Effective information governance requires substantial investment in people, in technology, and in processes. These costs can make it challenging to gain critical sponsorship from budget-conscious executives. However, by implementing several key data strategies, data leaders can clearly demonstrate ROI in information governance.
Start with a culture shift by reframing the approach to governing data. Information governance represents far more than a compliance exercise. In fact, this strategic imperative can significantly impact the organization’s bottom line by reducing risks, improving operational efficiency, and unlocking data value.
Align Information Governance with Business Goals
When information governance efforts support business priorities, they deliver tangible business value. Begin by identifying key objectives and goals that your information governance program should support. For instance, these might include enhancing the customer experience, driving innovation, or improving operational efficiency.
Then, identify ways that well-governed data can enhance those goals. Conversely, you can also highlight areas where mismanaged data inhibits progress toward business goals. For example, ensuring the availability of high-quality data supports AI initiatives. On the other hand, data silos make it difficult for decision makers to access data for informed decision making.
Implement a Risk-based Approach
Similarly, adopting a risk-based approach to information governance assists in prioritizing programs and allocating resources effectively. Identify the most significant risks to your organization’s data assets. These risks might include regulatory compliance issues, cyber security threats, or data quality concerns.
Then, use this risk assessment to assign priorities to proposed information governance initiatives. Addressing the most critical areas first will help you achieve a higher ROI.
Leverage Technology and Automation
Manual information governance can be labor-intensive, time-consuming, and prone to errors. In fact, as data volumes expand exponentially, a manual approach will likely prove impossible. Fortunately, tools utilizing AI and machine learning automate many routine information governance tasks, reducing the time and resources necessary while improving accuracy.
For example, AI-powered tools use pattern matching and machine learning to automate the task of locating and classifying data where it lives. Likewise, automated security and compliance monitoring can detect and remedy anomalies before they cause costly negative repercussions.
Build a Data-driven Culture
Technology provides essential support for information governance efforts. However, you will see the most impressive gains when users at all levels understand the power of data and embrace their role in ensuring data quality and security. Even the best program will only succeed when employees across the organization get on board.
Consequently, an effective information governance strategy must include training and resources to help data users understand and implement data management best practices. Data literate employees know how to appropriately use data. They can also quickly identify issues with data quality or data security. And they understand their role in maintaining data compliance.
Track Progress to Demonstrate ROI in Information Governance
Regularly measuring information governance ROI allows data leaders to quantify progress against business goals. Armed with that information, they can then craft a compelling business case for continued investment and executive support.
Establish key performance indicators (KPIs) up front. These can include areas such as cost savings, improved productivity, and even additional revenue opportunities. For example, information governance can reduce costs by eliminating compliance penalties or improve productivity by empowering AI-driven initiatives.
Keep in mind that KPIs should relate to established business goals and initiatives. Also, establish an initial baseline before implementing an information governance program so that you have a foundation for measuring improvement.
Continuously Adapt and Improve
Remember that information governance takes time and requires flexibility. Changes in technology and in business process and structure will require adjustments to information governance. Thus, you will need to regularly review your information governance program to highlight areas for improvement and ensure alignment with business objectives.
The information governance consultants at Messaging Architects bring decades of experience and cutting-edge technology. We will help you design and implement a flexible governance strategy that supports business goals and drives ROI.
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