The world of information is changing and so is the value of that information. In the 1980s, mainstream electronic information was a novelty. The 1990s welcomed the ability to communicate easier. The 2000s brought creation of information at a much faster pace. Big data and the value of information has been the most recent development.
The role of the information governance specialist or records manager is at a crossroads, specifically in customer-focused industries like retail, according to a survey from Iron Mountain. In fact, just one-third of retail businesses have a records manager. In traditional process-based businesses such as manufacturing, energy, and financial services, those numbers rise to 46, 48 and 50 percent respectively.
Many of us make personal New Year's resolutions, but how many of us also do that with our businesses? It's 2017 and any business that has to comply with state, federal or international data privacy laws and regulations (which is virtually every business) should make this resolution: keep only what you need! In other words, for any data affected by privacy laws and regulations (i.e., any data that contains personally identifiable information, protected health information or other sensitive information), your company should only keep the data required as necessary for business purposes and to comply with applicable privacy laws and regulations. It's a simple concept, but it can only be achieved through diligent information management.
We often talk about how information governance can improve compliance, mitigate legal risk and protect in the case of a data breach. What isn't discussed as much as it should be is how information governance can truly help an organization create new revenue.
The moment that we all dread can unfortunately happen at any time in today's work environment: You are sitting at your computer when suddenly, you are alerted that there has been a data breach or that your files are being held ransom.
There is a lot of misunderstanding around information governance and what it really entails. Below are a few common misconceptions about IG and an explanation of the true state of IG.
Dr. Stephen Hawking stated that one can theoretically pull data out of a black hole, but does that mean you should store your data in the most efficient storage device in the universe?
What does it take to become (and remain) a highly effective records manager? Records and information manager roles are adapting to adjust to the ever-changing business environment. This post lays out five habits that highly effective records managers focus on every day.
The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo, RBC Capital Markets, LPL Financial and others a total of $14.4 million for a records management problem. This risk and compliance issue may have allowed company and customer records to be altered.
Change is inevitable when an organization deploys new technology and based on my experience, the management of that change is often the reason for failure to adopt the new technology. By nature, most people don't like to change, and change is often threatening, especially to employees that have been in their roles for a long time.