Why Companies Should Consider Investing in Enterprise Information Management (EIM) Software

By MTS Staff Writer On Jul 23, 2018

EIM Software Platforms Have Advanced Progressively to Capture All the Key Points Which Enterprises Face While Developing Their Information Management Strategies

Each organization works with its own set of indefinite data and content that could be managed efficiently and productively as a valuable enterprise asset. The Enterprise Information Management (EIM) software can be explained as a set of business processes, disciplines and practices used to manage the information created from an organization’s data. It can best be described as a set of combined technologies and processes which help organizations progress on a larger scale.

According to Frost and Sullivan, the estimation of enterprise-level data growth stands at 30 to 40 percent per year. The dire need for the ability to harness the value of this information is critical for businesses. These developments require an effective EIM platform. Precisely for this purpose, Gartner believes that by 2020, 75% of these organizations that use Enterprise Information Management to align, link and leverage their data and analytics investments will report substantially improved business outcomes.

EIM can effectively be stated as the “everything information”. There are many key components that form an EIM, including an Enterprise Content Management (ECM), Customer Experience Management (CEM), Business Process Management (BPM), B2B Integration, Analytics, and Discovery Software Solutions.

Though each component above can be individually deployed, the true power of EIM software can be harnessed only when all the components are combined into a robust, end-to-end solution.

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What functions must an EIM solution include?

There’s no one ‘silver-lining’ optimum solution for an EIM system. Even at the beginner level, management of basic information can be deemed complicated. Once the technology advances, curating the best method to create, share and use information is dubbed as the essential part to any corporate business strategy.

The 6 pillars for any functional yet successful EIM system include;

Enterprise Content Management (ECM):

ECM helps in establishing the best central location for all content or even a selected premise on the cloud software. It allows you to set up the best processes to meet all business requirements including creating, collating and managing.

Customer Experience Management (CEM):

CEM allows you to deliver the exact level of personalized and targeted omnichannel experience which is demanded by your customers today. Taking control of all elements of customer communication at every stage in a customer’s journey can be dutifully completed with the help of a CEM.

Business Process Management (BPM):

BPM allows you to automate day-to-day processes by increasing business responsiveness and agility by reducing the risk of human error.

B2B Integration

B2B Integration allows you to build and extend trading partner networks to ensure smooth business transactions all over the world. Working closely and collaborating with customers, partners and suppliers are made convenient by using a secure and central platform for all information exchange.

Analytics

Analytics allows you to gain actionable insights for better leads in decision making. The range of analytical tools that provides swift and precise results is present in a format that can easily be absorbed and understood.

Discovery Software Solutions

Advanced processes and tools help search, extract, classify, review and analyze all the content you need whenever required. It allows you to take control of all the information within an organization, thus making it available for auditing and eDiscovery.

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What do Analysts say about EIM?

Gartner identifies “High Priorities for EIM” that include; “Define your EIM vision and strategy. Make sure you identify the priorities for what information (data, analytics, processes or decisions) drives which business goals… Designate an EIM program manager and an initiative champion, their duties and their authority…. Complete an EIM maturity assessment to establish a baseline of action steps and success metrics for the first 100 days.”

Why use an EIM?

EIM software platforms have advanced progressively to capture all the key points which enterprises face while developing their information management strategies;

The ability to handle structured and unstructured data
Streamlined access to structured and unstructured data which helps process effective digital business workflows and procedures
Developing an omnichannel experience for both employers and customers
Creating effective communication patterns for all individuals instrumental in the enterprise
Deliverance of enhanced security and data sovereignty for corporate data
Easing the process of compliance in industry standards and global regulations
Effective and close relationships with suppliers, traders, and customers

Among the Digital Transformation initiatives- disruptive technologies like IoT, AI, and Cloud, have bought about heaps of data which organizations are constantly seeking to exploit regarding competitive advantages. Though, here the EIM platform represents to only extract the full value from these mountains of data.

Considering the above, inclusive of quotes by analysts and the integral components that EIM includes, below is a list of EIM software which is curated for corporate requirements;

Conclusion

The functions of EIM ensure that high quality of data is available at all times; since it is controlled and leveraged effectively to meet the information requirements of all enterprise goals.

The more in-depth EIM professionals understand how information is utilized in an organization, the more detailed their EIM solutions will be.

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