As advancements in business technology have imploded, so has the creation of new business information. Many businesses are now realizing the inherent value of harnessing this data and leveraging it as a reliable source for making decisions that ensure smart, quick entry into new markets, compliance with ever-changing regulations, and, ultimately, brand loyalty and satisfaction.
According to a recent survey conducted by Forbes, most companies reported losing more than $5 million annually, and one-fifth of companies estimate losses in excess of $20 million per year. Why? Because of mismanaging information and not seizing opportunity for business growth and efficiency quick enough.
Download the Forbes Insight survey “Managing Information in the Enterprise: Perspectives for Business Leaders” to learn more.
To avoid this pitfall, organizations are now increasing their focus on information governance as a discipline and reaping rewards including:
- Improved data quality: Simply put, good information yield efficient operations and less risk – but more importantly, happier customer, employees, and stakeholders.
- Consistent regulatory and financial compliance: Elimination of operational errors removes the risk of negative impacts to brand reputation; regulatory sanctions; and misuse of company attention, time, energy, and dollars.
- Better customer relations: Boost sales and marketing efforts with reliable opportunity analysis, accurate warehousing, cost-efficient marketing and sales initiatives, and call center interactions that deliver results.
- Fewer gaps in business processes: Reduce the occurrence of unsatisfactory customer service – while boosting productivity, shrinking operational costs, and adapting to changing market conditions.
While there is no single pathway for establishing information governance, there certain steps that can be taken to drive successful initiatives:
- Know why governance matters: Understand the value information governance offers the company in terms of present and future business success.
- Involve the right people: Successful information governance initiatives have positive effects throughout the company – involve the right stakeholders from various departments and roles early on to get the conversation going and ensure buy-in.
- Define information policies and procedures: Governing policies and procedures can help ensure data security; outlined responsibilities and ownership; knowledge of legal obligations; defined information quality and lifecycle; and ease of interactions with the governance team.
- Identify processes and systems for updating and creating information: Management of information creation, updating, and deletion processes – as well as the transfer of data from one system or application to another – should be done in a manner that is aligned with departmental and corporate strategies.
- Monitor compliance and plan for remediation: To drive compliance and business change successfully, plans for end-user training; process automation, creation, and modification; and new solution implementation should be established.
Want to replicate the rewards that these companies are realizing? Download SAP’s thought leadership paper “Managing Information in the Enterprise: Perspectives for Business Leaders” to learn how our software solutions for information governance can help you manage your information like never before.