Intelligent Information Management
Intelligent information management is a “set of processes and underlying technology solutions that enable organizations to manage their data” (Templafy). Financial firms are comprised of many moving parts and it is important that those parts work well together in order to deliver a result. As firms grow larger in size and are completing more complex tasks, not only do the moving parts need to work together but they need to work together in a way that maximizes productivity levels while still delivering the same result.
In order to eliminate inefficient processes, firms need to look at how they can better organize and manage their data and systems. Automating certain tasks will reduce the amount of time and resources spent on activities that can easily be solved by implementing better technology.
Intel used a graphic to give readers a better look at how important it is to manage your firm in an efficient way. Some of the data they found are that:
o 1.5 hours per day are spent on dull, repetitive tasks
o Firms lose 20-30% of revenue due to inefficient processes
Learn more about how you can gain more confidence in your internal processes: https://www.loffacorp.com/post/confidence-in-internal-processes
o Employees waste 69 days per year on administrative tasks
o 45% of paid activities can be automated
o Companies are fined if an auditor requests data that they cannot retrieve on time
Loffa Can Help
At the end of the day, the best way to reduce time spent on mundane tasks and inefficient processes is to implement technology solutions that would best fit the needs of your firm. At Loffa, we are constantly looking for new and better ways to help financial firms better automate their workflows in order to save money and time. If you are interested in how to build a more intelligent information management system within your firm, contact us at firstname.lastname@example.org.
“What Is the Definition of Intelligent Information Management (IIM)?” Templafy, www.templafy.com/intelligent-information-management/#:~:text=The%20definition%20of%20Intelligent%20Information%20Management%20(IIM)%20is%3A%20a,data%20are%20managed%20within%20organizations.&text=The%20combined%20management%20of%20unstructured%20and%20structured%20content.