By now, you have heard the phrase “data as a strategic asset” or “enterprise data assets”. On the surface, this sounds really good. But, seriously, how many of you know what it *means*? Most corporations are just scratching the surface of which practices to put in place to actually support data as an enterprise asset. Enter information governance.
Before we get to a definition, let’s talk about why you should care. If your company has any of the following characteristics, then governing your information is key to mitigating costs (operational and fines) and optimizing value:
- Legal compliance
- Regulatory and standards compliance
- Information-heavy projects like business process engineering, predictive analytics, and strategic initiatives.
By following the best-practice information governance approaches, you can deliver information-heavy projects both on-time and without excessive rework. AND you can use these new-found skills for your next information project, which reduces cost.
Information governance is a management process that provides oversight to ensure successful execution of your information initiatives. Information governance involves the management of people, information assets, and processes to policies, standards, and objectives, including the ongoing oversight necessary to manage data risks.
It can be applied to one project, can be started with one data domain, and should be extended to the enterprise.
Information governance includes core concepts that span Data Quality, Data Migration, Master Data Management, Content Management, and Information Lifecycle management.