According to the Bureau of Labor Statistics, ever since the economic downturn of 2008 more than 10,000 jobs have been eliminated from the top 250 U.S. law firms. Translation? To stay successful, those who are left need to work smarter. In today’s competitive environment, record managers at law firms need to find opportunities to demonstrate their value. One of best ways to shine is by finding a replacement for their firms’ information governance systems.
Outdated records management software has become a high-profile problem for law firms of all sizes. Not only are many systems being sunsetted, others simply no longer meet law firms’ extensive paper and electronic governance needs. This situation puts many CIOs in a bind. Change is tough. And finding records management software that is easy to use by both technical and non-technical folks alike can be daunting. Faced with so many options, it’s sometimes easier to ignore the problem altogether.
While involving the CFO in valuing your company’s data may not seem like a top priority, doing so will better demonstrate your organization’s overall corporate wealth to the board and investors. Even non-economic indicators of information value, quality, and performance can help IT organizations and business in managing and leveraging information. According to a presenter at the AIIM meeting, the average tangible assets of a corporation represented 83% of its actual value in 1975, however, today that number is just 20%. Organizations that are persistent on becoming information-centric, as well as those that have information-based business models, should make sure to audit the actual and potential value of their information assets.
Information governance makes a positive contribution to businesses. Businesses can leverage information governance to create new income by using big data mining techniques to acquire valuable corporate data. The maximum value of big data is realized when the output of computing is efficient at creating new wealth. It is important to find meaningful data among a bulk of information. That way businesses can see the bottom line benefits of making the business case for big data governance.
Enterprises are expanding at a rate of 30%-40% every year. As a result, it’s becoming ever more crucial for them to have effective and efficient solutions for document lifecycle management, compliance, and security. Their growth is contributing to a major upswing in the global enterprise content management (ECM) market, which researchers predict will grow between 15-20% by 2020. Let’s take a look at the four major contributors to the ECM market boom.
Last year, the biggest breach in healthcare occurred at the second largest insurer in the US-Anthem. The names, social security numbers, addresses, emails, employment info, and income data was stolen.
As of this week, there has been another data breach from an anonymous hacker who goes by the name of the darkoverlord. This hacker has breached 3 different healthcare databases ranging from 50,000 to 400,000 patients and is offering to sell patients’ medical records.
Now is the time to consider migrating out of your old and outdated records management systems into a modern and efficient information management solution. Upgrading your systems will improve productivity, minimize risks and reassess security needs. Choosing a new solution may be a challenge depending on budget, usability, and security requirements. Another challenge may be old legacy data or simply the hassle of migration when you’re talking millions of records. Before you take your next step, let’s focus on the top 3 data migration focus points your information team should understand well.
Is your Enterprise Content Management at the quality that you expect for your organization? Optimize your ECM system to be the best that it can be. Apply these 4 quick FileTrail tips to your ECM strategy, today.
On March 31 at 10am PT, we’re co-hosting a webinar with our expert risk consulting colleagues at InOutsource called “Dare to Compare: Must-Have IT Requirements for RMS Replacement.”