How to prepare your Legacy ECM Consolidation Business Case
Uncover insights from Dark Data to tackle business issues and beat revenue goals
Exponential Information Overload
Dark data, the data generated by businesses that’s never used for insights or decision-making purposes, is on a steady rise and it’s believed 90% of it is never analyzed.
According to a Splunk survey of more than 2,200 global IT and business managers, two-thirds of the respondents say half their organization's data is dark.
The same survey reports that by 2025, data volumes and dark data are projected to increase by nearly five times.
Such exponential growth of dark data is proving to be problematic for organizations to manage.
The Impact of Mismanaged Dark Data
Aside from the challenge of managing this massive growth of dark data, is the cost of storing it in repositories, which is probably a waste, especially if some of the dark data should actually be deleted.
According to various global surveys and reports, organizations could needlessly be spending up to $3.3 trillion to store and administer uncultivated dark data.
This issue can be completely avoided if dark data is monitored, identified, assessed and then deleted according to the business rules set by organizations.
Why Legacy ECM Consolidation is Important
The good news is that there are cognitive technologies and frameworks available that can analyze and utilize dark data.
According to a Forrester survey, organizations that use data management tools for decision-making are 58% more likely to beat revenue goals.
Using effective data management tools can help organizations to stop spending on avoidable storage costs for dark data and enable resources to be allocated to work on more pressing and complex matters, instead of manually managing dark data.
Featured Use Cases
Gain Valuable Insights from Market Intelligence
It is important to understand that dark data might contain information that could be leveraged as valuable, actionable insights that organizations can apply to help tackle relevant business issues or even to further differentiate themselves in their marketplace.
In other words, it’s not the best idea to delete all that dark data point blank. Instead, it’s recommended that the dark data is assessed for utilizable insights before deciding to delete it.
Enhanced Metadata Tagging
Preventing business data to become ‘dark’ in the first place is also something which organizations can bring into practice by making data readily searchable and findable.
Good data management tools will offer enhanced – ideally automated – metadata tagging features that give context to data, making it searchable, findable and even valuable.
This will, in turn, make the content repositories more manageable because data lifecycles will be defined based on business rules and policies, including compliance requirements.
Optimized Storage Systems
Currently, many organizations are using hybrid cloud deployments, which encompass on-site data warehouses as well as cloud-based services. Higher dark data volumes mean quicker rises in storage costs.
Ideally, if the value from data can be derived before it goes dark, then storage costs can be optimized and minimized. The right data management tools can make this a reality.
Strengthened Data Security
When data is left untapped and neglected, it probably does not have the necessary security permissions and governance controls applied to it. This can pose as a vulnerability or a compliance risk later on.
Furthermore, ignored, unsecured data could contain information which hackers might find attractive and can lead to risks of data breaches.
The ideal data management tools recognize and manage dark data as well as automatically bolstering security levels, because these tools ensure IT teams protects data against breaches and theft.
Create a Sharp Edge Over Your Competition
Your organization can join the cohort of forward-thinking brands that are accelerating their business growth as a direct consequence of deploying the right Intelligent Document Processing suite that would manage your existing structured, semi-structured and unstructured data.
It will derive smarter insights that can help give your organization a sharper edge over your competitors.
Use Case: How the Healthcare Industry is Leveraging Dark Data
The healthcare industry is currently one of the largest use cases in adopting dark data.
According to reports by EMC2 and IDC, healthcare data is growing at an annual rate of 48% and is one of the fastest growing data segments in the world. Both scientists and health-tech companies are traversing dark data repositories in search for data insights that can help improve care, insurance and proper diagnoses.
Good data management tools can make this sort of external information, such as customer data, become an unprecedented opportunity to help healthcare providers predict patient requirements and manage patient cases at scale.
Business leaders across industries can use such data to understand customers and competitors better and even identify shortcomings, or possible efficiencies that could be made.
Introducing Our Data Management Tools
Our intelligent data management tools harness the power of artificial intelligence (AI) and machine learning (ML) to:
- use proven content analytics and methodologies to take stock of how big your content landscape is
- identify and manage ROT data and arm you with the knowledge to design a suitable content architecture
- make organizing and managing your documents smarter, faster and easier
- amplify human expertise, automate content processing and transform content into knowledge