By Sam Ferguson
New research from EDM Group, one of the largest providers of outsourced information management services, reveals that nearly one in three (30%) of senior executives are ‘concerned’ or ‘very concerned’ about the ability of companies in their sector to manage and store the information they receive. This research has interviewed 123 senior executives online during April 2013.
Given this, 12% expect the number and size of fines for poor management of information levied on companies in their sector over the next five years to increase dramatically over the next five years, with 44.5% anticipating a slight rise here. Only 2.8% expect to see a fall.
However, the good news is that the survey suggests that senior executives understand that this is a major challenge and over the next three years 20.4% anticipate that companies in their sector will improve dramatically in this area, while 60.2% anticipate a slight improvement. The corresponding figures for five years are 22.5% and 60.4% respectively.
It is alarming to see how many senior executives think that companies in their sectors are poor at managing their information. Distribution, customer service and regulatory environments are becoming more demanding, and companies need to ensure maximum efficiency in how they manage their information in order to address today’s challenges. The good news is that our research suggests that many have acknowledged this and are proactively addressing it.
The research reveals that 17.4% of senior executives believe that the correlation between information storage and management and key performance indicators for companies in their sector will increase dramatically over the next five years, with 45% anticipating a slight increase here. Only 1% believes there will be a fall in correlation between the two.
Given this, it is perhaps not surprising that 22.5% of senior executives interviewed expect their sectors to dramatically increase their expenditure on their information management systems, with 56% anticipating a slight rise.
A similar EDM Group survey of analysts on the same issue of information management supports the views above. 26% are concerned about how the companies they follow perform in this area, but 66% and 78% expect improvements here in the next three and five years respectively.
73.1% analysts interviewed anticipate that the size and value of fines for poor management of information will rise over the next five years. This, along with the fact that 42.3% anticipate a growing correlation between information storage and management and key performance indicators, helps explain why 92.3% analysts expect companies to increase their spend on their information management system.
About the author
Sam Ferguson is CEO at EDM Group.
The EDM Group provides over 700 clients in the UK with effective, efficient ways to manage the rapidly growing volumes of information flowing into and through their businesses every day. Proven consultancy and technical expertise enables EDM to capture and distribute this information directly to the people who need it: quickly, accurately and at lower cost. EDM’s growing client base spans organisations from all sectors including financial services, public sector (central & local government and NHS), professional services, manufacturing, distribution, retail, pharmaceuticals, private healthcare, utilities and charities. Its clients include; Avis Budget EMEA Ltd, Nationwide Building Society, Companies House, Legal & General, Lloyds Banking Group, Grant Thornton and numerous healthcare providers including NHS Trusts, Bupa and BMI hospitals.