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Achieving ROI from Content Management

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  • 1. !!! Achieving ROI from Content Management !! Peter G. Hickey President & Co-founder, Oris4 @peterghickey June 2014 !!! !1
  • 2. !!! Introduction ! Every day, business decisions are made based on valuable informa4on, context and content. As organiza4ons grow, it becomes increasingly challenging to manage, store and access that content to ensure compe44ve response and effec4veness. !T his paper is intended to help company decision makers understand: • What content is • How content growth has led to the most expensive inefficiencies every organiza4on faces today • Discuss how industry aFempts to solve this challenge with any single solu4on are failing • Understand how content consolida4on across numerous soHware applica4ons can solve this challenge and produce a significant return on investment ! !!!! !2 Nearly two-thirds of managers believe poor information management is hurting productivity by 29% - Capgemini
  • 3. ! The Evolution of Content and its Management For the purposes of this paper, content refers to the ! documents, spreadsheets, presenta4ons, emails and other forms of captured informa4on organiza4ons ! use every day to make business decisions. A paper by Berkley scien4sts published more than 10 years ago es4mated that informa4on created on print, film, tape and disk in 2002 was roughly equivalent to all the text in the Library of Congress-­‐-­‐ mul4plied by 500,000.1 According to Google’s Eric Schmidt, “Every two days now we create as much information as we did from the dawn of civilization up until 2003. That’s something like ?ive Exabyte of data.”2 Incredibly, that amount has doubled in the past three years and will grow even faster as people begin to take advantage of low-­‐ cost storage technology.3 !C onsider the following sta4s4cs: ! • Execu4ves waste six weeks per year searching for lost documents.4 • A typical employee spends 30%-­‐40% of his 4me looking for informa4on locked in email, documents, shared hard disks and filing cabinets.5 • Professionals spend 50% of their time searching for information, 18 minutes is the average time to search for a document.6 • Organiza4ons lose a document every 12 seconds.7 • In surveying 1000 middle managers of large companies in the U.S. and U.K., 59% miss important informa4on almost every day because it exists within the company but they cannot find it.8 !3 A typical employee spends 30%-40% of his time looking for information locked in email, documents, shared hard disks and filing cabinets. - thepaperlessproject.com 1 Peter Lyman and Hal R. Varian, “How much Information?” , Berkeley, October 2003 2 Techcrunch.com, Eric Schmidt “Every 2 Days We Create As Much Information As We Did Up To 2003” August 2010 3 Steven Levy, Newsweek, November 10, 2003 4 www.keyorganization.com From FastCompany Magazine, 8/2004 5 Facts About Paper”, February 24, 2014, http://www.thepaperlessproject.com/what-are-the-facts-about-paper/ 6 “Facts About Paper”, February 24, 2014, http://www.thepaperlessproject.com/what-are-the-facts-about-paper/ 7 “Facts About Paper”, February 24, 2014, http://www.thepaperlessproject.com/what-are-the-facts-about-paper/ 8 Wall Street Journal, Accenture, May 14, 2007
  • 4. • Nearly two-­‐thirds of managers believe poor informa4on management is hur4ng produc4vity by 29%.9 ! In order to deal with content, storage, data control, accessibility and improved efficiencies, organiza4ons have begun to invest in Enterprise Content Management (ECM) solu4ons. Today, according to Gartner’s 2013 Magic Quadrant, ECM demonstrates value and contributes over $4.7B in soHware revenue growth to the economy.10 ! !!!!!!!!!!!!!!!! ! !!!!!!!!!!!!!!! !4 9 “Poor information management costs millions a year”, Capgemini, March 4, 2008. 10 Gartner, Enterprise Content Management Magic Quadrant, 2013.
  • 5. According to AIIM’s 2011 ECM Study 11 , the biggest drivers to implemen4ng ECM solu4ons are: • Improved efficiencies • Op4miza4on of business processes • Compliance • Cost ! ! ! While only 24% of large organiza4ons had implemented ECM solu4ons and strategies in 2011, the growth of the industry is due to an increasing recogni4on that data and content management is needed as organiza4ons aFempt to manage and control the vast amount of informa4on created. !5 “The typical organization with 1,000 employees wastes $2.5M -­‐$3.5M/year searching for nonexistent information, failing to @ind existing information, or recreating information that can’t be found. -­‐ IDC 11 AiiM, State of ECM Industry, 2011,www.aiim.org
  • 6. ! Organizing and storing content in an effec4ve manner can provide organiza4ons with a quan4fiable return on investment. According to IDC, informa4on workers waste a significant amount of 4me each week dealing with a variety of challenges related to working with documents. This wasted 4me costs the organiza4on $19,732 per worker/year and amounts to a loss of 21.3% of the organiza4onal total produc4vity. For organiza4ons with 1000 employees, this 4me wasted would equal hiring an addi4onal 213 workers. 12 Finally, as stated by the IDC, “the typical organization with 1,000 employees wastes $2.5M -­‐$3.5M/year searching for nonexistent information, failing to ?ind existing information, or recreating information that can’t be found.13 ! For the above reasons and more, implemen4ng an ECM solu4on will result in higher worker efficiencies and organiza4onal effec4veness. The impact of not implemen4ng a solu4on can be staggering. One in 25 organiza4ons has made the news due to poor records management and 27% of businesses have suffered a loss of business or reputa4on in the past as a result of poor records keeping.14 For lost documents, companies pay a cost of searching 6x the value of the original document.15 So while technology and enterprise content management solu4ons have enabled organiza4ons to improve business planning and decision making, the volume of content and accessibility to that content is increasing at an alarming rate. Content Chaos can result in loss of efficiencies, poor business processes and decisions being made without the proper informa4on at hand. It can be incredibly daun4ng for an organiza4on to balance. Accessing informa4on at the right 4me to make quick, per4nent decisions is what sets organiza4ons apart compe44vely. So while we can store a lot more !6 12 IDC, Bridging the Productivity Gap:New Chellenges and Opportunities for IT, September 2012. 13 IDC, Quantifying Enterprise Search, May 2002. 14 AiiM, Records Management Strategies;Plotting the Changes, 2011, www.aiim.org 15 Michael F Woolery, Sieze the Day, 2010.
  • 7. informa4on in a lot less space, the volume of content also means that finding the specific piece of informa4on necessary to make decisions is becoming increasingly difficult. Findability & Contextual Search in the implementation of an ECM strategy ! While ECM systems are successfully being implemented in organiza4ons today, organiza4ons are beginning to realize that an ECM solu4on alone does not solve the numerous issues associated with large amounts of content. Implemen4ng an ECM system does not necessarily address an employee’s challenge to find the content they need to make decisions, when they need it. There is a growing understanding that implemen4ng an ECM strategy is now only part of the solu4on. While ECM can simplify content management, storage and organiza4on, employees generally need to change their exis4ng behavior to ensure maximum efficiencies. This compliance to the rules, oHen set out by an internal IT department or consultants, becomes challenging, and many employees develop informal ways to manage their content. Personal cloud solu4ons, saving content on a desktop, email and shared server drives all add addi4onal content storage solu4ons to an organiza4on’s corporate memory that must be managed and are oHen outside the approved enterprise content management system. ! The time it takes to ?ind the right enterprise content, at the right time, and its ongoing management is having an impact on organizational effectiveness. We are literally drowning in our own informa4on as we suffer from the inability to find the necessary content required to make decisions in a 4mely manner. ! According to AiiM, Findability is the art and science of making content ?indable. Many people oHen use the terms findability and search interchangeably yet there is a difference in how the two work. If organiza4ons could simplify findability of organiza4onal content through cross-­‐ plajorm search, such as matching the capability of !7 Findability is the art and science of making content findable.
  • 8. web searches; this could improve the produc4vity of professional staff on average by 30%. Therefore, how people manage, recall and find informa416 on needs to be taken into considera4on when linking ECM and exis4ng soHware solu4ons. As a result, determining just how people go about looking for informa4on will provide a beFer understanding of how technology can be used to help people actually find what they’re looking for faster. ! 1) Effec(ve keyword searches are difficult to construct and are o7en unsuccessful – A study from UNC CharloFe and the Palo Alto Research Centre demonstrated that employees are not very successful when it comes to finding targeted informa4on via a keyword search, because people oHen find it hard to describe the things they want to find with keywords. The study stated:17 !“ … although current commercial products present efficient methods for keyword-­‐based searches, they are not as effec=ve in an enterprise environment, where informa=on is hard to find by keywords alone.” ! People are able to recall informa4on like who sent them the document, or approximately when they received an email, but struggle to remember specific details and keywords. 2) When people do use keywords, it’s usually a part of an orienteering strategy – A 2010 study from MIT18 examined the steps that people take when looking for corporate informa4on. Their results showed that when looking for informa4on, people navigated to their target with small, local steps using contextual knowledge as a guide instead of jumping directly to their informa4on target using keywords. An example given in the study: ! “Although she knew exactly what document she was looking for (i.e., her informa=on need was not evolving), she could not describe the document, its contents, or its loca=on in advance… Because she could not specify her informa=on need, a “perfect” search engine probably would not have helped her. Nonetheless, she successfully found her target through a series of small steps, using the local context at each stage of her search to inform her next step.” ! !8 16 AiiM, Capitalizing on Content: a compelling ROI for Change, 2011, www.aiim.org 17 UNC Charlotte, Palo Alto Research Centre, Finding Business Information by Visualizing Enterprise Document Activity. 18 Massachusetts School of Information Technology, and University of Michigan, The Perfect Search Engine is not enough A study of Orienteering Behavior in Directed Search, 2004
  • 9. 3) As humans, we need contextual clues – An experiment in the 60’s examined peoples’ ability to recall a list of words. Par4cipants were given the list and then split into 2 groups and then asked to recall the words (eg: pigeon, apple, etc.). One group was given category names associated with the words (bird, fruit, etc.) and the other was not. The group that had the category names outperformed the free recall group 75%-­‐40%, demonstra4ng that humans are much more capable of informa4on recall when they have a contextual clue to guide them.19 ! Based on this research, keyword search isn’t always the best solu4on, especially in the enterprise. People tend to use (and need) contextual clues to help guide them on their path to informa4on retrieval. Crea4ng systems that work with people (instead of against them) by allowing them to search for informa4on in a way that’s natural seems like the best way to engage them. Findability and Contextual search are necessary requirements to successful implementa4ons of enterprise soHware solu4ons. Cross Platform Content Consolidation ! An important step in the ECM evolu4on is in improving content accessibility that ensures users can access informa4on, across many plajorms and access points with no required change in user behavior. Providing an easy way to find content, as users know how to tradi4onally search, will improve the combined effec4veness of all other soHware solu4ons. !!! !9 Findability and Contextual search are necessary requirements to successful implementations of enterprise software solutions. 19 Tulving, E. and Pearlstone, Z,Journal of Verbal Learning and Verbal Behaviour “Availability versus accessibility of information in memory for words” 1966.
  • 10. Organiza4ons hold and access informa4on in more systems and devices than ever before. Employees now have content on email, in the cloud, on shared drives, in Box folders, on different devices, in social media, and across mul4ple third party soHware integra4on systems such as SharePoint, Sales force, and many others. Yet not one ECM or Saas solu4on alone exists today to effect change in an organiza4on. Solu4ons such as Salesforce or SharePoint are implemented to standardize content u4liza4on and each have their strengths, yet these solu4ons do not interact with each other-­‐ causing more confusion for employees asked to manage their 4me effec4vely. !T his suggests that a solu4on that enables cross-­‐plajorm consolida4on and effec4ve search that allows an informa4on worker to find content no maFer where it lies would directly and successfully impact the effec4veness of soHware deployment, by improving the efficiency of a workers 4me. ! To accomplish this, soHware must leverage the rela4onal, structured data, or “en44es” it contains in its database. For instance, CRM and ERP solu4ons both hold company informa4on. An organiza4on may have ACME Corp as a client and therefore it is a safe assump4on that ACME Corp would be an account in the organiza4on’s CRM as well as the ERP. By mapping these en44es to another the two systems can share content and informa4on workers can access relevant content regarding the en4ty from either system. !A recent AiiM study stated that access to up-­‐to-­‐date customer data and correspondence can product improvements to customer service levels from customer facing staff of 33% with over half (57%) es4ma4ng a 25% improvement or more.20 Cross plajorm content consolida4on is key to maximizing the effec4veness of employee produc4vity. Conclusions !T he informa4on age has impacted organiza4ons like never before. ECM solu4ons have filled the basic requirements for storage, control and data management. The next evolu4on of ECM involves becoming more sophis4cated in applying contextual search techniques to exis4ng plajorms, and in recognizing ways to improve the effec4veness of content management within the context of third party applica4ons and services. Organiza4ons that are able to effec4vely consolidate content through cross plajorm technologies can expect gain a compe44ve edge and achieve a return on investment through a significant increase in efficiencies and the opportuni4es gained from a 360 degree view of their informa4on. !10 20 AiiM, Capitalizing on Content: a compelling ROI for Change, 2011, www.aiim.org
  • 11. About the Author ! Peter Hickey is President and co-­‐founder of Oris4.com, a company dedicated to solving the content challenges faced by enterprise through the automa4c consolida4on and organiza4on of enterprise content. Peter is a recognized inventor on the patent filings on Method and System for Content Aggrega4on U4lizing Contextual Indexing. Peter is based in Halifax, NS, Canada. Follow Peter on TwiFer @peterghickey or contact him directly at peter@Oris4.com. ! ! !11