Thinking about information governance? Think about “information resource management,” too. This term, long used in the public sector to describe the IT function, gets to the heart of an often overlooked insight: Information is a resource to be managed for maximum value, be it for the business, or public, good. That’s where information governance comes in, and makes the old concept of information resource management real. Only half of respondents to our May survey on information management have an information governance process, but companies that do have such processes in place fare much better at using information for business advantage, improving business processes, and boosting productivity and profitability.
CIOs don’t have all the answers yet on the mechanics of how information governance should work, but it’s clear that good information governance brings bottom-line benefits: Fifty-nine percent of companies with an information governance process say they are very effective at using financial information to improve profitability, compared with 42 percent of firms that lack governance processes. With a payback like that, companies can’t afford to overlook formal information governance.
Story Guide:
CIOs Struggle to Generate Full Value From Their Information Finding 1: Just two-thirds of executives say creating and using information is one of their company’s strengths. Finding 2: How do companies benefit most from information? By cutting costs and improve customer satisfaction. Finding 3: Few companies excel across the board at producing and using high-quality information. Finding 4: Only one in three companies has an effective information governance process. Finding 5: Information governance is important in practice, not just in theory. Next page: Only one in three companies has an effective information governance process.