Earlier this year, M-Files commissioned Forrester Consulting to conduct a survey on the status of knowledge work automation across many different companies around the world. The survey received over 400 responses from IT decision-makers (director level or above). The responses spanned industries from financial services to healthcare to logistics. Responses came from the US, India, Australia, the UK, and several other countries from Europe and North America.
The results are crucial for understanding where companies are in their digital transformation journey. While most companies recognize the importance of knowledge work automation, they are struggling to actually implement automation in their daily operations. Too often, businesses adopt disparate software solutions that aren’t integrated with each other, for example. Or in other cases, the potential for a high upfront cost and a complex deployment process proves to be an obstacle for executive approval of automation solutions.
In this blog, we’re going to give you an overview of the Forrester study’s findings, important takeaways, and how M-Files can give your company a leg up in the journey towards effective, successful knowledge work automation.
5 Key Areas of Information Management
Before you can run, you have to walk, or so the saying goes. Before a company can successfully implement knowledge work automation, they have to have good information management across the board. The Forrester study reports on five areas of information management that companies should focus on for digital transformation:
- Strategy: Before anything else, companies must have an information management strategy. The goal is to have a strategy that is aligned across all lines of business and has the full support of the company executives. Without a coherent strategy, no information management initiative will succeed.
- Governance: Once you have a strategy, you need to put governance policies into place. Especially in industries like legal services and healthcare that deal with confidential information, data security and compliance policies are a must. Ideally, a company should have a team that focuses on governance oversight that has access to AI-powered compliance tools (like a document automation solution).
- Infrastructure: Once you’ve got the relevant strategy and policies in place, it’s time to get practical. Businesses must invest in software and hardware tools that are usable, high-quality, and—most importantly—integrated with each other. Integrated infrastructure allows for seamless collaboration between departments and prevents data silos and manual data transfer processes.
- Automation: To maximize your ROI for technological infrastructure, be sure to invest in automation solutions (like M-Files!). When workflows and permissions are automated, everyone wins. AI enhances the efficiency and profitability of your automation solutions to an even greater extent.
- Empowerment: All the shiny new software solutions in the world won’t fix your company’s operations if your employees don’t know how to use them. You should actively consult, train, and empower your employees throughout any software adoption process in order to be sure that the solution is customized for their unique needs.
Companies’ Maturity Levels in the Key Areas
After determining the five key areas of information management, Forrester organized the companies of the study respondents into three categories of “maturity”: beginner, intermediate, and advanced.
“Beginner” companies have only the bare bones of an information management strategy. Their data is siloed in different software or even in physical papers. Their executives may not be all-in on digital transformation. They have little to no automation capabilities. Forrester classified 27% of respondents’ companies in this category.
“Intermediate” companies, according to the study, have a few more “ducks in a row”: they have a coherent information management strategy, they’re beginning to break down data silos, and they’re working towards full compliance. Intermediate companies are beginning their automation journeys, and some of that automation is starting to make their employees’ jobs easier. Forrester classified 60% of respondents’ companies in this category.
“Advanced” companies are taking full advantage of knowledge work automation and have a coherent, streamlined information management infrastructure. Their departments can collaborate easily thanks to their integrated software solutions. They’re taking advantage of the power of AI to improve their automation software still further. Forrester classified 14% of respondents’ companies in this category.
Where Does Your Company Fit?
Now that you’ve read the descriptions of each maturity level, where do you see your own company fitting in? Are you with the majority of respondents on the “intermediate” level? Or are you slightly behind or ahead of the curve?
No matter where your company lands on that scale, there’s always room for improvement. With the ever-increasing pace of technological change, there’s no time for even advanced companies to sit back and relax. IT leaders must be proactive in addressing potential problems and harnessing potential opportunities.
Where should you start? Here are some of the main challenges that respondents highlighted:
- 25% of respondents identified information silos as a challenge
- 25% reported poor integration between software tools
- 25% called their processes “inconsistent”
- 23% revealed that their companies had no common repository or information architecture
- 23% identified onboarding as an issue, saying that knowledge transfer was difficult
- 23% said that institutional knowledge isn’t documented at their company
Don’t let your company contribute to these numbers!
So, What Now?
The Forrester study identified key takeaways for IT leaders—here are some action steps that it recommends:
- First, assess your company. At what maturity level are you? Make sure to talk to employees across departments and levels. You won’t get the full picture of the company without talking to others.
- Next, listen to employees to understand their “pain points”: the most urgent issues you must address in your knowledge work automation journey. Take a hard look at your company’s processes and find the big time-wasters and frustration-makers!
- Once you’ve identified pain points, it’s time to problem-solve. Find the right solution for the problems. Keep in mind that the solution isn’t always a new software system! You might already have the right tools to fix the problem—you’re just using them wrong.
- After you’ve implemented a solution, measure your success with agreed-upon metrics. Providing actual data on the success of a solution will encourage executive and employee buy-in the next time around.
Once you’re done with this process—start over! Again, digital transformation and knowledge work automation is never finished. But it can get better.
To read the entire Forrester study, click here.
M-Files: A Premium Knowledge Work Automation Solution
If you’re looking for a software solution that can help you automate your knowledge work and harness AI to transform your business, M-Files might be right for you. M-Files is an endlessly flexible document management system that organizes your files based on what they are, not where they’re stored. That means you can easily create, edit, and search for documents all in one intuitive interface. M-Files is incorporating AI into its newest updates, providing even more powerful features for your use.
Laminin Solutions is ready to partner with you to transform your business’s information management. We can help you strategize, implement, customize, and integrate M-Files and other smart information management solutions. No matter what your company’s needs are, we can help you find the perfect software solution. Contact us today to get started.