Managing organisational knowledge and the search for the right document

A combination of expertise and efficiency provides the competitive cutting edge for professional services firms.

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Research conducted by Opinionography on behalf of Huddle explored the attitudes of professional service firms in the UK and the US towards collaboration technology.  38% of respondents admitted to storing the majority of their work documents on their local computer hard drive.  27% regularly store work on unsecured USB drives.

The costs of winning new business - and how to reduce them

The average bid for new business requires 84 hours of senior management input. This equates to almost $25k in costs. Better information and document management could help.

  • 33% of respondents believe improving information collection across the organisation could reduce these costs
  • 28% wanted better access to subject expert inputs
  • 29% felt that improved version control could help
  • 27% were concerned about duplication of effort

Other interesting findings – and opportunities for information professionals

  • Despite professed concern over data security, 22% of firms are using personal cloud file-sharing tools to send documents to clients.
  • 29% of respondents weren’t using their organisations favoured file sharing tool because they found it too complicated
  • 22% said that their file-sharing tool is not used or allowed to be used by their client organisations
  • 18% said their firms didn’t offer any suitable file sharing support
  • 69% of respondents were sharing documents internally via email
  • 68% had discovered they had been working on an old version of a document in the last six months

The cost of searching for a document

Just how much does the hunt for the right document actually cost organisations?

  • In the UK, the average number of documents worked on each day is 25, each takes on average 136 seconds to find.   With the average hourly rate of the respondents (£204) – each of these employees is costing £4,238 per year.
  • In the US respondents work on an average of 26 documents per day and take 89 seconds to find each document.  At an average hourly rate of $265, each respondent is losing their organisations $3,747 per year.

The full report is available here.