Improving the Economics of Information
Establish an information lifestyle governance framework for effective big data analytics
Good information governance requires specificity and transparency of legal and regulatory obligations and business value of information. It relates to the people tasked with actually managing the information, and it establishes measurement, policy, and control mechanisms to enable people to carry out their roles and responsibilities.
The complexity of today’s environments
Information lifecycle governance can be challenging because of changes and overlaps in regulations, especially when an organization operates internationally and must comply with regulations in each of the countries in which it does business. Today’s global marketplace exists in a very competitive and complex arena for businesses to navigate, and lack of compliance is frequently more than a financial threat. Companies must often recover from the bad publicity that can result when they don’t comply with regulations.
Traditional methods and silo approaches to discovery, records management, and data management are inadequate for the high volume of data in the current business environment, particularly given its wide distribution across people and systems. New and more mature processes are required to achieve information governance, so that reliable compliance can be routinely and confidently applied to information.
The need for advanced, mature approaches is especially true when it comes to information and data privacy, where the US concept of privacy differs from that of the European Union (EU) and most of the rest of the world. The US concept of privacy is derived from the constitutional right of liberty and the freedom to live without governmental constraint. The EU concept of privacy is based on sensibilities of dignity and the right to associate freely within society.
Obligations for electronic data storage
In addition to regulatory compliance, e-discovery has become an increasingly important part of business operations. In the US, the revised Federal Rules of Civil Procedure from 2006 detailed that firms are required to know what electronic data is stored, where it is, and to demonstrate compliance with any organizationally created policies in the area. An obligation was also put in place that requires electronically stored information (ESI) for a case to be delivered within 120 days of the complaint being served—making time an important factor.
Across all business sectors, organizations are faced with a rising tide of disputes, investigations, and regulatory reviews. For many, particularly those in the most heavily regulated sectors, these reviews are now a routine occupational hazard. Handling the ESI relevant to such reviews in a consistent, defensible, and cost-effective manner has therefore become a key business challenge, and the complexity of that challenge is increasing. IBM ILG strategies help improve the economics of information by enhancing the alignment of its cost and value.
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