The Value of Organising Business Information: Unlocking Information as an Asset
Over the last 10 years, I’ve realised more and more the importance of recording plans, decisions and actions. I started working out of a notebook, just trying to keep track of my to do lists. But as I moved into strategic roles, it became clear that formally recording decisions, their context and the actions that follow, creates as much value as delivering projects or services.
Why? They say the devil is in the detail. Well, the valuable intellectual property of your organisation certainly is!
In the digital age, the sheer volume of data that organisations generate and collect is staggering. From emails and documents to reports and meeting notes, the flow of information is constant and overwhelming. However, within this deluge lies a gold mine of potential insights and intelligence that can drive strategic decisions and foster innovation. The key to unlocking this potential is the careful, systematic, and clear organisation of business information, turning it into a valuable asset rather than a cumbersome burden.
The Role of Information Organisation in Business Strategy
Organising business information is not just about keeping things neat or making it easier to find documents. It's about understanding the data you have, its relevance, and how it can be leveraged to support your business goals. Properly organised information can improve decision-making, enhance efficiency, and provide a competitive edge by identifying trends, gaps, and opportunities.
Tools That Aid in Information Management
Technological advancements have provided powerful tools to aid in the organisation and management of business information. SharePoint, developed by Microsoft, is a prime example of how technology can simplify the process of managing records. It allows for the creation, storage, and sharing of documents and records within an organisation, facilitating collaboration and ensuring that information is accessible and secure. Features like metadata tagging, version control, and integration with other Microsoft Office tools make SharePoint an invaluable asset for records managers.
SMEs face challenges such as lack of technical expertise and limited budgets when implementing BI solutions. Overcoming these challenges requires applying various tools and strategies to effectively use information resources for key business decisions (Raj, Wong, & Beaumont, 2016) https://consensus.app/papers/business-intelligence-solution-case-study-raj/7445b38f2cd65b4aacde52678383146b/?utm_source=chatgpt
The Challenge of Recognising Information's Value
Despite the availability of such tools, many organisations struggle to fully appreciate the value of organising data. The task of sifting through reports, meeting notes, actions, and various forms of data to create actionable business intelligence can seem daunting. The tendency is to focus on immediate operational needs rather than the long-term strategic value of information.
Investing in People and Processes
The solution lies not just in adopting new technologies but in investing in people and processes. Training staff to understand the importance of information management and equipping them with the skills to effectively use tools like SharePoint is crucial. Developing clear policies and procedures for information governance ensures that data is not only organised but also used ethically and legally.
Cultivating a Culture of Information Management
Creating a culture that values information as an asset is essential. This means promoting awareness across the organisation of how data can be used to inform strategy, improve operations, and drive innovation. Encouraging collaboration and knowledge sharing helps to break down silos and ensures that valuable insights are not overlooked.
Organising business information systematically and clearly is pivotal in developing information as an asset. While tools like SharePoint have revolutionised the way records are managed, the full potential of these technologies is only realised when coupled with a strategic investment in people and processes. By fostering a culture that understands and values the power of organised information, businesses can unlock new levels of intelligence, efficiency, and competitive advantage.