In the early days of “Big Data,” some organizations started keeping all of their information because they didn’t know what they might want to do with it as the technology evolved; now, they’re facing knowledge management issues. Once you have all of this data, what should you do with it?
While most companies have effective ways of organizing, compressing and backing up their data, few truly put that information to the best use, according to a recent article on Forbes.com.
Even worse, compiling too much data without a clear business purpose becomes messy and expensive, and poor knowledge management is going to be a big concern in the future. Without the ability to effectively value, govern and trust their own information, up to one-third of the Fortune 100 companies could face a data crisis by 2017, according to research firm Gartner.
Saving data without a clear knowledge management strategy is potentially harmful, so it’s important to ask these questions: Why are you keeping the data? Should you keep it? Are you allowed to keep it?
Organizations should take care to keep only the data they need through implementing enterprise information management (EIM). The Forbes.com article defines EIM as “the technology and practice of maximizing the value of data within the enterprise while reducing organizational risks such as losing market share, investing in wrong technologies or becoming vulnerable to potential lawsuits.”
At this point, there’s no reason to compile data unless you have knowledge management processes in place to generate insights from it — and take action. You need to learn from the data and use it to look forward and make business decisions. If you’re not getting value from your data, you’re just storing noise.
Struggling to provide effective knowledge management? Learn why Colligo Contributor Pro is the complete solution for managing SharePoint enterprise content, including emails and documents.
Source: Forbes.com, May 2014