With the arrival of new data privacy rulings, information governance is firmly back on CIO agendas. However, privacy concerns and the drive to monetize data and information have changed the goalposts for governance strategies. More than ever, information needs to be governed in compliance with latest regulations and good practice for security. Enterprises that are unable to actively support GDPR in Europe, or store information in a vulnerable manner run a real risk of financial penalty in the event of security breaches.
What should modern information governance solutions deliver?
There used to be more time. Instead of first chewing over information received and then putting it under governance (which is how things used to be done), information now needs to go straight to a secure (preferably centrally accessible) repository, where it can be accessed, processed and governed throughout its lifecycle. Data, once captured and processed, now needs be immediately available for sharing back with customers, or for analysis and creating actionable results.
Traditional solutions, with their focus on long-term, cheapest possible storage of ‘sleeping’ data, no longer measure up in a world of real-time information provisioning. Enterprises need to rely on more expensive storage for a longer period in time, increasing the cost of information management. Information governance solutions have in any case usually been viewed as a cost factor, and accounted for as CAPEX.
That’s now changing. The right information governance is part of good operational practice, and should be treated as such. With the arrival of cloud-based SAAS models, there is now for the first time a real opportunity to adopt OPEX-based services for information governance.
The best approach is an integrated digital solution – one with built-in support for support for fully automated data retention and compliance (including GDPR). Ideally, you’d be able to upload large legacy data sets – up to hundreds of millions of records – within weeks rather than years, and keep information retrieval fast.
Cognizant has teamed up with global partner Hitachi Vantara to create services that resolve our customers’ challenges in the changing information governance landscape. It’s offered as a SAAS with a consumption-based pricing model, turning CAPEX into OPEX and making costs predictable.
For information on how to start your journey towards information governance in the digital era, contact Daniel.Vuilleumier@cognizant.com.