How software for document management helps keep your organisation across sensitive information.
Now more than ever, we’re living in the information era.
But if that’s the case…why are so many organisations struggling to make informed decisions?
The truth is, good governance doesn’t hinge on the quantity of information, but rather its quality.
There’s more of it these days, sure. A wealth of it, in fact. Sales figures. Reports. Meeting minutes, memos, and agendas. But the lack of a clear way to parse this information is affecting organisations and their ability to make informed, accurate, productive decisions.
In fact, some 89% of organisations admit that they’re struggling to manage data.
It’s a problem which, like that pile of information, is only getting bigger.
The information issue
Big Data promised a future where organisations, enterprises, and small to medium businesses alike could finally harness the power held within the information at their fingertips, and use it to forge a path towards increased growth on the back of newly informed decision-making.
In reality, things are a little different. Information is difficult to parse without the right tools, so things are being missed. Vital information is slipping through the cracks. There is no automatic search functionality when you’re dealing with a stack of printed paperwork.
As for the humble post-it note? Well, there’s only so much it can do to ease the task of annotation.
Did you know?
The lack of an effective method for managing this information is affecting organisations and their ability to forecast, analyse, and act. It’s a worry. Especially when you consider high reporting and disclosure standards are essential for proper accountability between an entity and its investors / shareholders.
Board members are typically very busy people. Too much information can chew up their time, and diffuse the board’s focus when it comes to making a decision. It has to be kept in mind that directors have a statutory obligation to be properly informed in their decision making, so care has to be taken to make sure all the relevant information needed to make decisions is provided for meetings.
These tasks are made tougher in countries like New Zealand, where continuous disclosure regimes have been introduced to improve the standards of disclosure in the listed issuer sector.
This lack of clarity and control can prove costly.
A lack of clarity costs more than just productivity
Dramatic headlines about board members being sued by shareholders tell only part of the story of the challenges facing organisations as they struggle to make informed decisions that affect the wealth of shareholders – and in many cases their own wealth – as well as the welfare of other company stakeholders.
How can you expect to lead without a clear idea of what’s come before, or a view of what lies ahead?
Take sales and marketing, for example. It’s impossible to make informed decisions without a clear idea of the latest sales figures. Board meetings? They’re an absolute mess if everyone is on a different page, let alone reading from entirely different – or outdated – documents.
Operating blind is a fast track to losing the confidence of staff, shareholders, and clients.
There needs to be a better way.
Cloudy with a chance of better information management
With all of these issues, is it any wonder organisations are turning to document management software?
A move towards digital solutions has been on the cards for a while now, ever since laptops became more portable and tablets arrived on the scene making it that much easier for organisations to distribute, manage, and access information on the fly.
Combine this new technology with the power of the Cloud, and organisations everywhere now have the solution they’ve long needed to make sense of the influx of data, documents, and information that they deal with on a daily basis.
With the right solution, organisations can now boost productivity, manage and track communications, collaborate on documents, train staff, and connect with stakeholders all within the one piece of software.
When it comes to finding the most relevant information, keep these tips in mind:
1. Stick to matters of substance
Whether it’s board papers or sales figures, you should prioritise the issue at hand and focus on key matters of substance. It’s important to manage the number of documents in circulation to ease the burden and make information easier to manage.
If you’re working with lengthy documents, aim to include an executive summary, as well as a table of contents, and section / page numbering where possible for easy reference. Key points, recommendations, and options should also be highlighted which, with the right system, is as easy as a few clicks.
2. Keep on top of the basics
With so much information now at your fingertips, it’s easy to get carried away. Before you branch out, make sure you have the basics covered. If you’re preparing for a board meeting, for example, ensure you include an agenda, minutes of previous meetings, as well as supporting documents for the topics being covered.
3. Stay focused on individual needs
Beyond that, each organisation will have a specific focus on individual aspects. An important part of document management software in this case is that it allows papers to be cross-referenced and individual items readily identified.
A simple solution for the information era
The information era may be a difficult one to manage, but we still believe that there’s power in knowledge. You just need to know how to get the most out of it! That’s why Stellar has always been a major proponent of document management systems and their place as a modern solution for organisations that have struggled to keep up with an influx of information.
As we’ve covered in the past, making the transition to a digital environment is now easier than it’s ever been, and the benefits more than repay the time and investment involved in making the switch. It’s the simplest, most effective way to cut costs, boost productivity, and ensure accountability, compliance, and protection for relevant stakeholders and authorised parties.