Using Your Information Governance Software to Its Full Potential

 

Exploring how to make the most out of your information governance software


In the simplest term, information governance is a framework that guides companies in managing their organizational data, but most businesses would agree that information governance is not an easy job. With tasks relating to legal and regulatory compliance, sensitive data management, storing, sharing, archiving, or disposing of data, it is a lot of work for companies of all shapes and sizes. But, if done right, it can act as a bridge to growth for most of us, and understanding information governance is the first step toward finding that bridge.


What is Information Governance?

Information governance in a digital-first, cloud-based corporate ecosystem extends beyond paper and digital records management. It covers guidelines for the entire lifecycle of the information from its creation and acquisition to archiving and defensible deletion. It also refers to risk assessment, compliance, information security, company-wide policies, standards, etc. Most of these are required by regulations such as the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA compliance), and more industry-specific requirements like HIPAA, PCI-DSS, GLBA, and financial services compliance.


Considering all of that, one might think the IG software is already doing a lot, but there’s more it can do.


Improve Sales and Customer Satisfaction

Customers-facing employees must be able to locate all pertinent information about a client and their details promptly. Such data is often kept on different platforms without the teams knowing its existence.


An IG software helps companies set the standard for how all information is organized, categorized, and accessed. With that, employees can promptly gather complete and correct information about the customers and use it to address the customers’ needs, resulting in more sales and customer satisfaction.


Improve Employee Satisfaction

When so much information is available, it might be challenging to find what you need – or even realize it exists. According to a recent poll, firms in the United States lose $900 million in productivity each year due to information overload. 


Information governance solutions help reduce redundant, obsolete, and trivial (ROT) files, reducing the overall data that needs to be worked with. Therefore, it helps reduce the workload for the employees and helps bring in employee satisfaction to some extent. 


Reduce the cost of eDiscovery

With ROT data still in the company servers, the discovery team must evaluate every piece of data that might be useful, which can take months, even years, and cost millions of dollars.


By allowing only appropriate information to be easily recognized and accessible, information governance solutions enable quick and thorough e-Discovery that a team of attorneys might take months to complete.


Conclusion

Advanced information governance can bring a lot more to the table than just a tool for managing information. Most large enterprises benefit from the information management and analytics from IG tools. However, the key is to use advanced IG solutions that cater to all your needs.

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