by Angela Guess
A new article reports that poor data governance can lead to financial losses in the millions at larger corporations due to wasted time and lower quality information. The article begins, “Organizations are wasting millions of dollars as a result of inefficient record management systems, it has been revealed. An investigation by the Ponemon Institute, on behalf of networking and data management firm Novell, studied the compliance costs of managing records and data at almost 100 firms. It found that businesses are paying out an estimated average of $2.1 million a year due to poor records management and ineffective systems for unstructured data.”
The article continues, “Smaller firms are even more susceptible to high costs, with organizations with fewer than 5,000 members of staff paying out up to six times more per employee than larger firms. ‘Evidence suggests that companies deploying enabling technologies that reduce the complexity of file management can decrease the overall compliance costs associated with the storage of unstructured information,’ said Larry Ponemon, chairman of the Ponemon Institute. A report by analyst firm IDC found that data and records management is likely to become more complex as consumers demand more for less.”
photo credit: Andres Rueda
