Records Managers have the toughest job. They are supposed to tell everyone who can "save a file and where" which inevitably disrupts the way everyday users work. They build out proper taxonomies and then add a bunch of metadata on top of it, which is a recipe for unmanaged data and unhappy users. Their projects are measured in years and rarely cause a ripple in the pond of data. Imagine that you are tasked with understanding an ocean of data and every single file's life-cycle with a budget that gets you an ice cream cone and last years Super Bowl hat.
We see it all the time where customers have an ECM, but only 5-15% of the documents are actually in the system. Of the managed documents, only a fraction of it is actually classified with the proper metadata.
85% of most documents sit in file shares or other repositories. To add to this issue, data is growing at an alarming rate, but so are the requirements of the data from regulatory, security and automation perspectives.
Text analytics is the tool that allows Records Managers to champion technology that solves some high level challenges! By crawling and understanding every file:
- Security can now secure every important file worthy of proper data management because they now know where they are.
- Robotic Process Automation issues are solved by understanding every file, which paves the way for a successful RPA implementation.
- Every file can be found and understood which prevents compliance-related issues.
If knowledge is "King" Records Managers are going to take their final seat on the Throne:
Imagine if you could install software in an hour, in your environment, that could deliver quick wins.
Phase 1 (the quick win phase comes in hours or days at best): Simple metadata crawl that allows you to reduce your data footprint by as much as 60% with simple business rules. This comes fast and turns heads.
Phase 2 (Another Quick Win): Crawl to identify duplicates that will blow minds (Everyone has way more duplicates than they think). We recently crawled a customers data repository and showed 80% duplicates on one file share....they were expecting 40%. Trust me, that was a shock to them.
Phase 3: This is where we can use the underlying AI engine to classify relevant business unit data on the spot. This is a game changer! It feeds the compliance/RM use cases as well as RPA. So let's say you wanted to classify all contracts and pull out relevant terms. That could be done in 5 mins by searching for a contract and then hitting cluster! You will now have another 10-50 exemplars and then you hit classify....done! You have just done what would have taken humans 10-15 mins per file with 100s or even thousands of files.
The magic comes when you mash up the value for all the other business areas, all the while solving your own RM use case. At the end of the day, you don't have to be the one with the budget, but you do need to be the one to bring the solution that is addressing executives needs so the RM solution can ride the wave of corporate success.
Want to get started?? Let's kick start your records management strategy with a simple call. Book a call today.