CHICAGO--()--The Council for Information Auto-Classification (CIAC) conducted a survey of business, legal, IT, compliance, professionals and records managers and found that 74% of organizations continue to depend on individuals to manually comply with legal, regulatory, and record management requirements. Given the projected growth and the inability of employees to manually manage information, organizations need to start automating the tasks associated with classifying, managing, and disposing of information assets. CIAC concludes that “big data” is overwhelming organizations. Information volumes have become a detriment to business and are not managing the problem well.
“Organizations have been swept away by a tsunami of data. The only hope for managing information as an asset is relying more heavily on technology”
Information is one of the most important assets that companies possess today, but the lack of proper management can make information a liability. “Organizations have been swept away by a tsunami of data. The only hope for managing information as an asset is relying more heavily on technology,” says Randolph Kahn, Esq., CIAC Chairman and President of Kahn Consulting. The manual process for finding information causes employees to spend too much time searching for, managing, and recreating information. The manual process leads to significant increases in storage and eDiscovery costs. The survey results expose the fact that companies are dealing with increasing volumes of information, yet are not taking advantage of technology that can aid them in properly managing the information. Survey results are released today and can be found at The Information Explosion: How Organizations Are Dealing With It Survey Report.
The CIAC conducted this survey to gain a better understanding of the challenges faced by organizations confronted with the growth and proliferation of information, and to identify attitudes toward implementing technology solutions to automate filtering, classification, management and/or disposition of information.
Key findings include 98% of organizations reported rapid information growth that they predict will extend into the future and that growth is creating a variety of challenges and consequences. Half of the respondents indicated they are forced to recreate information previously created because they cannot find it. 74% of the organizations stated valuable information is being lost (i.e. can’t find, disposed of, misplaced) due to the lack of proper technology solutions. 73% of respondents reported their organization misses business opportunities because they can’t efficiently access information.
For more findings, click The Information Explosion: How Organizations Are Dealing With It Survey Report or call Randy Kahn at (847)266-0722.
The CIAC survey was conducted in association with Kahn Consulting, Inc.; Ethics & Compliance Officer Association (ECOA); ARMA International; TechTarget; BNA Digital Discovery and e-Evidence; Enterprise Strategy Group; and in sponsorship with Dell and HP.
The Council for Information Auto-Classification’s mission is to educate on and advance the use and acceptance of technologies that classify information reducing human involvement. For more information about the council call (847)266-0722.