Why Switch from ECM to Intelligent Information Management?
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How adept is your organisation at combatting information chaos in the midst of the digital era? In order to thrive, today’s organisations NEED a highly personalized customer experience, with a holistic “360-degree” view of the customer. To achieve this, you must embrace new information management strategies that extend beyond traditional ECM. We call this modern approach: Intelligent Information Management (IIM). Learn how to successfully transition from traditional ECM to IIM as we will explore: - why it has been hard to manage information in the past - real-world examples from Financial Services on the benefits of exploiting information correctly - how smart technologies, like AI, are driving Intelligent Information Management We will also discuss the past and current state of the information management landscape to explore how to best take advantage of it today.
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Why Switch from ECM to Intelligent Information Management?
- 1. Underwritten by: #AIIMYour Digital Transformation Begins with Intelligent Information Management New Year, New Strategy: Why You Need to Switch From ECM to Intelligent Information Management Presented 4 December, 2019 New Year, New Strategy: Why You Need to Switch From ECM to Intelligent Information Management An AIIM Webinar presented 4 December, 2019
- 2. Underwritten by: #AIIMYour Digital Transformation Begins with Intelligent Information ManagementYour Digital Transformation begins with Intelligent Information Management
- 4. Underwritten by: Tips for Participating in Today’s Webinar Group Chat – to talk with each other, found in the icons along the bottom. Q&A – for questions to the speakers, held for the end (and tech help). Check out the Resources available to you today, in the box to the right of the slides. A Survey will open at the conclusion of the webinar – we value your feedback on how we did today.
- 5. Underwritten by: Today’s Speakers Kevin Craine Content Strategist AIIM Chris McLaughlin CP&MO Nuxeo Host: Theresa Resek, CIP Director AIIM
- 6. Underwritten by: Kevin Craine AIIM Content Strategist Host of AIIM On Air Podcast Introducing our Speaker
- 7. Underwritten by: IIM is the Roadmap to Digital Transformation Gross Domestic Product (GDP) is now 51% digital. (World Economic Council) 79% of organizations feel that their organization needs to digitally transform. (AIIM) 81% of CEOs see digital transformation as being strategically important. Most CEOs (86%) say a having a clear vision of how to leverage mobile technologies to create competitive advantage. (Forbes) Digital Transformation is not a buzz-term, it’s reality.
- 8. Underwritten by: Managing Information Chaos Over 2.5 quintillion bytes of data are created every single day. In 2020, it’s estimated that 1.7MB of data will be created every second for every person on earth. (from IBM and others) Participants in the AIIM research tell us that they expect the amount of data coming into their organizations will grow nearly 4.2x in the next 24 months. (AIIM) This is new information...not accounting for huge amounts of legacy data already present in organizations (print streams, etc.).
- 9. Underwritten by: The Cost of Chaos Global spending for information technology will rise to well over $1 trillion this year. The average company spends somewhere between 3.5% to 7% of their revenue on IT... 60-80% of that is to maintain legacy systems. A $50 million firm spends around $3 million to manage information. (Gartner) More information = more expense... money that could be redirected to digital innovation that would bring greater competitive advantage.
- 10. Underwritten by: Keeping Pace Organizations are often working to keep pace with, but not necessarily embrace, digital transformation. Digital transformation may seem like it’s just about technology, but the transformation that matters most is strategic. Organizations must adopt new approaches to “records management” and a new notion of what information really means to the organization.
- 11. Underwritten by: New Year’s Resolutions Accept that digital transformation is no longer a buzz term, it’s reality. Focus on process improvement as a catalyst for change. Modernize your infrastructure.
- 12. Underwritten by: The Start of a new Paradigm 2020 is a reminder that we are now 20 years into a new millennium. A new paradigm is needed = Governance AND Strategy. Putting the “Intelligent” into information management means using information to improve operational performance.
- 13. Underwritten by: Chris McLaughlin CP&MO Nuxeo Introducing our Speaker
- 14. Underwritten by: How can new technology help?
- 15. Underwritten by: Removing Roadblocks to Transformation Digital form factors Information silos Insight & intelligence New information types New governance & security requirements 6 out of 10 survey respondents fear their organization is vulnerable to losing customers over the next twelve months. Source: UK FinServ Industry Survey, 2019
- 16. Underwritten by: Removing Roadblocks to Transformation Digital form factors Information silos Insight & intelligence New information types New governance & security requirements 21% cite competition from BigTech and 20% competition from challenger banks as one their biggest challenge in 2020. Source: UK FinServ Industry Survey, 2019
- 17. Underwritten by: Other Benefits of New Technology Speed time to market Accelerate cloud adoption Operate at extreme scale Reduce legacy system costs
- 18. Underwritten by: Do you see intelligent information management, content services, and AI helping or hindering the way we manage information?
- 19. Underwritten by: Intelligent Information Management Information = Data + Content Readily accessible Contextual Available anywhere Properly governed & secure Perhaps more importantly, information is instantly available to the people who need it and have the right to access it. Users spend almost an hour (52 minutes), every day, searching for information. Source: UK FinServ Industry Survey, 2019
- 20. Underwritten by: The Promise of AI 1 Recognize content types 4 Predict which content users should be working with 7 Identify outlying data points 2 Extract data from content 5 Analyze usage and importance 3 Enrich content metadata 6 Recognize patterns and connections Understand content and data as well as a knowledgeable human, but at scale. More than 2/3’s of respondents believe AI has the potential to transform a number of FS practices. Source: UK FinServ Industry Survey, 2019
- 21. Underwritten by: The Promise of AI 1 Recognize content types 4 Predict which content users should be working with 7 Identify outlying data points 2 Extract data from content 5 Analyze usage and importance 3 Enrich content metadata 6 Recognize patterns and connections Understand content and data as well as a knowledgeable human, but at scale. 64% say that using AI for mundane back-office processes would free time to do more interesting/valuable work. Source: UK FinServ Industry Survey, 2019
- 22. Underwritten by: Generic Cloud Services = Generic Data Land Vehicle Vehicle Car Sports Car Automotive Design Coupé Supercar Performance Car Aston Martin Vanquish Personal Luxury CarExecutive Car Wheel Mid-size Car Sedan Rim Note: Depicts actual data generated from Aston Martin image by Google Cloud Vision API service
- 23. Underwritten by: Custom Models = Greater Business Value Brand: Aston Martin Model: Vantage Color: Hammerhead Silver Wheel: 20” Gloss Black Diamond Turned Splitter: Gloss Black Setting: Sunset, Beach, Ocean Front Grill Mesh: Matte Black Roof Panel: Exterior Body Color
- 24. Underwritten by: What are Content Services Platforms? Content services platforms (CSPs) are integrated platforms that provide content-focused services, repositories, APIs, solutions and business processing tools to support digital business and transformation…A CSP has its own repository. CSP services and data may also integrate with external, non-native repositories and applications through prebuilt connectors, API development or prepackaged integrations. CSPs have web, desktop and mobile app interfaces that let users navigate through and work with the different content services…CSPs are available on-premises, as hosted services, in the cloud (SaaS and/or PaaS) or in hybrid architectures that combine cloud and on-premises storage and/or services.
- 25. Underwritten by: Putting it All Together = IIM Bridge information silos Support cloud initiatives Enable digital delivery Support legacy & modern content types Ensure effective governance & security Intelligently enrich content Accurate, anytime, anywhere
- 26. Underwritten by: Is ECM the answer, the problem, or a bit of both?
- 27. Underwritten by: ECM, as AIIM defines it, is a sound approach… “Enterprise Content Management is the systematic collection and organization of information that is to be used by a designated audience – business executives, customers, etc. Neither a single technology nor a methodology nor a process, it is a dynamic combination of strategies, methods, and tools used to capture, manage, store, preserve, and deliver information supporting key organizational processes through its entire lifecycle.”
- 28. Underwritten by: But, as a technology, ECM is flawed Single repository only Suite, not a platform Pre-cloud architecture Difficult to develop on Expensive to own & operate
- 29. Underwritten by: Enter Content Services Platforms Single repository only Suite, not a platform Pre-cloud architecture Difficult to develop on Expensive to own & operate Multi-repository approach Singular platform Cloud-native Low-code tooling Cloud consumption pricing
- 30. Underwritten by: How can we make better use of what we already have to move forward?
- 31. Underwritten by: Take a “rational” approach Connect Consolidate Connect to existing data and content sources Connect to existing data and content sourcesIntelligent Information ManagementKey Benefits: Integrate multiple repositories Extend value of existing systems Rapid Return on Investment (ROI) Quickly establish consistent foundation for modernization Key Benefits: Reduce reliance on legacy systems Decrease Total Cost of Ownership Support cloud initiatives Single, future-proof platform for Intelligent Information Management time
- 32. Underwritten by: Can you give us an example of one organization that has been successful in using intelligent information management, content services, and AI to improve their operations?
- 33. A “Future-Proof” Financial institution Challenges Growing volume of documents spread across different locations & systems (2.5B+) Increasing security & regulatory compliance mandates Lack of resource to develop homegrown solution Rapid growth further exacerbating issues Solution Migrate 2.5B documents to Nuxeo Platform Replace legacy ECM system Seamlessly integrate to existing customer service systems Benefits Substantial cost reduction New mobile app for personalized statement delivery Prompt response to Subject Access Requests (SARs) Foundation for ongoing digital transformation (agile/DevOps)
- 34. Underwritten by: How to Begin your Modernization Journey? 1 Focus on transformation Identify something transformative that you can’t do today. Align tightly with organizational priorities. Don’t allow your scope to wander. 2 Identify roadblocks & bottlenecks Where does critical information live today? Why isn’t it accessible? What other systems need this information? How is it best delivered? 3 Solve the whole problem Transformation isn’t all about technology. Align business processes. Understand the human element. 4 Act “rationally” Don’t overly fixate on cost savings. “Big bang” approaches are seldom successful. Rationalize legacy systems over time.
- 35. At Nuxeo, we help our customers transform their businesses with content. We are innovators. Our cloud-native Content Services Platform is entirely modern, but proven & scalable for today’s largest enterprises. We address a new need. Not just another ECM or DAM offering, we have an entirely different view on content and data. We deliver results. With our low-code, open source platform, our customers are truly agile, gaining more value, more quickly than with traditional ECM or DAM products. And, we’re here for you. Let us help you to transform your business with content.
- 36. Want to learn more? LOCAL CONTACTSMY CONTACT INFORMATION Chris McLaughlin cmclaughlin@nuxeo.com +1 949 632 6007 Enryck Serin eserin@nuxeo.com +44 203 179 6891 Elise Duchateau educhateau@nuxeo.com +33 6 51 79 17 47
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Hinweis der Redaktion
- Digital transformation is an important topic, and one that has captured the attention of executives, CIO’s, and information management professionals in all industries and across the world. And while you might be quick to feel that digital transformation is just another passing fad, consider that according to the World Economic Council, the global flow of Gross Domestic Product (GDP) is now 51% digital. For the first time in history the way that companies make money is more digital than physical. We are seeing, literally, a digital transformation of business. According to research done here at AIIM, 79% of organizations feel that their organization needs to digitally transform. (Forbes) 81% of CEOs see digital transformation as being strategically important. Most CEOs (86%) say a having a clear vision of how to leverage the technologies can create competitive advantage. This data tells me that the notion of “Digital Transformation” is no longer a buzz-term, it is reality. And the impact has very real implications in terms of how organizations must operate in the 21st century. Old-school approaches and common perceptions of records management and information governance are no longer adequate. A new paradigm is emerging that focuses on risk...AND opportunity....on governance AND strategy.
- But that transformation is made more difficult because of the sheer volume and growth of information we must manage every day. Researchers tell us that over 2.5 quintillion bytes of data are created every single day. And it’s only going to grow from here. By 2020, it’s estimated that 1.7MB of data will be created every second for every person on earth. Participants in the AIIM research tell us that they expect the amount of data coming into their organizations will grow nearly 4.2x in the next 24 months. ...and this is new information...not accounting for the huge amount of data and information already present in organizations today (like legacy print streams, and others).
- And this is costing organizations. According to Gartner, global spending for information technology will rise to well over $1 trillion this year. The average company spends somewhere between 3.5% to 7% of their revenue on IT, so, if you have a 50 million dollar firm you can anticipate that you’ll spend around $3 million or so to manage your information every year. And the more information you must manage, the more expense – money that could be redirected to digital innovations that would bring greater competitive advantage.
- So the reality becomes that organizations are often working to keep pace with, but not necessarily embrace, digital transformation. Much of our time and energy is spent managing information instead of leveraging information. Digital transformation may seem like it’s just about technology, but the transformation that matters most is strategic. As the currency that fuels and funds the dig transformation journey, information is an organization’s most valuable asset. To truly take advantage will require that organizations adopt new approaches to “records management” and a new notion of what information really means to the organization. A change in the conversation that includes governance and strategy, and a recognition about the role of “records management” when it comes to improving operational performance.
- New year’s resolutions - Accept that digital transformation is no longer a buzz term, it’s reality Organizations that continue to regard digital transformation as just a technology bolt on, or something simply for the IT department, will be at risk. - Focus on process improvement as a catalyst for change. Digital transformation demands the automation of hundreds or thousands of processes, so it makes sense to use a process-based approach as a framework for strategic design and decision-making. How can you apply this idea today? AIIM respondents point to internal operations like Human Resources and Finance as prime targets for transformation, but the greatest strategic benefits may indeed be gained by improving and automating customer-experience-related processes like sales (34%), customer correspondence (32%), on-boarding (23%), new account opening (23%), and case management (26%). - Modernize your infrastructure Working with outdated legacy systems is a common roadblock to digital transformation. It can be difficult, if not impossible, to adopt modern business approaches – things like leveraging a mobile workforce, taking advantage of the cloud for scale and savings, or improving business intelligence through analytics – when your systems were designed and deployed before those developments became the norm.
- As we approach the beginning of 2020, it is important to consider the fact that we face not only the start of a new year, but also the start of a new decade. A passing that serves as a keen reminder that we are operating in a world that is now twenty years into a new millennium. So a new paradigm is needed. The time has come to consider both governance and strategy when it comes to information, and look for ways to not only protect information, but also use it in ways that make a real difference to the performance of the organization. Putting the “Intelligent” into information management means using information to improve operational performance.
- How can new technology help?
- Do you see intelligent information management, content services, and AI helping or hindering the way we manage information?
- Major threat to productivity: Inability to connect and organise all the data they have at their disposal On average they store content across 9 different systems 3/4 say their organisation's systems are not fully connected with each others That’s ½ day per week spent looking for information per employee.
- Digital transformation is an important topic, and one that has captured the attention of executives, CIO’s, and information management professionals in all industries and across the world. And while you might be quick to feel that digital transformation is just another passing fad, consider that according to the World Economic Council, the global flow of Gross Domestic Product (GDP) is now 51% digital. For the first time in history the way that companies make money is more digital than physical. We are seeing, literally, a digital transformation of business. According to research done here at AIIM, 79% of organizations feel that their organization needs to digitally transform. (Forbes) 81% of CEOs see digital transformation as being strategically important. Most CEOs (86%) say a having a clear vision of how to leverage the technologies can create competitive advantage. This data tells me that the notion of “Digital Transformation” is no longer a buzz-term, it is reality. And the impact has very real implications in terms of how organizations must operate in the 21st century. Old-school approaches and common perceptions of records management and information governance are no longer adequate. A new paradigm is emerging that focuses on risk...AND opportunity....on governance AND strategy.
- Digital transformation is an important topic, and one that has captured the attention of executives, CIO’s, and information management professionals in all industries and across the world. And while you might be quick to feel that digital transformation is just another passing fad, consider that according to the World Economic Council, the global flow of Gross Domestic Product (GDP) is now 51% digital. For the first time in history the way that companies make money is more digital than physical. We are seeing, literally, a digital transformation of business. According to research done here at AIIM, 79% of organizations feel that their organization needs to digitally transform. (Forbes) 81% of CEOs see digital transformation as being strategically important. Most CEOs (86%) say a having a clear vision of how to leverage the technologies can create competitive advantage. This data tells me that the notion of “Digital Transformation” is no longer a buzz-term, it is reality. And the impact has very real implications in terms of how organizations must operate in the 21st century. Old-school approaches and common perceptions of records management and information governance are no longer adequate. A new paradigm is emerging that focuses on risk...AND opportunity....on governance AND strategy.
- Custom models product much more relevant data values True entity extraction enables a greater level of automation Business value inherently increases with the specificity of the data generated
- Is ECM the answer, the problem, or a bit of both?
- How can we make better use of what we already have to move forward?
- Rationalization: Vital or new systems that need to be modernized immediately Lower priority systems with critical data (connect and consolidate) Archival systems (low/no value to connect or consolidate)
- Can you give us an example of one organization that has been successful in using intelligent information management, content services, and AI to improve their operations? How did it work for them?
- One of the top 5 financial brands in the world, this group of retail and commercial banks has more than 102 million customers and 14,000 branches globally.
- Title: Key Customer Personas Category: Team Tags: person, team, profile, position, member, company, buyers, influencers
- We offer live, instructor-led training // as well as online, self-paced classes. You can thoroughly immerse yourself with a "deep-dive" course, or dip into a topic with our "quick study" offerings. We can even arrange for a trainer to come to your place of business and provide a custom perspective to our instructor-led programs. Info on all of that can be found at aiim.org/training