Enterprise Information Management is a collection of technologies, processes, and disciplines that are used to manage enterprise assets and data. Although it’s not new, its importance for large organizations is increasing rapidly.
Frost and Sullivan estimate that enterprise-level data will grow at a rate of between 30 and 40 percent per year. It is crucial to your business’s success that you can harness the value of this information. An effective EIM platform is required to do this. Gartner predicts that by 2020 75% of organizations using Enterprise Information Management to link, align and leverage their data, and investments in analytics will report significantly improved business outcomes.
EIM’s remit could be described as “everything information”. It’s no surprise that EIM has many components, including Enterprise Content Management, Business Process Management, Customer Experience Management, Customer Integration, Discovery, Analytics, and Business Process Management. Each component can be deployed separately, but the true power of EIM software is when all components are integrated into an end-to-end solution.
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What are the benefits of EIM?
It is important to examine the problems that EIM software solves in order to determine the benefits. It addresses all problems that organizations face when it comes to managing data and content. EIM platforms were created to address the main issues that enterprises face when creating information management strategies.
- Control and central management of all information in the organization
- Ability to manage and exploit structured and non-structured data, wherever it may be located
- Access to structured and unstructured data is easy to facilitate digital business processes and workflows.
- Customers and employees will enjoy an omnichannel experience
- Establish closer and more productive relationships with suppliers, customers, and other trading partners
- All corporate data should be protected and managed with data sovereignty.
- Facilitate compliance with industry standards, global regulations, and customer mandates
It is important that enterprises remember that the information they need to manage is not just internal. It is possible to find information in areas like CEM Although the majority of information will be generated externally, it must still be managed, captured, and distributed. Modern EIM solutions can create an integrated enterprise information environment.
Digital Transformation initiatives will only be successful if the data generated can be managed properly. Digital transformation has led to the development of disruptive technologies, such as the Cloud and the Internet of Things (IoT), which organizations seek to use for competitive advantage. An EIM platform is the only way to extract the full value from these technologies’ mountains of data.
What are the features of EIM?
There is no one-size-fits-all solution to optimal EIM software. Even basic information management at the enterprise level can prove difficult. As technology improves, the best way to create and use that information is now an essential part of any company’s IT strategy.
Six pillars are essential for EIM success. Every enterprise will have to tailor its solution to suit its business needs.
Enterprise Content Management (ECM)
This tool allows you to determine the best location for your content, whether it is on-premise or cloud, and to set up the best processes to create, collect, manage, and share it.
Business Process Management (BPM)
Automates your day-to-day business processes, increasing business agility and responsiveness.
Customer experience management (CEM),
This allows you to provide the right level of personalized, omnichannel, and targeted service that your customers expect. All aspects of customer communications can be managed by you at any stage of the customer journey.
B2B Integration
It allows you to expand your trading partner networks and ensure smooth, efficient transacting business around the globe. A secure, central platform allows you to collaborate and work closely with suppliers, customers, and other partners.
Discovery
This allows you to have complete control over all information in your organization, and make it accessible when needed for compliance, auditing, and eDiscovery purposes. Advanced processes and tools are available to search, extract and classify the content you need and review it when you need it.
Analytics
Learn actionable insights that will help you make better decisions in all areas of your business. There are a variety of analytics tools that can quickly provide information to those who need it in an understandable format and on the device they prefer.
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What do analysts say about EIM?
Gartner identifies EIM has ‘high priorities’ These include: “Define your EIM vision, strategy. Identify the top priorities for which information (data, analytics, or decisions) is needed to achieve business goals. To establish a baseline for action steps and success metrics, complete an EIM maturity assessment.
Forrester emphasizes the importance of being able to manage both data and content on one EIM platform, as structured data is growing rapidly. According to Forrester, only 13% of the respondents to its information management strategy survey and architecture survey believed that they had developed a comprehensive plan to address both content and data. This is an area in which OpenText excels.
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