The impact of poor information management

Stacey Lewis Date published: Feb 20, 23

Information is your most valuable asset. However, improper, and insecure management of it can have profound consequences and pose significant risks to your team, organisations, clients, and stakeholders. Mismanaged information can result in data breaches, identity theft, loss of intellectual property, and even reputational damage. Understanding these risks and taking proactive measures to manage information effectively and securely should be a business priority.

The dangers of mismanaged information

For optimal performance today, your business depends on accessible but secure information. You may find yourself facing serious financial, legal and reputational consequences by waiting to tidy up your bad information management.

Some consequences of poor information management include:

• Regulatory fines & penalties
• Data that is inaccurate or missing
• Ineffective processes
• Poor employee satisfaction and low productivity
• Missed opportunities

A study revealed that 82% of employees perceive poor information management as a barrier to their productivity.

The importance of a single source of truth

In recent years, technology has progressed to the point where businesses now store more and more information online. It's become common for companies to store information in several places, both online and in physical locations. As a result of this siloed approach to data management and its distribution across several systems, disjointed decisions are made rather than one that is cohesive across the organisation.

There are multiple reasons why information mismanagement can harm the image and reputation of your business in the eyes of the public, including:

• Data breaches
• Regulatory and audit failures
• Mishandling sensitive information
• Failure to meet deadlines and the approval process taking too long

Your businesses must review and regain control of your information management practices and workplace processes. Consider, would you be able to provide accurate information when regulatory authorities approach you, or you receive a privacy request from a client regarding all of their data on record?

Maintaining a secure, complete, and accurate SSOT

A Single Source of Truth (SSOT) allows your organisation to combine information from multiple places in one location. With an SSOT, you can understand the past, see the present, and plan for the future. By deploying an effective SSOT, you and your business can make faster, more informed decisions, gain insight into end-to-end operations, and provide better client experiences and satisfaction. This will, in turn, drive revenue and growth for the organisation.

The Future-Ready Digital Collaboration Summit

Join us at The Future-Ready Digital Collaboration Summit with Lauren Graden, Document Control Specialist and founder of LGC Academy.

Lauren will deliver a thought-provoking talk that highlights the pitfalls of not having a Single Source of Truth for your organisation, while discussing the importance of strong, secure, and accurate data collection and management.

Session talking points:

• The risks associated with mismanaged information
• The importance of a Single Source of Truth
• How to ensure your SSOT is secure, complete and maintained
• The framework of how to apply this in your business

About Lauren

Lauren Graden is a Document Control Specialist and founder of LGC Academy – a school built on community, education, and all things document control. With a strong dedication and commitment to creating positive change in people's lives through education, her mission is simple: to make organisational training accessible to all.

Take control of your data today and start building a secure and complete single source of truth

Register for the Future-Ready Digital Collaboration Summit, on 15th March 2023.