Information Governance
Institution:
Date:
Introduction
In the process of creating a competitive advantage in their playfield, companies have gone a step ahead to use their data in the creation of superiority over the years. The management of these companies proposes that usage of data is essential in levelling the business’ competitive environment. Over the years, however, the Navy Yard idea got born again, and companies have taken advantage of the yard. These businesses range from the outstanding movie workshops to art creators who have scavenged the abundant, suitable, and advantageous field within the Navy Yard.
Phases of Navy Yard
Many businesses usually encounter quite similar hurdles in the growth and development process. These include the start, implementation, and the renting of their business space. Nevertheless, the Navy Yards provide a wide range of information that is not structured whose creation was a result of little knowledge on how to create, and the time for information disperse. The Navy Yards entail programs for data sets management that get created for different periods. However, according to Smallwood, the Navy Yard field information does not offer enough space to suit the significant data age automatically. The size and the data complexity characterize such eras. According to studies, most businesses employ their available assets to keep duplicated data, which is inefficient. The Navy yards’ rebirth has provided the three main stages or steps to improve the situation. They include clean, build and maintain, and monetize processes.
Clean
The initial stage of the process is cleaning involve the frequent identification of information that is not structured and has gotten kept for long. Besides, information duplicated overtime and whose access has got limited for years is emptied. That information has little or no value to the organization since it does not support the functions of the business. Also, the data which is illegal for storage get cleaned. The cleaning process mainly fosters economic booster through the restoration of memory space hence saving on storage cost.
Build and maintain
In prevention and avoidance of the previous organizational error, building and maintaining the information governance system is necessary. The programs form constitutional information, rules, and regulations. The company’s governance, adherence, and plans for frequent audits should provide the program with the ability and infrastructural technology necessary for the operation. That, in turn, will foster the success of the company. For compliance with set rules, assessment and management of the significant risks, the systems should have defence capabilities.
Monetize
The final stage of information governance, according to the Navy Yard phases, is to create value. Information governance further, lessens the business risks, and cut costs down. However, the value of the program is essential. Most times, the monetization process gets related to structured information, but the application of modern equipment and technology offers chances to create value for the unstructured data. The form of this equipment to sort big data bring perception to the business. However, the main issue outstands the use of big data. That eventually brings about the problem of analysis of the unstructured information available to the company by workers.
According to Rouse 2019, information governance has different approaches for the attainment of compliance. One of them is the holistic approach. The purpose of a holistic approach to the achievement of information governance is to enhance the availability of information infrastructure to the individuals who require it. The process is derived to improve the smooth run of the management, lessen memory costs, and enhance compliance with the informal rules and regulations. The approach, therefore, helps a business or a corporation to minimize the costs associated with relevant risks related to the unstructured data. Also, it enhances the agility and flexibility of reaction to the changes in the market.
Conclusion
Apart from the considerable reduction of costs, and compliance, information governance further offers the employees of an organization with information that is certain and trustable and ease its access to make informative decisions. Most companies usually divide their responsibilities based on information governance to their security and database workers. On rare occasions, the holistic approach for information governance gets applied unless a huge situation has transpired. That includes conditions like merging of corporates, auditing compliance and law cases. Further, many organizations are introducing some positions to head information governance projects. That is mainly because information governance is critical to the functions of the business.
References
Rouse, M. (2019) information governance. Retrieved 18th May 2020 from https://searchcompliance.techtarget.com/definition/information-governance
Smallwood, R. F (2011) Information Governance: Concepts, Strategies and Best Practices