We at M-Files are proud to call our system Intelligent Information Management. It is, after all, the intelligence at the core of the system that makes M-Files what it is.
So, how does “information management” become intelligent information management?
It Starts with Data… a Lot of Data
Today, the amount of all data on planet Earth is 2.7 Zettabytes, which is the equivalent of 200 billion HD movies. As if that wasn’t staggering enough, the amount of data keeps on growing at an accelerating speed, doubling every two years. As a practical example of the amount of data created, humans send over 200 million emails every minute.
Who can keep up with this flood of information?
Businesses try to tackle the data problem with content management systems. Yet, these systems can create more trouble, especially when technology stacks include multiple content repositories. Over half of companies use three or more separate content management systems. How do they then ensure that relevant data is available where it needs to be, when it is needed?
And What about Dark Data?
Over half of all information stored at an organization is so-called dark data. That is data that has not been analyzed, and no one actually knows what it is, or if it might be relevant for decision-making. In fact, it is estimated that only 0.5 percent of all data created is analyzed for operational decision-making.
The sheer amount of data, and especially unstructured data makes the management of that information a challenge. It is estimated that about 80-90% of organizational data is unstructured; it lies outside business systems in various emails, Microsoft Office documents, paper — hiding in every nook and cranny of a company’s storehouses.
The Need (or Obligation) to Manage Sensitive Data
GDPR and other regulations put pressure on organizations to manage information in a transparent, yet secure way. The consequences of non-compliance can be drastic.
But how do you manage data when there is too much of it, it is unstructured and unknown, and stored in several siloed systems?
Artificial intelligence to the Rescue!
Just like oil, data needs to be refined to be useful.
Artificial Intelligence sounds a bit scary to some people. However, artificial intelligence and machine learning can be great assets in information management and especially in refining data. And, as our AI expert Jayson explains, artificial intelligence can (and should be) easy to use.
As I wrote in my earlier blog post about digitizing business, artificial intelligence can do what a human cannot — like finding familiar patterns from among a massive amount of data. This way, you can easily identify documents, for example, that contain Personally Identifiable Information (PII) and add workflows to those documents to further manage them.
Looking for patterns is not the only way AI can help automate document management.
Metadata: Putting Content into Context
Metadata — data about other data — is used to tag information to make it easily classified and searchable. With metadata, you don’t need to rely on naming standards or file locations. You can simply find information based on what it is.
And what it is to you, or to your colleague at another department is highly personal. For someone working in the Accounts department, for example, the use case for the same information is different than for someone working in Sales. Yet, they need to access the exact same information. Metadata gives context to content.
Automatic metadata suggestions, such as document class, or document subject, can eliminate the burden of tagging for employees and allow them focus on more value-adding tasks. Text and image analysis can “read through” elements from the content and tag it accordingly. AI is tireless in its efficiency to meticulously tag content with relevant metadata to enrich the information for further context and make it more useful in the future.
If you’re interested in learning more about data and the benefits of intelligent information management, check out our eBook How to find a needle in a haystack.
Five Ways AI Helps with Information Management
Our Solution: One Repository to Rule them All, One Single Point of Truth
M-Files is built to be metadata driven, system and repository neutral, and intelligent. Thus, it can deliver on the promise of improved efficiency.
Rather than build yet another repository, M-Files allows businesses to access their data regardless of where it has been stored. Yes, it can be used as a repository of its own, and it might make sense to do so at a point, but there is no need to rush into a huge migration project.
The intelligence engines allow the above-mentioned efficiencies in information management, whether it is looking for some special type of data from among a multitude of stored data points or enriching the existing information for improved future use.
To learn more, why not try it out for yourself? We offer a free trial to give you a taste of the opportunities and ease of use our customers vouch for.