Information Governance: Key Takeaways from Information Governance Initiative’s 2014 Annual Report

iStock_000020856359Small.jpgThe Information Governance Initiative (IGI) released its 2014 Annual Report last week, which was billed as the industry’s first ever comprehensive analysis of the Information Governance (IG) industry. While not all information contained therein is aligned with the way HP views Information Governance, this body of work still represents a significant step forward in removing some ambiguity and providing the market with some clear direction and best practices.

 

Here are a few of my key takeaways:

 

A (largely agreed upon) definition of IG. IGI states that “Information governance is the activities and technologies that organizations employ to maximize the value of their information while minimizing risks and costs.” IGI states that 93% of its community agrees with this definition. The intentional addition of value in the definition clearly indicates that the organization has a view of IG that goes beyond the records management-centric definitions that had previously dominated the landscape.

 

The IG market is growing fast. Enterprise information is continuing to grow at an incredible rate, and organizations are no longer watching from the sideline. In 2015, 75% of organizations expect to spend more on IG, with a majority projecting 10-20% growth. More than a quarter of organizations anticipate 30% growth or more. Furthermore, 75% of IG practitioners expect an increase in IG spend, while 83% of IG providers anticipate an increase in IG revenue. All of these data points suggest that IG will remain a hot topic (and growing market) in 2015 and beyond.

 

A new role is required: the CIGO. IG is complex and shouldn’t be someone’s part-time job. In fact only 28% of organizations currently delegate overall accountability for IG to a specific individual. This lack of IG leadership is setting projects up for failure, as no one has the authority to make critical decision and manage resources appropriately. IGI recommends a Chief Information Governance Officer role, balancing stakeholder interests from each facet of IG and developing an operational model for the organization. By appointing one person to be accountable for IG, the organization is ensuring a much more structured and efficient approach to gathering high-quality information to drive decision making and ultimately, increase customer satisfaction.

 

Finally, IG is being funded by the enterprise. Nearly half of the practitioners in the survey said they buy new technology in the first year of an IG program. On average, small-to-mid-sized businesses (SMBs, i.e., under 5,000 employees) have four IG projects underway, and large organizations (over 5,000 employees) have six. And they are spending money on these projects, with practitioners at SMBs reporting they spend an average of $330,000 per project (on products, services, and staff), and practitioners at large organizations spending more than $2,000,000 per project. IG has traditionally been hamstrung by internal funding debates. It appears that logjam is starting to be broken as organizations weigh the pros and cons of waiting just a little longer.

 

Updating policies and procedures is a good place to start. The number one IG project organizations are working on today, or plan to do in the next year is update policies and procedures. When organizations were asked what project they would implement if they had the funding and the authority, this was the second highest response. While there is no universally perfect project to kick off your IG strategy, (or to take the next step in improving the current one) updating the organization’s policies and procedures is a good starting point as it achievable no matter where you are on your IG journey and can quickly demonstrate the value of IG. Sometimes you don’t have to decide on all policies for all data across the enterprise.  Sometimes it makes sense to start small with one department, repository or data type.  This removes some of the traditional barriers to IG that cause some to stop before they start – allowing organizations to work with a smaller group of stakeholders to determine policies and then leverage the good work accomplished to build a business case for future IG projects.  HP’s ControlPoint and our Legacy Data Cleanup solution is an example of how many are taking a methodical approach to setting policies in a step-by-step manner.

 

Summary. The future of IG looks bright. The IG market is growing and organizations are beginning to take action and adopt IG as an integral part of the business. These insights and recommendations can serve as a launching pad for you to lead your organization in the right direction in harnessing the power of your information.

 

Click here to download the IGI Annual Report 2014 and related infographics.

 

#HPIGB

 

Read more from our InfoGov experts:

Information Governance: The Essentials of Cloud-based Archiving - Streamlined Data Access by Luis Romero

Information Governance: The Latest ‘Do-it-Yourself’ (DIY) Trend: Per-Matter, OnDemand Environments by John Pepe

Information Governance: Not All Search Intent is Created Equal in e-Discovery by Dominic Brown

 

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About the Author
David Brown is a Product Marketing Manager at HP Autonomy, where he leads product marketing for several of HP’s Information Governance solut...
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