As Daily Operations Grow in Complexity, Business Information Management Can Help Facilitate Data Access and Security
Have you ever lost part of a morning hunting for a file? It could be in a filing cabinet, an inbox, or a shared drive. If so, you know the cost of scattered information. Successful businesses are complex machines, and they’re only growing more complex over time.
Research from The Boston Consulting Group found that organizational complicatedness increased by an average of 6.7% a year over five decades.
Information management is one of the drivers of this shift. Even small businesses need to keep track of and secure copious amounts of information. The larger the business, the more complex maintaining these systems inevitably becomes.
If your business is still in its infancy or is small by nature, you might wonder, “What is business information management?” in the first place. We’ve laid out the basics here, along with why your organization should integrate an information management system and the components of an effective strategy.
Read our guide to business information management systems to find the practices, tools, and software you need to keep your business’ essential info accessible.
Key Takeaways
- Business information management is the process of creating, storing, retrieving, using, and disposing of information.
- It differs from MIS and business intelligence because it covers the full information lifecycle and its governance.
- Benefits include better decisions, efficiency, customer service, and reduced compliance risk.
- Paper capture is often the weak link, and a production scanner can bring physical records into the system.
Jump to a section:
- What is Business Information Management?
- Business Information Management vs. Related Disciplines
- The Benefits of Business Information Management
- Components of Effective Business Information Management Strategies
- Where Document Scanning Fits in Business Information Management
- Our recommendation: fi-8950
What is Business Information Management?
Business information management is the process by which organizations create, store, retrieve, use, and dispose of information.
Information typically moves through five lifecycle stages:
- Create or capture: Information enters the organization as a new file, an email, a form, or a scanned paper document.
- Store: Files are saved in a defined location, ideally a central repository with consistent naming.
- Retrieve: Employees locate information when they need it, often through search or indexing.
- Use and share: Teams act on information and share it with colleagues, customers, or partners.
- Archive or dispose: Records may be archived or securely disposed of in accordance with applicable retention requirements.
Depending on their position, an employee may interact with many pieces of information throughout their workday, such as:
- Physical or digital documents
- Customer or patient records
- Financial records
- Emails
- Receipts
- Memos
- Agendas
- Other notes or loose pieces of information
Further, employees working in operational, tactical, or strategic positions within the business may require different information to do their jobs. They will have different needs when accessing, processing, and archiving that information.
Information technology (IT) departments are generally responsible for providing the tools these employees need to create and use this information. They may also need to secure that information to reduce breach risk and stay compliant. At the same time, employees still need easy access to it throughout the workday.
However, they may not know the most effective tools for each department within the organization to do this. Business information management processes help to bridge this gap, ensuring staff members have the requisite data to complete their job accurately, efficiently, and securely while facilitating cross-department collaboration.
Did You Know?: The fi-8950 has a 750-sheet automatic document feeder and scans up to 150 pages per minute.
Business Information Management vs. Related Disciplines
Business information management is the umbrella practice for the entire information lifecycle, and related terms describe specific systems or uses within it. Here is how the most common terms compare.
Management Information Systems (MIS)
Management information systems are the databases and reporting tools managers use to measure performance. An MIS is a tool used inside a broader business information management practice.
Business Information Systems
Business information systems are the hardware and software that hold business data. Examples include enterprise resource planning (ERP) platforms, customer relationship managers (CRMs), and office suites.
Business Intelligence
Business intelligence is the analysis of data to guide strategy. It depends on information management to keep data accurate and accessible, but its focus is on drawing conclusions from that data.
Records and Document Management
Records management covers the long-term retention and disposal of official records. A document management system handles the active files teams create, edit, and share every day.
The Benefits of Business Information Management
Being deliberate with your approach to business information management may unlock numerous benefits, such as:
- Improved decision-making: Having the right data at hand helps you make better choices. That could mean comparing client portfolios, reviewing accounting data for next year’s budget, or checking notes in a patient’s record.
- Increased operational efficiency: When data is disorganized, productivity may suffer. Clear policies and the right technology reduce the time it takes to find essential data. They also make it easier for in-office, remote, and global teams to work together.
- Enhanced customer satisfaction: With increased access to crucial data, employees can better serve their customers, clients, or patients, providing faster, more accurate help.
- Reduced compliance and information governance risk: Clear retention and disposal rules, combined with access controls and other safeguards, can help organizations manage information in accordance with applicable legal, regulatory, and business requirements.
Did You Know?: PaperStream Capture Pro is our front-end scanning software, with image cleanup, document separation, indexing, and automated file naming.
Components of Effective Business Information Management Strategies
While every organization’s approach to information management will be different, there are several features and best practices any business can benefit from:
- Easy to use: Systems for managing data should be intuitive and straightforward to reduce onboarding times and decrease errors that may result from overcomplexity.
- Centralized storage and availability: Placing crucial data within a central repository (such as the cloud) provides a single source of truth for users that need to access this information. It also makes searching for and tracking information more straightforward and predictable, as employees won’t need to hunt down important data across multiple servers or systems.
- Technological implementation: Business information management systems bring many technologies together. Examples include scanners for digitizing paper, customer relationship managers (CRMs) for leads and contacts, and productivity software for creating content. IT departments should properly integrate these tools into a holistic, organization-wide system to help ensure maximum compatibility.
- Data management policies: How long should files be stored until they are archived or deleted? Are there any critical compliance or security regulations employees must follow when interacting with data? Are there file name or storage requirements to consider to maximize data searchability and employee access? Answer these questions in your written policies, and make sure employees know and follow them.
- Regular training: Subject to any applicable recordkeeping and compliance rules or regulations, covered businesses and their employees should undergo regular training on data access policies, procedures, and technologies to keep best practices at top of mind.
- Security and access controls: Role-based access, along with administrative, technical, and physical safeguards, helps ensure people see only the information their role requires.
Where Document Scanning Fits in Business Information Management
Paper is still a common entry point for business information, and a paper document stays outside your management system until it is captured. Document scanning can close that gap.
Capture tends to work best at intake. Scanning mail, forms, and files where they arrive, such as the mailroom, front desk, or back office, can help them reach the right system sooner.
A scan on its own is an image. Optical character recognition (OCR) makes the text searchable, and indexing adds the details people use to find a file later. From there, files can be routed to your central repository with the rest of your business information.
Volume shapes scanner choice. Personal and desktop scanners can suit light, day-to-day use. We design our production scanners for backfile conversion projects and high-volume intake, where large batches of paper need to be digitized.
This video shows how our earlier fi-7900 and fi-7800 production scanners handle large-scale digitization projects:
Our recommendation: fi-8950
Those in the market for a business information management system-ready scanner have no shortage of options. We design and develop a full lineup of professional-grade scanners, including our fi and SP Series scanners.
The lineup ranges from compact workgroup models to production scanners built for high-volume daily processing. They integrate with many common business applications, so you can put them to work quickly.
The fi-8950 production scanner provides enterprise-ready digitization for high-volume work. It scans up to 150 pages per minute (letter, landscape, duplex) and holds up to 750 sheets in its automatic document feeder. Stapled Documents Detection, USB 3.2 and LAN connectivity, integrated TWAIN and ISIS drivers, TAA compliance, and EPEAT Gold round out the design.
Explore our production document scanners to find the right fit for your intake volume.
Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed attorney regarding your specific situation as regulations may be subject to change.
