Identifying Knowledge Assets from a Hill of Beans – Yes, Really
Rumor has it, the annual growth rate of unstructured content has now reached 50%. That represents a lot of value, and a lot of garbage. Information governance is still a goal of most organizations, but is often not achieved. A survey by PwC and Iron Mountain stated, “75% of organizations surveyed lacked the necessary skills, technology and corporate culture to exploit their information into a competitive advantage.” What’s worse is only 4% are set up for success. Part of the problem is a lack of understanding of the value and the risk contained within unstructured information.
Now, let’s turn our attention to compliance. Think about it. If the survey is accurate, and I don’t have any reason to doubt it, the results lead me to believe that organizations don’t know the difference between knowledge assets and what appears to be a hill of beans. Which brings us full circle back to how to govern information that you don’t know exists.
The solution is to surface intelligent content in context at the point of need, for a decision to be made or an action taken. So how can you make sense of information chaos, and transform data into actionable, intelligent content in context? Simply put, using Concept Searching products, organizations are able to identify and refine seemingly disconnected information, to create an ordered structure. In techspeak, our software is able to automatically generate multi-term metadata that represents a concept, and auto-classify the metadata to organizationally-aligned taxonomies. This eliminates end user tagging, and uses as much or as little management as required, depending on the granularity of information you are seeking.
How does that meet information governance and noncompliance challenges? Using one framework, you have an enterprise metadata repository and, implementing simple organizationally-defined rules, you can sort out the knowledge assets from a hill of beans. Information governance? You can decide good versus garbage. All content is visible and actionable. Noncompliance? It will tell you. Gain the value and identify the risk. The applications can be endless.