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.

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.