It has become increasingly crucial for organizations to improve their ROI across the information management spectrum, in order to maximize operations within a constantly changing business landscape. This blog will look at 3 top tips for improving ROI on information management processes, and how achieving this can lead to other wins for your business such as increased efficiency across your teams for now, and in the future.
A Reason to Put Extra Value on Information
In 2022, information is more valuable than ever before and whilst organizations are now making a conscious effort to spend more time and energy on ensuring only the most relevant insights are provided across their organization, many struggle to optimize their overall ROI. On average, employees can spend over 9 hours a week searching for, retrieving, and distributing content. Content resources can even be purchased twice without information management. Couranto’s Director of Content and Library Support, Nick Collison, said: “Organizations that have consolidated their subscriptions with a single vendor have not only saved, on average, 10% of their actual spend, but it has also led to a better level of service overall.” Not utilizing centralized information management can lead to reduced oversight of your information investments and ultimately, affect your bottom line.
For example, Harvard University has the most extensive academic library in the U.S. But, they realized they were routinely paying in duplicate for the most expensive and vital electronic subscriptions. This oversight of information investments was improved by using centralized content management to create savings of over $25 million over six years for Harvard. Nick Collison said, “If an institution as well-funded as Harvard University can benefit from centralizing information procurement, your organization certainly can.”
1) Centralize Your Procurement Processes
When it comes to managing an organization’s information, the procurement process is one of the most important – and expensive – aspects of the equation. So how can organizations reduce costs here? Well, by centralizing your procurement processes, you can reduce the amount of money your organization spends on information management. In consolidating your procurement processes, you create a single point of contact for all of your information-related purchases. Having this streamlined process will not only make it easier to track spending but will give you greater bargaining power when negotiating with vendors.
2) Integrate Information in Real-Time
Once you’ve considered the procurement process, it’s now time to look at your information management workflow itself. This starts with bringing your data together in real-time and in one place so that you only need to monitor a single source for all of your critical information – massively reducing the chance of missing a key insight. “Imagine” Lynn Epstein, InfoDesk’s COO comments, “you look at a website at 9 am and then something gets published at 10 am – you’d have missed it until the next time you choose to check that source of information.” The ever-increasing volume of data requires a solution that can both integrate and normalize the variety of information sources as they are published. This, in turn, reduces information silos across your organization drastically (if not completely) and means you can significantly improve your ROI on content subscriptions and information management across the whole organization.
3) AI-Driven Discovery and Distribution
The third and final piece of the ROI puzzle that we are going to focus on, is how to get the critical insights from your information sources, into the hands of those who need them most. As we’ve already mentioned, organizations spend a huge amount of time trying to find and distribute insights from large sets of data, but by leveraging solutions that utilize AI, there is value to be added and time to be regained. AI-driven data enrichment processes enable those ‘golden insights’ to be found more easily, and when paired with technology that allows a flexible and personalized approach to distribute, you get peace of mind that the true value of the information you’re acquiring is being harnessed across the organization.
Automation of the discovery and distribution process is achieved by utilizing technology to identify and deliver information. This can include using search engines, databases, and software that helps identify and provide content to the correct person or department. By automating this process, organizations are able to reduce the time it takes to find and deliver content, which improves information management and also increases the accuracy of the data being delivered. Therefore, helping to improve the ROI on any information investments and simultaneously enabling organizations to focus on other critical business tasks.
Maximize Your Information Investments
By leveraging the latest technology and tools for information management like Couranto’s partnership with InfoDesk has done, you can ensure that you’re getting the most value from your information and give your business an advantage in a world that’s ruled by constant change.
For decades, InfoDesk and Couranto have optimized how enterprises and large organizations use subscription content. One size doesn’t fit all, which is why we’ve developed a range of services that can be tailored to suit the evolving information needs of your organization in 2022 and beyond.
If you’d like to learn more about how InfoDesk and Couranto can help organizations optimize their content management and delivery to drive the value of subscription sources, download our case study here.
Headquartered in Florida, USA, Couranto is an award-winning WBENC-certified woman-owned company with over 20 years of experience providing knowledge management services to business intelligence professionals. Couranto’s pioneering Clarity platform offers an integrated solution enabling corporations to maximize their information resource spend, reduce risk and manage access to content. To find out how Couranto can help with your information management needs, visit https://couranto.com/ or contact Nick Collison +1 201-307-9900 ext 121 or contact us to request a demo.
Providing connectors to a diverse content network of global information providers, InfoDesk’s proprietary “Smarter Data” technology acquires, integrates, normalizes and semantically enriches large volumes of data in real-time from internal and external sources. InfoDesk
collaborates with clients to deliver timely, strategic insights that increase competitive awareness, mitigate risk and provide key data for better decisions. To find out more about how InfoDesk can help you to make smarter decisions confidently, contact us to request a demo.