There is a tendency for discussions about information risk to focus exclusively on the dangers organizations find themselves exposed to and potential disasters they need to avoid. While it is critical these issues are addressed, they are only part of the story. There are huge business benefits to be gained from mastering the management of information, and procurement professionals have a key role to play in the process.
The benefits of mastering information risk
Organizations understand that information has value and must be properly protected. However, most only focus on the second part of that statement. They are far more concerned with defending themselves against data breaches or legal action than with using information to drive competitive advantage and growth. Getting ahead in the information game requires businesses to do both.
While this positive aspect of information risk is often overlooked, it is an area that forward-thinking businesses are embracing. Not only are they dramatically reducing the likelihood of facing the consequences of an information disaster, they are reaping massive competitive advantage in their respective markets, standing out as industry leaders and examples of best practice.
The role procurement can play
In our last blog, we examined some of the problems organizations face when they have too many vendors, and the consequences in terms of increased information risk. We saw how critical effective procurement is to the way organizations handle their information risk, and the potential impact procurement decisions can have upon the broader business.
Although this means that procurement professionals are exposed to many of the dangers of information risk as they go about their daily business, it also offers them a unique opportunity to deliver significant benefits to the broader organization by shifting some of their policies closer in line with best practice.
The business case for consolidating your vendors
One of the most powerful ways in which organizations can dramatically reduce their exposure to information risk through their records management is by reducing the number of vendors. Fewer vendors means fewer incompatible systems, fewer places where data can go astray or fall into the wrong hands, less confusion and fewer people outside the organization's direct control.
With a stretched workload and budgets under pressure, it's understandable that many procurement professionals might recoil from the prospect of a consolidation effort, with all the headaches and extra effort it implies. However, the process of consolidating vendors will bring significant business value to the organization, which can far exceed the challenges involved. These include:
Significant cost savings through better pricing and reduced vendor management costs
Reduced risk of compliance violations
Reduced risk of litigation losses
Potential dramatic savings in e-discovery fees
More consistent management of records for legal holds, retention and destruction workflows
Reduced need for storage infrastructure and multiple records coordinators
Speeded up record recovery times
Improved productivity
What's more, with the right partner consolidation can be a relatively straightforward process. They can help rationalize the initiative, doing everything from identifying and negotiating with key suppliers to issuing letters of termination.Managing risk and extracting value go hand in hand. A recent PwC/Iron Mountain study found a clear correlation between firms who are well equipped to manage information risk and those who can extract value from their information. Many businesses claim to understand and harness value from their information, but their information priorities are overwhelmingly passive. More active uses, such as reaching new customers and markets, and using information to drive innovation fall to the bottom of the priority list.
Procurement professionals have an opportunity to lead the way in grasping this type of proactive approach towards information. In doing so they will deliver additional value to their business by providing it with the records management, information tools and systems it needs to be a world leader in its field.
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There is a tendency for discussions about information risk to focus exclusively on the dangers organizations find themselves exposed to and potential disasters they need to avoid. While it is critical these issues are addressed, they are only part of the story. There are huge business benefits to be gained from mastering the management of information, and procurement professionals have a key role to play in the process.
