Unlocking Data Potential: Mastering Challenges in Information Management & Governance

Hi!👋 Welcome to Advanced Access. This week, how to unlock the potential of your data and master your information governance. Read on for an understanding of navigating the information lifecycle and actionable industry insights you can use for better information management.

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Data is perpetually in motion, and effectively managing and safeguarding critical information has never been more crucial. Based on recent comprehensive research, our webinar, "Unlocking Data Potential: Mastering Challenges in Information Management and Governance,” provides valuable insights into the challenges faced by decision-makers in the records and information management (RIM) industry and explores strategies for achieving successful outcomes.

Access’ Elizabeth Gerner , Director of Business Development, and Erik T. Rich , Regional Account Executive, presented findings from a survey conducted across various industries, including financial services, energy, manufacturing, insurance, legal, and healthcare. The survey aimed to gauge perspectives on the future of records and information management, governance, and the current state of their programs. It included insights from small to medium-sized businesses (with 500 or fewer employees) in the U.S. across industry disciplines and featured responses from both business and IT decision-makers.

Continue reading to explore the survey results, identify common program implementation gaps, compare two ways of navigating the information lifecycle, and discover actionable approaches for better record management.

The Gap Between Understanding & Application

Should I shred it or file it? Should I keep it in its original paper format or digitize it?

These are just a few of the questions that are continuously asked even when a robust retention policy is in place. Many employees involved in managing records are nervous about making a decision —whether it’s the right one or not.

The survey findings proved this point by highlighting a disparity between understanding and applying information management practices. 94% of survey participants rated themselves as either expert, proficient, or having a basic knowledge of information management practices. However, Gerner shares that she continually sees companies struggle with implementing those practices into daily processes. She noted that although these companies have very robust retention policies, there's a lack of application that falls into a couple of different RIM categories, due to either insufficient policy knowledge or a tendency to avoid decision-making regarding older records.

Elizabeth Gerner on the Disconnect Between Knowledge and Application

The Information Lifecycle—Two Different Paths

Gerner works with new business partners who are unfamiliar with Access’ offerings. When first looking at an organization’s information lifecycle, she focuses on information governance (IG) first, or as she refers to it, “the source of truth.” This is because IG fundamentally dictates the course of a systematic, well-controlled data lifecycle journey. As mentioned by Gerner, the uniqueness of an organization's IG maturity directly relates to its position on the life cycle journey. IG includes managing record retention policies and schedules, which guide how records are collected and stored. Today, this involves both paper and electronic records, with electronic records increasingly becoming the norm. Although many organizations claim to be paperless, paper still plays a significant role.

When working with new companies, an informal information lifecycle checklist allows Gerner to review current records management strategies, identify gaps, and find ways for improvement when partnering with Access. The process starts with record collection and then moves to offsite storage, depending on the company’s size and storage needs. It’s important to consider how much paper is being digitized and what the future holds for digital records. Security and controls are crucial for both digital and paper records, and the final step involves secure destruction and shredding.

On the contrary, Rich sees things differently when working with clients who partnered with us as a result of an acquisition of Access and have established, yet often neglected, information management programs. These organizations have what Rich refers to as a fragmented program—they have inherited incomplete or fragmented records management programs, lacking foundational elements like offsite storage protocols and proper record creation processes. These gaps often necessitate revisiting and reinforcing the basics, including managing offsite storage and digitizing records. Rich says that by reviewing and improving these foundational aspects, organizations can better ensure compliance and establish a clear path for managing records throughout their lifecycle.

Erik Rich on the Information Management Lifecycle

Confronting Challenges

Every organization faces challenges when it comes to information management, from significant increases in data volumes to lack of resources and resistance to change. During the webinar, we reviewed some of the top challenges faced by organizations as reflected in the survey data, including:

Increased Data to Manage

55% of decision-makers surveyed said that the volume of data within their organization has increased in the last 12 months. An additional 19% reported a significant increase. As data volumes continue to rise, records management must expand accordingly. It's crucial to understand the types of records you have, how they are stored, and how they are protected. Rich and Gerner both cautioned against “digitizing just for the sake of it,” as digitization alone isn’t a complete solution to this challenge.

Compliance and Security

44% of those surveyed said that keeping up with ever-evolving privacy regulations is one of their organization's most significant challenges in staying compliant. As technology advances and cyber threats increase, organizations must update their privacy policies continually. While policies may be theoretically up to date, Gerner points out that they often fall short in practice if they don't align with the latest IT and cyber developments. A key issue is the effective application of retention policies. Garner stresses that even with well-designed retention policies, implementation can be problematic. Insufficient knowledge or hesitation to make decisions can prevent organizations from benefiting fully from their retention practices. To address this, educating employees and ensuring a clear understanding and application of these policies are crucial.

Lack of Resources and Team Members

Everyone is asked to do more with fewer resources, often operating with small or solo teams. Common challenges include insufficient funding, lack of executive support, and poor communication between business units, which can hinder progress and create obstacles. An audience poll during the webinar also reflected a “lack of resources/team members” as a top challenge among those in attendance.

Resistance to Change

Rich and Gerner both stress the importance of strong protections for physical and digital data, noting that employee resistance to change can be a significant barrier. The shift to remote work during the pandemic has reduced reliance on paper and introduced new challenges in accessing and securing information. As workplaces evolve, particularly in healthcare, adapting to secure digital access while gaining support from executive leadership and finance continues to be challenging.

Conclusion

Improving your information management program is not just about understanding best practices but applying them effectively within your organization. Addressing the gaps between knowledge and implementation can transform your processes, ensuring compliance, enhancing security, and boosting efficiency. Evaluate your current strategies, educate your team, and take proactive steps to strengthen your foundational practices. By doing so, you'll not only manage records more effectively, but you’ll also support your organization's long-term success. Now is the time to act and make meaningful improvements to your information management approach.

By partnering with Access, you can confidently navigate the challenges mentioned above and position your organization for sustained success amid ongoing regulatory changes.

To learn about the full survey results and become empowered with knowledge and strategies to make informed decisions that safeguard and optimize all your information assets, check out the on-demand webinar now —“Unlocking Data Potential: Mastering Challenges in Information Management and Governance.”