The future of records management with compliance examples

The Future of Records Management with Compliance Examples

What do quantum computing, machine learning, and artificial intelligence have to do with compliance? Anthony Woodward, Chief Technology Officer at RecordPoint, provides some compliance examples that affect the future of compliance and records management.

Watch the video or read the transcript below.

Recommended Resources

Video Transcript

Erica:Hi, I’m Erica Toelle, Product Evangelist for RecordPoint.
Anthony:I am Anthony Woodward, the Chief Technology Officer at RecordPoint.
Erica:There have been so many exciting announcements at Ignite so far. And a couple of interesting themes. I want to talk to you about how those apply to compliance examples, records management, and the information management space.
Anthony:Yeah, it’s been a great conference so far. I enjoyed the first day and the announcements from the keynote.
There’s a bunch of important stuff happening that’s making the whole industry vibrate — the key announcements around quantum computing, Artificial Intelligence, and other things. These apply to records management in ways people don’t realize.

Quantum Computing and Compliance Examples

Erica:Quantum computing, how does that apply to records management and compliance?
Anthony:Records management and compliance are a big data problem. We’ve thought about records management only to manage unstructured data, such as documents and small pieces of data that are of high historical value. We’ve thought about it like its paper.
Therefore, as we walked into the electronic world, we’ve got to think about the stream [of data]. The flow has a massive amount of valuable assets that we need to keep in the long term. I’ll give you a classic compliance example. Tesla’s building cars and we need to know how those cars are running as we improve them. This data can improve their batteries and other processes.
What would be interesting would be to understand the chemical makeup of those batteries. First of all, how are those going to affect the environment in the future? Also, what are the various pieces that we need to think about around the disposal of the batteries? We need to think about that for the future. We should capture the data. How the batteries have interacted and where they’ve been. This information could be material to their environmental impact. That’s the type of data that we want to wrap records control around that are quite vital to the community.
Erica:To make sure we do not delete the data prematurely, and that it’s accessible, and used in proper ways?
Anthony:Yeah, and aggregated correctly. Finding that information so you can reuse it is as important as keeping it. If you keep it, but if you can’t find it what was the point of actually holding it. So, those aggregations are basic information sciences going back to library systems. As a result, they are still vital to what we need to do.

The Internet of Things Compliance Examples

Erica:Yeah. Who would have thought?
So, that reminds me of another compliance example, which is the internet of things. We are bringing in so many data points, such as the car battery. How do you think we can relate that to records management?
Anthony:Well, again, it’s a very similar set of scenarios. There are key data points in that feed that we should keep. I’ll give you another good example that’s kind of related to being down here in Florida and Houston.
Think about all the data coming up — all the flood monitoring equipment. There’s a large stream of data associated with insurance claims that are a compliance example. Furthermore, there’s a connection between hydrology reports, the water flows, and your insurance claim. Also, we need to make sure that not only are we keeping the relationship between that hydrology report. The insurance claim also needs to understand what the implications are downstream with other events like this.
So, there are IOT devices that are reporting water levels inside of various counties and cities out there. They then connect that or have a relationship to those other data sets for that community that we do not store right now. So, here’s an IOT stream. We can keep that stream and associate it with the insurance claims. We’ve got a whole bunch of valuable data that we can now act on and use in the future to make sure that these events don’t happen. Or, don’t impact people as bad.

Digital Transformation and Compliance Examples

Erica:So, bringing it back a little bit more to today. Another thing people are talking about at the conference is digital transformation. In the one to three-year vision space, how do you see records management and digital transformation relating?
Anthony:Yeah. I think records management is going to go under a massive transformation of its own. It may not even be called records management five years from now. So, we’re on that journey where that change is going on.
So, we’ve got digital transformation happening in the workplace, and some in the critical announcements that Microsoft has made. Those ways of working are changing how people interact with data. Communicating with their systems, and interacting with other people. Because of that, the way we then capture, manage, store, classify, and control that data for historical purposes is going to change drastically.
It’s thinking about data as a stream, and then working out what are the nuggets of information within that stream that we need to connect. And connecting it from multiple locations. So, being able to take information that’s coming out of Office 365 regarding the announcements here. But, also of Azure and IOT that we spoke about earlier. Even from other systems. Box, Dropbox, other places where people interact and collaborate. But that all happens within the stream.
So, we need to connect that and join the relationships between that data. Then present that back as a series of records. Because at the end of the day records managements about relationships. It understands that this piece of data is related to that piece of data. So, now it has significance. If we don’t understand those relationships, you don’t understand its importance, and therefore you don’t know you need to keep it.

Machine Learning and Compliance Examples

Erica:Since we’re talking about the relationships between data, how do you think machine learning and artificial intelligence can start to make stronger and more numerous ties between the data?
Anthony:Yeah. I think it’s still really early days in seeing how AI is going to solve that problem and where machine learning fits into those processes. What we’re starting to see and some of the R&D we’re even doing here at RecordPoint alongside Microsoft is that those relationships are beginning to form. So, an agent relationship. You know, Erica is an agent of RecordPoint. There’s a relationship that Erica as an author has a relationship with RecordPoint as a company.
Now, you have the other agent relationships with other ventures that you do or other things you do both in your personal life and your business life. It’s those relationships that ML’s now starting to pick up. The straightforward and obvious ones. But, other tangential connections are going to get more complex as I said before flood level equaling insurance claim a much more profound relationship that ML’s not quite there yet on. But, we’re going to see that happen over the next three or five years. That process where those relationships can be formed automatically by the system will come into play. That’s going to open up all sorts of novel ways to then manage, store, and retain information based on those rule sets.

Blockchain and Compliance Examples

Erica:Another trend that maybe it’s not being talked about at Ignite very much, but something we certainly care about in our daily lives, blockchain.
Anthony:Yes.
Erica:How do you think blockchain could be related to records management?
Anthony:Yeah. It’s an area, again, that we see some significant changes in and in which we are doing R&D — the ability to describe history as authentic and taking that authenticity through the blockchain algorithm to know that this piece of content went through a series of life cycle events. That we describe it within the chain is an exciting application of the blockchain algorithm.
We are seeing customers starting to talk about, “Well, how do I know that is what it purports to be? How can I prove that?” Blockchain gives us that ability to show not just what that object is, but where it sits in the family. Or the splits of the family are of that data chain. So, some exciting ways are going to be used and taken up. Again, there’s an area that you’ll see a whole bunch of announcements from us on in the future.
Erica:Excellent. Any other thoughts or things you want to mention about the future vision for compliance and records management?

The Future Vision for Compliance

Anthony:Yeah. I think it’s a fascinating time to be in records management. Most people see it as a boring topic, and it’s not. You know, the information that our ancestors kept for us, the Romans, the Greeks, and various other society’s that have written on have given us our ability to be where we are today. So, if we don’t understand that context, we can’t use that information. Be that in the enterprise, be that in government, be that in the community sector. Then we won’t have an understanding of ourselves.
There’s a whole bunch of data right now that doesn’t have that control around it. That isn’t categorized and managed in a way that we’re going to have it the future.
I’ll challenge most people, you think about the mp3s you probably created over the years. How many of those do you still have? How many of those are unique to you? If you’re anything like me, I’ve lost a whole bunch. Because over various switching between computing systems and various platform changes I lost a bunch of my mp3s. You know, even some recordings of my family at different times. Unfortunately, I’ve stupidly wasted. We need to deal with that problem because what’s happening in the enterprise and different government sectors all the time.
So, I think there’s a future where we start to tackle that problem and think about what we need to keep. What’s unique and essential to us? What’s going to have value in the future? It’s really how do we discern what value is that’s going to be a big part of the challenge on which we are trying to work. Creating value, storing what we need to keep. Retaining and then managing that is the future of records.

Expert Interview Series

This video is a part of RecordPoint’s Expert Interview Series. In this series, we speak with top Microsoft industry experts about topics related to compliance, governance, collaboration, and information management.

View additional videos from the RecrdPoint Expert Interview Series

You Might Like These Posts