Setting up a strong information governance framework with well-defined roles and responsibilities is an essential practice for any organization with a data management system in place. If you aren’t familiar with the idea of information governance, it shouldn’t be a tough concept to embrace. Information governance, in a nutshell, involves policies and processes that make it possible to use information more efficiently and effectively.
The ultimate goal of information governance is to help a business or any other type of organization achieve its objectives. There is no such thing as a one-size-fits-all information governance strategy, though. Each organization must determine what kind of strategy will work for its specific needs and goals. Defining your organization’s information governance strategy may sound like an overly complex and time-consuming endeavor, but in the end you will find that it pays off. After considering these top five benefits of creating an information governance strategy, it should be clear just what kind of advantage this process will give your organization in the end.
Top 5 Benefits of Information Governance Strategies :
Most enterprises that create and stick with a solid information governance strategy are able to appreciate benefits such as these:
1. Safer and More Secure Data
Establishing an effective information governance strategy (or set of strategies) can help improve the safety, security, reliability, integrity, accessibility and quality of your data. This is because an effective information governance strategy will involve a set of rules, responsibilities, standards and regulations, which will affect all types of data that flow through the organization thereafter.
2. Fast and Straightforward Business Intelligence Access
Being able to access business intelligence (usable and meaningful data that can help drive competitiveness and increased revenues) is critical to the success of today’s information-driven enterprises. It should be obvious, therefore, that access to critical business intelligence should be fast and easy for all authorized users. But without a comprehensive information governance strategy in place, many organizations allow even their most critical data to become disorganized and difficult to find when needed.
3. Improved Collaboration, Data Sharing and Decision-Making
Sharing and collaborating on data is integral to the success of modern businesses. This is what drives innovation and allows business leaders to make better decisions. An information governance strategy, when planned and implemented effectively, will help improve business innovation and decision-making by making data easier to share, work on, store and access when needed.
4. More Value Gained Throughout the Information Lifecycle
When information is streamlined, better organized and frequently assessed for quality and issues such as duplication, businesses are bound to get more value out of their information throughout its entire lifecycle. With more authentic, high-quality and easily accessible data, in addition to well-defined roles and responsibilities for those in charge of it, businesses make the most of their resources. When data grows at an unmanageable rate and organizations fail to govern it properly, on the other hand, there are bound to be increased inefficiencies and missed opportunities.
5. Reduced Costs and More Effective Risk Management
Cutting costs and managing risks go hand-in-hand with effective information governance strategies. More efficient use of information increases productivity and reduces waste, which contributes to a more balanced budget for the enterprise in question. At the same time, organizations with a comprehensive information governance strategy also increase their ability to comply with government, industry and company regulations, and otherwise reduce risk. It’s a win-win for everyone involved.
While information managers and IT professionals may understand the importance of a constantly evolving and adaptive set of information governance policies, executives and other managers don’t always see the advantages when looking purely at a cost vs. benefit analysis. Hopefully, after reading this list of benefits, it should be obvious just how crucial it is to have an information governance strategy, whatever your role in the organization may be. It isn’t always easy to put these strategies into place, but the effort and investment is well worth it once the information governance policies are in place and widely used. Information may just be your most important resource, after all.