While many businesses are still approaching information management and governance with skepticism over the benefits and return on investment (ROI), analysts say that it is a key way to mitigate risk and costs when it comes to regulatory compliance and legal responsibility.
According to TechTarget, however, these are not the only reasons to invest in information governance. Improved records identification, organization and management may help avoid the risk of legal fees or compliance issues, but it also can improve overall decision-making for a business by enhancing the availability and accessibility of information when it is needed.
With information storage, a business can improve processes and simplify its daily workloads to more manageable levels, all while reducing storage costs and improving productivity. This can bring operational costs down while increasing profits, clear ROI and benefits for any business. Additionally, improving document management will allow a business to more quickly pinpoint issues within its information systems.
"While it's important to mitigate risk and put information under a management structure that protects it, it's even more important that information is trustworthy and reliable," Alan Weintraub, an analyst with Forrester Research, told the news source. "You need to know that when you're using it, you're using the right piece of information to make the right decision."
By increasing businesses' trust and the quality of its information systems, management solutions can be a driving force, bringing a business to the next level of success. With higher quality decision-making and improved workflow, a company can improve its risk mitigation.
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