As businesses turn digital, they're faced with growing amounts of data. That data can provide extremely valuable information and can be used to either increase profit margins, cut costs or create future strategies and plans.
However, as the amount of that data grows, so do the needs to govern that data and make use of all that mess. Veritas Technologies surveyed 481 company so analyse their data governance practices and found out that just 40 per cent are considered 'high performers' (based on the overall effectiveness of each organisation’s Information Governance program).
These 'high performers' can be identified through a couple of parameters: they understand the types of data they store, as well as the relative importance of such data. Almost three quarters (72 per cent) assess files stored, in order to prevent non-mission critical files to be stored. Only 29 per cent of ‘low performers’ do the same.
Two thirds (66 per cent) of ‘high performers’ measure what percentage of their data is ROT (Redundant, Obsolete, Trivial), while only 23 per cent of ‘low performers’ do the same.
Finally, 62 per cent of ‘high performers’ set risk scores to their stored data, something only 29 per cent of ‘low performers’ do.
“As organisations have embraced a ‘store-everything’ mentality, and low-value data has cluttered up terabytes – if not petabytes – of storage, they have found it increasingly difficult to find information when they need it and to effectively protect their sensitive information,” remarked Ben Gibson, Veritas Chief Marketing Officer. “For these reasons, and in the face of a rapidly changing and incredibly complex regulatory environment, managing risk is the number-one reason why organisations are investing in information governance programs.”
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