The Value of Information Governance: Finding the ROI

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Data quality and increased efficiencies

Perhaps the biggest and most underrated benefit of strong information governance is increased data quality. Poor data quality costs U.S. businesses $600 billion annually. When the costs of poor quality data in the U.S. government are added in, the price tag increases to $3.1 trillion per year. Some estimates state that poor quality data costs business 20 to 35 percent of their operating revenue!  Poor data quality can be caused by many things: ROT, lack of structure, lack of visibility and many other elements. Virtually all of these elements are addressed by a strong information governance initiative.

Information governance is the set of multi-disciplinary structures, policies, processes and controls implemented to manage information. Gartner states that "the goal of information governance is to ensure compliance with laws and regulations, mitigate risks and protect the confidentiality of sensitive company and customer data." More than another word for "records management," information governance aims to support an organization's regulatory, legal, risk, environmental and operational requirements.

A successful information governance initiative requires a cross-functional team effort, usually consisting of records, IT and legal, often with executive sponsorship. The elevation of records to include IT and legal also brings into play more budgetary options. Information governance will normally be a function of the IT budget rather than records, which opens up many more possibilities.

Many organizations agree that lack of active governance is a big problem, but few have a viable solution. In particular, it can be difficult to get buy-in and obtain funding for a non-revenue-generating initiative. However, information governance is a necessary process for any business that is required to keep both physical and digital records.

Fortunately, according to Michael Shufeldt, global director, digital market leader at Recall, there are reasons so compelling it would be difficult to ignore information governance when the effects are well understood. In this slideshow, he discusses how a proper information governance initiative can deliver a measurable and rapid ROI (return on investment) on key business case factors.


Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

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