Digital Data and the Need for an Information Governance Strategy
As many are likely aware, Organizational Data is growing exponentially at a rate of 40% or more year over year, and companies are playing catch up when it comes to gaining control over the growth and the implications it has on cost and risk for their business. Organizations have a great need to improve efficiency and a desire to implement process to mitigate risk that can be achieved by implementing a fully formed Information Governance strategy.
This ongoing need to manage and access data is creating cross departmental challenges:
How does your organization solve for your inability to identify company information assets?
How do you navigate your inability to decide on which records should be removed from the organization?
How can you gain control over data that is no longer needed and is costing the company money?
These are just some of the challenges Enterprise clients face – not to mention the lack of internal business alignment and fragmented cross departmental communication, ongoing lack of resources, pressure of timelines, difficulty finding and keeping expertise in-house, etc., etc.…
This lack of alignment is common in many (if not most) corporations, and is further supporting a culture where people end up hoarding information. This then leads to unnecessary costs (for storage, backup, management of the data, legal review, compliance), unnecessary risk (i.e. storing old data on old SharePoint drives), email hackers (Sony, Target, Ashley Madison…) and an immense amount of wasted time.
From a Legal perspective – this is terrifying.
Legal teams are increasingly faced with a situation where business units are responsible for mitigating risk. But these business units don’t know how to manage that risk because of the lack of cross-departmental communications and the exponential growth of their hoarded data. Far too often, we are seeing examples in the media where corporations have taken a leap of faith by failing to prepare for external and internal attacks on their data, and are wasting millions and millions of dollars storing, backing up and saving data of no legal, business or regulatory value.* How much could your company save in operational expenses by eliminating unnecessary data?
*The Gartner Group estimates that 70% of business data has NO business, legal or regulatory value.
So, where do you go from here?
Partnering with an organization whose approach is one where they can work closely with your team to develop an organizational-wide Information Governance strategy is critical. Your objective is to incorporate the right tools and process from the beginning so that you can better understand your unstructured data in order to improve data management, achieve compliance and increase security.
The applications that are available today offer advanced analytics capabilities to enable secure collaboration and informed data management, and will better position your organization to develop a strategic Records Management policy that will benefit all business units and cross-departmental teams. (Legal, IT, Compliance, IT Security, etc).
Commonwealth Legal can help.
Commonwealth Legal is the Canadian leader for cloud-based ediscovery and archiving solutions with a focus on providing secure, high-quality solutions that are cost effective for clients. With over 15 years of experience servicing both Canadian and international markets, Commonwealth Legal has built a strong reputation for unparalleled customer service, quality control levels, expertise and professionalism.
We are a leading Canadian partner to Veritas. Our team works directly with Veritas to facilitate the delivery of their Information Governance solutions such as NetBackup, Data Insight, Enterprise Vault and the Clearwell eDiscovery Platform. As a managed services provider of Veritas Technologies, all data is hosted within our leading Tier IV data centre in Canada.