New report finds the majority of decision makers are interested in AI but feel their organizations are lacking knowledge to leverage it while also facing challenges with changing RIM laws and regulations
PEABODY, Mass., May 15, 2024 (GLOBE NEWSWIRE) — Access, the world’s largest privately-held integrated information management services provider, today released findings from its 2024 State of the Records and Information Management (RIM) Industry research, revealing insights from hundreds of key decision makers about the current and future state of the industry.
The new research, conducted by commissioned third-party research providers, revealed only 23% of decision makers believe their organizations have expert-level knowledge about RIM practices, including AI adoption. In addition, 45% of decision makers report challenges complying with changing regulations. Given the ongoing increase in data, privacy and other regulations as well as the likelihood of lawsuits from data breaches, the risks are higher for organizations that lack experience with information management best practices.
The survey also assessed decision makers’ perceptions of their organizations’ proficiency in information management, as well as the myriad of challenges they face, such as increased data volume, compliance and security issues, resistance to change, and resource limitations.
“The amount of information that organizations must contend with annually is rising exponentially,” said Tony Skarupa, Chief Executive Officer at Access. “Yet, this research shows that many organizations are lacking the critical knowledge and resources needed to handle this volume of information effectively. It has never been more important for business leaders in this position to prioritize securing their records and information, hire qualified specialists in information management and partner with RIM providers that have the right expertise to help manage and automate the whole information lifecycle, including security and compliance.”
Following are the most notable research insights, including opportunities and trends, revealed about the current and future state of RIM:
- Data is growing, but RIM expertise is scarce: Three-quarters (74%) of decision makers say that the volume of data their organization handles has increased in the past 12 months, while only 23% of decision makers say their RIM knowledge is at an expert level. This presents a significant challenge as the volume of data increases for most businesses while the number of experts available to manage it is small. The good news is that organizations are recognizing the issue and can prioritize training, development or hiring a third-party partner to help them ahead of a breach or other risky outcome.
- Digitization is challenging: The most common challenges that organizations face as they digitize their records and information are: lack of experienced resources and team members (35%); compliance, security, and regulatory issues (34%); and resistance to change (33%). This highlights the complexity of transitioning to digital workflows while presenting an opportunity to prioritize the need for strategic planning.
- The benefits of digitization are many: Organizations cite greater data accessibility (48%), time savings (46%), and increased productivity (46%) as the benefits they most expect to receive once they finalize the digitization of their records or information management processes or systems.
- Compliance is difficult: As they look to stay compliant, organizations cite keeping up with changing laws and regulations (44%), navigating industry-specific compliance challenges (37%), and training and enforcement (33%) as the top three challenges they face. Despite these concerns, (13%) of organizations admit they only conduct compliance reviews every 1 to 2 years or longer.
- Trends to track: Decision makers foresee compliance, security, and regulatory issues (37%) as well as resistance to change (37%) posing a challenge in implementing improvements to information management practices in their organization. Additionally, they believe increased automation/AI integration (44%) and new or changing laws and regulations (42%) will provide the biggest changes for the RIM industry in the next 12 months.
To attend the upcoming related webinar, “Unlocking Data Potential: Mastering Challenges in Information Management & Governance” exploring the key research highlights, REGISTER HERE.
To speak with an Access representative, please contact Access.
Survey Methodology
Access partnered with TEAM LEWIS to survey 300 business decision makers and IT decision makers across the United States at organizations with fewer than 500 employees in the Financial Services, Energy, Manufacturing, Insurance, Legal, and Healthcare industries. The goal of the survey was to understand these decision makers’ thoughts on the current and future state of the records and information management industry. The company also partnered with Cint, a premium provider of digital survey solutions, to recruit survey respondents and collect data through a 25-question online survey.
About Access
Access is the largest privately held records and information management services provider worldwide, with operations across the United States, Canada, Central America, and South America. Access provides transformative services, expertise, and technologies to make organizations more efficient and more compliant. Access helps companies manage and activate their critical business information through offsite storage and information governance services, scanning and digital transformation solutions, document management software, and secure destruction services. Access has been named 12 times to the Inc. 5000, the ranking of fastest-growing private companies in the U.S. For more information on Access, please visit AccessCorp.com.
For more information, contact:
Melissa Kolodziej
781-710-0763
melissa.kolodziej@accesscorp.com
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