Recently, the focus has been on how to help businesses maximise the value of their enterprise data through information governance. A seminar on this topic was led by four of XBP Europe’s leaders in information governance, but the video and transcript cannot be shared due to proprietary information discussed. However, XBP Europe wants to share some insights on information governance as it is an important and often misunderstood topic.
What is information governance?
Information governance refers to an enterprise’s policy for handling all information, optimising its value while mitigating risks associated with it. In the past, handling paper files and copying important documents sufficed, but with the digital revolution, a disciplined enterprise-level approach is necessary to manage the volume and velocity of information generated and received.
In simple terms, Information governance can be understood as an enterprise-wide policy for handling all information in any form that is received from any source or generated by the enterprise, with the aim of optimising its value while mitigating associated risks.
The consequences of poor information governance can be severe, such as enterprises shutting down due to the loss of paper records or the additional time spent recreating lost information. More than half of all enterprises have identified information governance as the largest anticipated area of enterprise spending.
Information governance is often confused with information management, which refers to how policies and strategies are carried out within an enterprise. Information governance is an enterprise’s backbone, while information management is its circulatory system.
XBP Europe offers smart solutions like Record Management, Intelligent Document Processing and Big Data Analytics that help you better manage and govern your data. And with information available on your fingertips, managing data and taking informed decisions can do wonders for your business.
Your business can benefit with Information governance
- Improved decision-making: When an enterprise has a clear understanding of the data it has and how it is managed, decision-making can be improved. This is because decision-makers have access to accurate and timely information that can help them make informed decisions.
- Compliance: Compliance with regulations and laws is critical for any enterprise. Information governance helps ensure that all data is managed in compliance with applicable laws and regulations.
- Cost savings: By managing data effectively, enterprises can reduce costs associated with storing, managing, and accessing data. This is because data is stored in a way that is efficient and easy to access, reducing the need for redundant or unnecessary data.
- Risk management: Enterprises face various risks related to data, including data breaches, loss of data, and unauthorised access. Information governance helps manage these risks by ensuring that data is protected, stored securely, and accessible only to authorised personnel.
- Improved efficiency: Effective information governance can streamline business processes and improve operational efficiency. This is because data is managed in a way that is efficient and easy to access, reducing the time and effort required to find and use the data.
Overall, information governance is critical for enterprises looking to manage their data effectively and efficiently, while reducing risk and ensuring compliance with applicable laws and regulations.
If this is something that could benefit your businesses, get in touch today and our experts can guide you.