Technology. Information. Disruption.
The world is moving faster than ever, creating more information than ever before but less than it ever will in the future. We operate in a world defined by Industry 4.0, and the rules have changed.
Industry 3.0 was the era of the process advantage, using technology to smooth workflows, accelerate decisions and gain efficiencies. Industry 4.0 is different. We have entered an age of extremes. Extreme connectivity. Extreme volumes of data generated and transmitted in real time.
Enterprises today face Information overload, increasing cybersecurity threats, changing customer expectations, and global regulatory shifts. Organizations need to move beyond just process advantage. To thrive, companies need to unlock the Information Advantage.
The Information Opportunity
The Information Era is characterized by the unprecedented ability to capture, store and make sense of masses of information. According to Raconteur’s A Day in Data, by 2025 there will be 463 exabytes of data created each day, globally. That’s 463,000,000,000,000,000,000 bytes. Technologies, such as artificial intelligence (AI), the Internet of Things (IoT) and cloud, are at the heart of this new information paradigm, creating huge amounts of data and being fueled by it.
Businesses must find ways to harness this information, embracing the insights to change how we live and work. The future of business is inextricable from the future of technology—and by extension, the future of information. It is time for the Chief Information Officer (CIO) to shine, leading the charge to turn information overload into a true Information Advantage.
The Information Advantage
Many companies start with customer-centric digital transformation, aiming to improve every customer interaction by focusing on individual needs, frustrations and desires. It removes friction from the buying process. It provides more personalization and engages customers on their terms to increase customer acquisition, reduce the cost of support and marketing and drive increased loyalty.
Forward-thinking organizations strategically choose customer-centric transformation projects that also deliver operational efficiency. Operational benefits are easier to predict and quantify than return on customer experience alone. Reaching new heights in operational effectiveness relies on improved productivity and efficiency. These initiatives involve automating routine tasks, driving visibility and insight from the supply chain, streamlining collaboration, reducing governance risk or augmenting human processes with machine assistance.
Take Puget Sound Energy (PSE), for example. As Washington State’s oldest energy company and the largest utility in the Pacific Northwest, PSE was the first utility to own and operate wind energy facilities in the Northwest and is a leading producer of renewable energy in the Pacific Northwest.
In the past, a simple change in customer correspondence, such as a fax number on a bill, might take days as data was sent to a third-party vendor to create, store, print and mail the document. After choosing OpenText information management solutions to generate individualized customer communications and make ad-hoc changes on the fly, PSE can make the change and produce it the same day.
Using customer feedback information, PSE also transformed its bills, a critical point of contact with customers, from a single black-and-white page to a two-page statement in color, complete with graphs for ease of understanding.
Taking advantage of the Information Advantage, PSE customer correspondences are now four to five days faster.
As new information is rapidly generated, organizations have limitless potential to capture, integrate and apply it—all they need is the right technology. Both unstructured and structured information flow across the extended enterprise. Enterprises and small to medium sized businesses can consolidate and integrate information through Information Management, transparently managing it throughout its lifecycle.
Information Management allows organizations to capture, govern, exchange and enhance information while keeping it secure. It brings together key technologies to enrich information and processes from end-to-end and offers a foundation from which raw data can be transformed into valuable information and intelligent action using automation, AI and analytics-based algorithms.
The most complete Information Management technology portfolios deliver ways to collaborate, automate processes, integrate with open APIs, extract new value from existing data and ensure all information and devices are securely managed. This is how information management delivers the Information Advantage.
Contact us to learn how the OpenText can help your organizations unlock the Information Advantage.