What Is Information Management?

What Is an Information Management System and Why Would You Need One?

Every organisation needs one. That includes organisations of all sizes and industries. Without it, you run the risk of losing your data and jeopardizing your business. But what is information management? And how can it help you? Discover the importance of information strategies below.

What Is Information Management and Why Is it Important?

We’re constantly surrounded by information – whether digital or physical. It’s the base of any business. Thanks to technological advances, we’re always developing new ways to manage that information in a more efficient way.

The definition of information management is as simple as it sounds – it’s the process of gathering and managing information from various sources, in different formats, which is targeted at different audiences. However, the strategy itself can be much more complicated. It involves planning, structuring, organising, developing and evaluating information to make well-versed decisions within an organisation. A solid information management strategy will determine how an organisation uses their information to ensure that it is available to those who need it, and will comprise a cycle of processes that help businesses run effectively.

What Is an Information Management Strategy?

As a business, you must be capable of managing your information, regardless of what it is. You must be able to capture and manage your information before storing it in the right location or delivering it to the right people. There are three levels of information management:

• Operational – including the transaction processing system, office automation system and knowledge management system. This level is used by employees to streamline their daily workflows and operations.
• Tactical – management information systems are used by managers to handle semi-structured data.
• Strategic – used by executives and business leaders to manage unstructured data. Includes the decision and executive support systems.

Benefits of an Information Management Strategy

• You get an all-around view of your business and how it’s performing.
• As a result, productivity levels are managed and workflows are streamlined.
• You add value to your existing products or services, motivate your employees and improve business development – all by making more informed decisions and managing your data correctly.
• Internal and external decision-making is made faster and more efficient as it’s easier to use the knowledge and information – working smarter, not harder.
• The risk of duplication is minimised, as data is managed more effectively.

Project Information Management Systems

But how do you manage all of your information in one? As an organisation, you’ll be inundated with new data and files each day, so you’ll require something that will help you control, store and create masses of information at once. A system that can be accessed by all employees to help you plan and define your overall business strategy.

Sometimes information can be time-sensitive and private, so it is recommended that organisations use project information management systems to help them control who can access sensitive information. Having a secure system in place will help to ensure that all employees are following the same information management strategy.

There are various types of information management systems that are suited to each industry and process, from management reporting systems that allow you to evaluate the performance of your business compared to previous years and forecasts, to work management systems that organise files, communication, and workflows all in one.

What Is Your Information Management Strategy?

Do you need help managing your data? Our work management software will keep track of all your information, storing it in one central, accessible location. Virtual Cabinet is designed to secure your files for frictionless collaboration with anyone, anywhere and on any device. Our industry experts will provide advice for both big and small businesses and firms to personalise your software to your business.

Transform your information management strategy with work management software trusted by leading organisations. Book your free demo to find out how.