By Daniel Hunter
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.
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.
Sam Ferguson, CEO at EDM Group said: “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% believe 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.
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