The amount of global information has now far exceeded what many would have thought possible even 10 years ago. In fact, a report from CSC1 noted that by 2020, there could be around 28 zettabytes in total, compared to the 6.32 zettabytes now.
While most organisations won’t need to access such significant quantities of data in the course of daily operations, data growth in general is starting to cause problems. Now, workers in every sector are having to spend countless hours sifting through pools of unstructured data in order to find what they’re looking for. Let’s take a look at a sector like mobile data that Gartner2 recently predicted would grow 59 per cent this year, reaching 52 million terabytes. This figure itself is a massive 59 per cent increase from 2014.
Imagine looking for a needle in a haystack, but every time you need to find a piece of information. Digitisation offers a clear-cut way forward, one that’s sure to prove essential as data continues to grow.
When is the best time to digitise?
According to The Global Information Technology Report 2014 from the World Economic Forum3, digitisation is a great enabler for many companies, but it’s also an area fraught with distractions. This is really no surprise given the number of opportunities that come along with converting analogue information into a digital equivalent.
For many organisations, the question is likely going to be “when it the most appropriate to actually start putting these practices into effect?”. Unsurprisingly, there’s no real “right time” to digitise – sooner will always be better.
As noted above, information is on a growth path that’s showing no sign of slowing down in the near future, and putting the right digitisation practices into effect now will pay dividends down the line. For one, it will be easier to digitise data in the future.
Digitisation in the insurance sector
At a recent luncheon hosted by Fuji Xerox and FST Media in Sydney, senior executives from some of the nation’s top insurance organisations sat down to discuss the impact of digital revolution in the industry. A focus of the gathering was promoting agility for insurers, and how adapting to the digital age was becoming more important each year.
Speaking to the assembled professionals, Simon Partridge of Fuji Xerox stressed the importance of evolving workflows and products now, to avoid the risk of being left behind by the competition.
“The day is coming where we will no longer be able to sit in an ivory tower and say this is the product we are going to sell,” he said.
“The digital revolution enables this consumer-led demand.”
Disruption from innovative new contenders in the insurance business was a central part of discussions at the event, with Jason Gracanin, Head of Digital Services (Group), TAL Life, warning that organisations who failed to provide a modern service to give customers the experience they value may be in danger of being surpassed by savvy start-ups.
“Everyone talks about disruption as something new. Fundamentally, it is just supply and demand.”
Transitioning your offering needn’t be something to fear, but rather seen as an opportunity to modernise your workflow and attract new clientele. The first step is reaching out to experts to assist you with the evolution.
Working with the right technology – and the right provider
It’s all well and good to consider the benefits of digitisation for various organisations, but how can companies actually put such strategies into effect? There’s no blanket solution: organisations will need to take advantage of a number of different technologies in order to start converting paper-based data.
This starts with optical character recognition, a process of converting paper materials into digital text files. While it can take some time to convert the substantial quantities of data, businesses will be left with easy to access information. Also critical here is intelligent character recognition, which means organisations can convert handwritten materials.
Then, it’s important to consider security. While it’s true digitisation solves security issues simply by eliminating theft-prone paper information stores, organisations must think about securing this now-digital data.
Consider working with a capable provider in order to ensure digitisation becomes a priority. After all, the amount of data isn’t likely to start shrinking.
To learn more about the importance of digitisation and why having the right insurance policy is important, read more in our whitepaper.