Information management improves business decision-making

As a result, one in four organisations are not getting any value in data, according to Elizabeth Bramwell, commercial director of Iron Mountain UK. She said that

while it is relatively easy to collect data, few organisations understand what data they have and how long they need to keep it for.

“Every transaction with a customer and every interaction with a stakeholder delivers market intelligence, customer insight, an opportunity for innovation and the potential for profit. But when it comes to information management, many of the world’s leading organisations don’t know what they don’t know. The falling cost of technology means it has never been easier to harness information,” said Bramwell.

Data governance needs to be understood and made relevant to everyone in the organisation
Richard Petley, PwC

But enterprise storage is not cheap. For instance, the cost of HP’s StorageWorks P4500 G2 3.6TB SAS Storage System is in the order of £1.38 per gigabyte. Storing everything can prove costly, so organisations need to understand what they store, how long they should store it for and, ultimately, the value of the information held.

Richard Petley, director of data assurance at PwC, said: “Organisations that have to respond to industry regulations have built good practices on risk, but they have not invested in driving value out of information.

“Far too many organisations invest excessive time in the ’theory’ of governance, creating policy material that will sit on the shelf and only be relevant and referred to by the data cognoscenti. Data governance needs to be understood and made relevant to everyone in the organisation. It needs to be something that is easy to work with.”

Petley argued that while compliance can sometimes be seen as a tick-box exercise, good data governance can, in fact, drive data utilisation.