Blog: The Information Management Life Cycle
Are you ready to embrace the future of intelligent information management? More data is being created now than ever before in history, and this requires a fresh approach to information management.
We know that data is integral to the health, vitality and profitability of your business. Leveraging your data – whether it is from a customer, a client, or your team – is what propels your business forward. Likewise, this means managing your information is more crucial than ever before. This blog will explore the 4 steps of the intelligent information management lifecycle, and what it means for your business.
Intelligent information management and your data
As of the amount of data you collect grows, management of the information gets harder. That’s why, at TIMG, we understand that intelligent information management relies on three things: security, care, and innovation. It is therefore crucial that your business has systems in place that:
- Tightly manage the security and privacy of your business information and data
- Are designed to keep your business running smoothly and efficiently
- Are constantly evolving with your business to get your business working better
Traditionally information management was focused on a ‘store and destroy’ concept. With the advent of digital data, which now permeates all aspects of a business, this concept requires adaptation.
The intelligent information management concept adapts the traditional approach to managing your information in order to address modern information concerns. In this way, an intelligent information management system enables your business to focus on what matters most. Documents and data become information and then intelligence – or knowledge. Thus, data is transformed, understood, enriched and connected with your business processes.
The 4 phases of the information management life cycle
Stage 1 – Creation of business data or information
Your business, most likely, is creating a large amount of data and information each day. Irrespective of your industry, data is being generated at many touchpoints – between your business and its customers or clients, or by your staff, for example.
This data or information could be generated in many ways. Customer data is often generated via paper documents and forms, or from electronic forms. Likewise, emails between client and business contribute to a client’s records. If there is a trail of information, there is data – and that needs to be protected.
Stage 2 – Secure information storage and archiving
Once the data or information has been generated it can be stored in many forms. Intelligent information management dictates that a priority for your data is its security. There are three core options you should consider when storing your information, ensuring data security. It is important to evaluate each when looking to protect your confidential records.
Stage 3 – Usage and sharing of information
It is one thing to store the data. But how do you store it in a way that means your information is easily accessible, empowering your business decisions? Organisations must actively manage their data to create meaningful information, in order to add business value and enable effective decision making. Key aspects of using and sharing data include:
- Securely converting physical data into digital data.
- Using smart technologies that connect and enrich your data and documents with the relevant business processes.
Having a widely used, efficient digitisation process for your physical documents will streamline your usage and sharing of data. Fewer man-hours on creating and maintaining physical documents means more time to leverage the data created.
Stage 4 – Destruction of information
There comes a time in the life of your data and information where it ceases to be relevant. Maybe it no longer generates revenue; maybe internal processes dictate that the information is ready to be destroyed. Once your organisation no longer needs to retain information, it is discarded.
The amount of data that your business or organisation generates grows, year on year. But with an innovative approach, a successful intelligent information management solution can manage your data appropriately through the 4 stages of the information life cycle. This will allow you to leverage the data properly, turning it into a productive asset for your business.
Embrace the future of intelligent information management. Use your data to empower your business, fostering positive customer relations, increased productivity, and reduced costs.
TIMG are committed to the best practices of data and document management. From imaging of documents, through to managing digital data and physical archives securely, TIMG ensures that when it comes to your information, it is in safe hands. Enquire today if you are seeking information management solutions that can help your business achieve higher levels of success.