How Data Governance Can Cut Costs Up- and Down-Stream

Loraine Lawson
Slide Show

How to Implement Information Governance Across the Enterprise

You may not think about information governance as a cost-saving measure, but it turns out, it can potentially save you millions.

That’s because most companies are so worried about regulatory compliance, they overshoot on data retention, according to a recent CIO.com column by Actiance Vice President Doug Kaminski.

More than 70 percent of data stored in discovery collections has no business, legal or regulatory value, Kaminski writes, citing findings by the Compliance, Governance and Oversight Council (CGOC).

Overall, about half of the data in your discovery collection will be duplicates, with another 20 percent mere office chit-chat or other news sources. That leaves only 30 percent of your data that is actually relevant or responsive, according to Allison Walton, CEO of Fortis Quay, an information governance consultancy.

Even if you can hunt down only half of the useless data, that would still generate a budget savings in the millions, Kaminski adds.

In his article, Kaminski details six ways to trim the data fat from compliance stores. It is actually good advice for any information governance project. Here’s the abridged version of his list:

  1. Involve all stakeholders.
  2. Start small by targeting one or two departments.
  3. Invest in the right tools. (The article didn’t provide any product promotion, but Actiance offers a tool specifically for managing discovery collections. Deduplication and data quality solutions would also be key to trimming data down, I suspect.)
  4. Grab the biggest, lowest-hanging fruit first.
  5. Set milestone goals.
  6. Change behaviors upstream to keep data lean.

Kaminski doesn’t specify how you can achieve number six, but you already know: If you want to cut the bloat throughout your data systems, you’ll need an enterprise-wide approach to data governance.

Data governance is a powerful pill as it not only knocks out the causes of the common data headaches, it helps prevent them,” writes Anee Buff, SAS Best Practices thought leader, in a recent Information Management column. “A finely tuned data governance program can reduce duplicate data throughout the organization, reduce errors in reporting and coding and reduce costs associated with poor data quality.”

It can save money during data migrations, too, she writes, by improving accuracy and efficiency while reducing the time it takes to complete the migration.

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Add Comment      Leave a comment on this blog post
May 26, 2014 1:52 PM BeyondRecognition BeyondRecognition  says:
Our experience is that once corporate file shares are collected and single instanced via faceted deduplication and visual deduplication, roughly 65% of the total file population is reliably removed. Of what remains, most Fortune 500 clients keep as a record 27-31% of the remainder. This makes the overall data reduction between 89 and 92%. Reply
Jul 8, 2014 8:00 PM Linda Boudreau Linda Boudreau  says:
Great tips on trimming down data. A single comprehensive and timely data standard that ensures usability is key to the success of data governance programs across all industries. Linda Boudreau Data Ladder Reply
Jul 14, 2014 5:55 PM Linda Boudreau Linda Boudreau  says: in response to Linda Boudreau
One more thought: data governance and data-driven decision making will be one of the key factors in changing the future of business. There is so much great work being done with data analysis and data linkage tools in various industries such as financial services and health care. It will be interesting to see the impact of these changes down the road. Linda Boudreau http://DataLadder.com Reply

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