The importance of instant, but accurate, information

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It is human nature to crave instant information to quickly form opinions and make judgments – especially today. Accustomed to the immediacy of social media, we don’t like waiting to find out what’s going on.

Whether you have gotten caught up in developments around recent reports of violence, political conflicts or airplane accidents, you know that the information you receive – from social media, from a news program or even from a friend – can be biased and inaccurate. And it rarely includes every pertinent detail. But that is the information we have – so sometimes we jump to conclusions and spread it as fact.

Molly Wells, former executive editor at CNET.com, discusses the issue poignantly in an article  published four days after the tragedy at the Boston Marathon. “If speed is the currency of the modern information era,” Wells says, “misinformation is the increasingly high cost.”

But now, picture this happening in a business. What if that information – inaccurate, incomplete, outdated or based on assumptions – is the information fueling your business?

Consider loan processing in banks. As applicants are sending in documents – including personal information, credit history and other critical financial information – these documents can easily be misfiled or lost. And, as these documents are updated over time, it is hard to keep track of the most current version or incomplete documentation. Whether the end result is a misinformed loan approval or a frustrated customer, there can be real financial consequences and it can be damaging to the bank’s reputation.

How do you ensure the information your employees are using to make critical business decisions is accurate and complete? You capture the most up-to-date documents and information and make it all instantly accessible in a central secure location.

Here’s how:

It’s a scary world out there – so much inaccurate information quickly being accepted as fact. But you don’t have to be afraid. If speed is the currency of the modern information era, there are tools out there to help you capitalize on that and allow you to turn it into a competitive advantage.

Just remember one word: Capture.

Jaclyn Inglis

Jaclyn Inglis

Over the last few years working at Hyland, creator of OnBase, Jaclyn has definitely started to drink the Kool Aid – day and night enthusiastically discussing the wonderful benefits of OnBase and ShareBase with fellow Hylanders, family, friends, and even complete strangers. Her graduation from the University of Rochester with a major in economics, minor in film studies and concentration in neurological science only goes to show how vast her interests are. With that in mind, it is no surprise she truly enjoys working to market Hyland's products across an equally vast number of industries – some even mirroring her academic interests (financial services, arts and entertainment and healthcare/sciences) – as a member of the Product Marketing team at Hyland.

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