Information governance isn't easy for every organization, particularly considering data quality, silos and other concerns. However, it's important for firms to realize the benefits of these initiatives not only for gaining greater control over information, but also for regulatory compliance.
ITWeb reported that businesses can not merely collect that data – its purpose needs to be aligned with the organization's objectives. In regard to information governance, the source explained that the goal is to ensure adherence to the rules and regulations for the collection, storage, use and destruction of data. To achieve this, an enterprise must know who has access to certain information, whether it is secure and how it can be found. The source was adamant that it's crucial to invest in a highly efficient, secure environment in order to contain the costs involved in information governance.
According to ITWeb, information governance can help organizations with a variety of objectives, including the provision of accountability in all practices, processes and operations. Further, by making information more accessible across business units, these efforts can help a firm reduce risk and identify new opportunities at the same time. With successful initiatives, information governance can in fact fuel operational efficiency and reduce costs associated with the IT infrastructure, records storage, data management and backup and recovery. Additionally, ITWeb noted that automation can lower staffing demands and free up time for skilled technical personnel. Meanwhile enhanced information classification can empower improved decision-making from higher quality data.
However, the source stressed that compliance is still the focus of these programs. It's imperative for enterprises to understand their obligations and adapt to any new or updated regulations by improving the accuracy, classification and automation of information.
A new approach
Smart Data Collective asserted that information governance is an ongoing process for most enterprises. And many companies may struggle with these initiatives because they fail to focus on how data management problems can extend enterprise-wide. The news provider explained that an information governance program should have a common methodology and a comprehensive scope from data creation to destruction. Further, these programs need to have a strategic approach, with improvements continually measured over time. There must also be flexibility to accomodate change and adequate governance tools in place to ensure effectiveness.
Information governance is both an essential and complex initiative for any firm, but with the right solutions and strategies, any firm can be successful.
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