper culture and technology in place to realise significant benefits, such as improved processes, enhanced customer experience and product innovation.
- More than a third (36%) lack the tools and skills they need to leverage and extract value from their information stores.
- 43% of the European and North American organisations surveyed obtain little tangible benefit from their information, and 23% derive no benefit whatsoever.
With an average index of 50.1 out of an ideal score of 100 (52.9 in North America and 47.3 in Europe), the value index confirms that the vast majority of organisations ‒ regardless of size, geography or sector ‒ have a long way to go before they realize the maximum value from their information in a controlled and strategic manner.
Attributes of the “information elite”
As a result of the research, PwC calls the 4% of organisations that extract full value from their information the ‘information elite.’ What are some of the attributes of this minority of organisations that achieve the highest benefits of data analysis? In all instances they have a cross-functional information management or governance oversight body, utilize sophisticated analytic tools (not just Excel) and have hired or developed the appropriate skill sets. They understand how to protect personally identifiable information and intellectual property without inhibiting the ability to use information to facilitate decision-making.
So where does your organisation fall in the value spectrum? Are you among the nearly 1 in 5 who don’t know what information you hold(16%), how it flows through the business and where it is either most valuable (23%) or most vulnerable (20%)? Or are you in the enlightened and agile (4%) category?
See how well you stack up against your peers and learn more about best practices for extracting value from your information. Get the PwC and Iron Mountain research.