Survey indicates an IG market hungry for leadership
Late last year, we sponsored a survey produced by KM World that offers a wealth of information on the current status of Knowledge Management programs. As the demand for effective Information Governance grows, the results offer us some interesting insights:
- Huge volumes of content: 1/3 of companies surveyed have document repositories that exceed 10 TB. Half of these (15% of all firms) have repositories that exceed 100 TB. Our growing experience with companies like these indicates that a significant % of content stores are a) duplicates and/or b) could be compressed for more efficient transfer and storage.
- Companies don’t know how much data they have: Almost 1/2 of respondents did not know how big their document repositories are. If they don’t know how MUCH they have, then how can they know WHAT they have? We like to call this ‘Dark Data’ or unfindable information. This is the type of information that can be trapped in silos of unstructured content, like emails, Word documents, submissions, social media and more. It’s also the type of information that can be quite valuable to organizations if elevated to the level it deserves through technologies like intelligent data extraction, classification and automated archiving.
- The other 1/2 recognizes the challenge they’re facing with their data: Many firms that already know how big their challenges are and have begun to take action at a budgetary level. Roughly half of firms have budget allocated specifically to Knowledge Management - 27% have a mixed budget with some money coming from a KM budget and the rest from LOB budgets; 24% have a dedicated KM budget; 48% have no dedicated KM budget. 15% of these budgets are reserved for text analytics.
- 75% of firms have 2 or more ECM systems: More and more, we are working with customers to expand our offering beyond the departmental or single-repository level by leveraging a Shared Services or Enterprise approach. With many organizations having even 3 or 4 ECM systems, it has become imperative for them to ensure that information is centralized and available to all teams across the enterprise. This becomes even more critical when we look at IG programs. After all, an organization can’t possibly achieve holistic Information Governance if there is a disconnect across departments.
Our conclusions from the survey:
- There has been much progress made but most firms are still in their first miles of their Information Governance journey.
- There are strong pockets of need with firms slowly building strategic IG programs via a collection of tactical IG projects. Classification and de-duplication figure prominently among these.
- The market is generally hungry for thought leadership and is tapping into vendors to help both with specific IG hot button projects and broader consultation on how to elevate IG programs over time.
To read the full State of Knowledge Management Survey Report, get your free access here.