Information is the lifeblood of any modern-day business. Companies succeed and falter based on the reliability, availability and security of their data.
A corporation's capacity to handle information depends upon a variety of factors, including engaged executives and a company culture that supports collective ownership of information.
However, strategically created enterprise-wide frameworks that define how information is controlled, accessed and used are arguably the most critical elements in a successful information management programme.
The mechanisms that enforce those frameworks, are referred to as information governance.
A survey undertaken by the Economist Intelligence Unit say that only 38% of companies have a formal enterprise-wide information governance strategy.
Fewer than half of all respondents feel that information governance is important to their company’s success today, suggesting complacency or ignorance about the need for governance structures to manage corporate information.
There are several reasons why proper information governance remains elusive, but the biggest challenge worldwide is identifying the cost/risk/return tradeoffs of managing information company-wide (40%). Enforcing policies company-wide (39%) and gaining support from department heads and line-of-business managers (35%) are also obstacles.
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