Data is one of the most valuable assets of an organization, so it is important to protect and uphold its integrity. This is only possible through effective information management governance. Information data can be both- a tangible and intangible asset at the same time. As a real asset, information has real value. Data lifecycle management and Data Governance both allow to effectively managing Enterprise Data. They draw out a structured approach to creating, classifying, retaining, protecting and managing data.
High quality and accurate information is required to effectively operate any organization. So, Information Management which also includes effective usage of available data is very crucial to Operational Excellence. Pitfalls of Data Disintegrity are quite obvious. If data cannot be relied on for accuracy, it cannot be fully utilized. Depending on the type of information such data is expected to provide, it may make it completely unusable.
Presently, every organization is experiencing immense data growth. We are seeing an increasing number of data types as well as an increase in data volume. Unless stringent controls are put in place, it will be very overwhelming as we all continue down this path of information overload.
In addition, utilizing reliable data allows for a company to have true competitive edge. Many companies have completely transformed their working as well as their image by data mining their past and what their clients, customers, suppliers and others have said about them.
Bottom-line: A very good Information Management Governance Strategy is key to maintaining Enterprise Data and as such Information Governance should be part of every company’s Operational Excellence strategy-roadmap.