There are risks associated with having to know too much – now picture a solution

November 2, 2016

Did you know there were 544,847 new registrations on the Personal Property Securities Register (PPSR) in the June quarter of 2016? This is a 10.4% rise compared to the March quarter.

Did you know in 2015, ASIC has 242,620 new company registrations, and as at August 2016, it already has 168,820 new registrations for this year?

Are these statistics relating to the exponential growth of commercial information (CI) unique, unusual or unexpected? The answer is no. Let me illustrate with an example. Recent research that studied the growth prospects of global enterprise information management for 2016-2020 forecasts that this market will grow at a compound annual growth rate of over 19% in the period 2016-2020 [1].

Clearly, there is now a plethora of CI available in the marketplace, and Australia is not immune. The sheer volume of searchable commercial information presents a unique set of risks - the risk of not having access to it (especially when your competitors have access), the risk of acquiring it at too high a cost, the risk of not able to find the relevant 'information needle' in the proverbial 'data haystack', the risk of not managing the information that has been acquired (such as secure storage), to name just a few.

But things are not all doom and gloom. First of all, this trend of CI-related exponential growth has led businesses across many industries to undergo digital transformations. For instance, we know that lawyers can optimise their practices through a formal effort to revamp business processes and transaction lifecycle. 

Watch the video below on the business benefits of digital transformation

 

Secondly, with the enormous challenges that came with CI-related exponential growth, what also surfaced are some amazing opportunities. Digitisation can help control the significant costs and risks in the acquisition, interpretation and management of CI; in particular, visualisation tools can help make sense of all sorts of CI, regardless of volume or source.

Visualisation is the process of representing CI pictorially, and by interacting with these 'pictures', users can gain valuable insight into the CI. Visualisation provides the key to reducing root cause costs of human error and process inefficiencies, as it makes it easy to discover and filter CI. Visualisation also facilitates risk communication, which is the exchange of information and opinions among those responsible for assessing and controlling risks, and those who may be affected by the outcomes of those risks. Visualisation aids the establishment of an effective dialogue for communicating risks.

Did you know Australian universities are now offering business courses in visualisation[2]? As the world capitalises on the many benefits of visualisation, including better management of operational risks, can you picturing it as a business tool for your organisation? Find out more on how.

[1] Technavio - report on Global Enterprise Information Management Market 2016-2020; Date of publication: 27 June 27 2016.

[2] For example, Swinburne University of Technology offers a course in 'Business Intelligence and Data Visualisation'.