The ultimate goal of Enterprise Information Management (EIM) is to transform raw data into a valuable asset for an organisation. The value of information/data depends on several factors:
- The nature of the information/data itself
- The ways in which the owners of the information/data envision its use
- The available technology
- The insight, talent, and expertise of those responsible for implementing the EIM strategy.
Because Information Management is designed to streamline data flows across the organisation, it’s often referred to as Enterprise Information Management (EIM). Although EIM is often perceived as being technology-centric, the most effective EIM strategies are actually more business-oriented. The following are best practices for planning and executing an EIM strategy:
Approaching Enterprise Information Management (EIM) from a pain-point perspective
Your marketing department may be struggling with inconsistent and duplicated data, which can make communication-driven campaigns unwieldy and inefficient. Alternatively, your compliance program may be struggling to keep up with the rapidly evolving set of regulations and standards that apply to your business. As a provider, you may have to deal with six different sets of forms and requirements from the six payers you are under contract with. If you are considering implementing EIM, you are probably aware of some of the challenges that you believe can be addressed through better information management.
These challenges can be translated into concrete business cases that you can present to potential executive sponsors. They can also serve as a basis for evaluating the success of your EIM strategy.
Involve stakeholders from the get-go
Engaging your stakeholders in brainstorming and strategic discussions can be considered a low-tech approach to information management. This is because EIM is most effective when it supports critical business activities. To effectively implement enterprise information management, you need to identify the pain points that hinder your stakeholders’ key business priorities. Then, you can determine how these challenges can be addressed through better information management.
Assess your baseline
Before implementing EIM, it’s essential to establish your organisation’s current level of information management. This includes identifying the systems you currently use, as well as the vendors you work with and the duration of your contractual relationships. You should also evaluate your organisation’s approach to information governance to ensure that it aligns with your EIM strategy.
Secure executive sponsorship
Having one or more strong executive sponsors can be beneficial in securing the funding and support needed for an EIM initiative. It’s crucial to involve your allies from the beginning and keep them informed and engaged to manage any challenges that arise during the implementation process. This approach will ensure that your EIM initiative has the necessary support to succeed.
Cultivate enterprise awareness on Enterprise Information Management
Not everyone in your organisation may share the same understanding yet. It’s crucial to communicate the need for EIM, the challenges it addresses, and the potential value of information as an asset to prepare your colleagues for the changes that EIM will bring.
Overall, your organisation needs to be ready for EIM, and several factors should be considered to assess that readiness.
Adopt a phase-in approach to implementation
While you may have a global vision for what your organisation can achieve by implementing a comprehensive EIM, it’s crucial to break down the implementation process into manageable phases. Although EIM is an enterprise-wide strategy, a step-by-step approach is necessary for successful implementation.
However, your overall EIM plan should take into account how each phase will impact subsequent stages and the big picture overall. Additionally, each of the factors identified here is equally applicable to EIM as they are to digital transformation initiatives in general. Consider them as a guide to ensure a successful EIM implementation.
Establishing objective standards for measuring success is critical to demonstrating the benefits of moving from one phase of EIM implementation to the next. Before beginning an information management implementation, it’s essential to develop a way of objectively measuring results to track progress accurately.
To gain support and cooperation from your sponsors and stakeholders, it’s recommended to start with a quick-and-easy project that is likely to deliver positive results. This approach will help cultivate continued support and engagement throughout the EIM implementation process.
Partner with XBP Europe for Enterprise Information Management implementation
Selecting the right partner for enterprise information management implementation is crucial. EIM implementation requires a strategic partner with expertise in all aspects of comprehensive EIM planning and execution, beyond just being a technology vendor or service provider. It’s essential to choose a partner with experience in EIM planning and implementation in your industry and with organisations of similar size.
XBP Europe is a global leader in business process optimization, providing services to over 4,000 customers in more than 50 countries and various industries such as banking, finance, healthcare, legal, manufacturing, and the public sector. We have experience working with organisations of all sizes and handling projects of varying scales. Our team can help you navigate your specific challenges and EIM needs. We welcome the opportunity to discuss how we can help your organisation achieve its EIM goals.