So you’re the champion of information governance in your organization. How do you get buy-in from C-level executives? How do you raise the importance of data preservation without a current crisis that demands resolution?
Fear of compliance and litigation should not be a major consideration to kick-start your IG journey. Below is a list of CEO-worthy benefits that will help keep executives and the organization focused on business opportunity, rather than simply risk avoidance.
#1 Increased productivity
Research shows that the average employee spends 208 hours per year (26 working days or 5.2 weeks) looking for information. Employees lose work hours searching for documents, as well as recreating documents they are unable to find. Recouping those hours allows them to focus on their work, including such tasks as seeking new revenue opportunities.
The potential cost savings from implementing an information governance solution for a company with 1,000 employees is $9.75 million. That’s a number to which most C-level executives will pay attention.
#2 Reduction in storage costs
This may not be at the top of the agenda for a CEO, but it’s a place where organizations can see immediate tangible results and ROI. Data volumes are growing exponentially and saving everything is complicated and costly. Information governance allows organizations to defensibly delete information, thereby substantially reducing storage needs and costs, and also decreasing the amount of data that needs to be managed.
An Australian mining company reduced its mailbox storage by up to 75% for end users by implementing a solution to better manage its digital information assets.
#3 Improved visibility
The sheer volume of data organizations hold and the variety of content can make searching for data a daunting task.
“Assuming a work force of 1000 employees…the total annual cost of searching is $7.5 million… a 50% increase in search productivity gives us an estimated $3.75 million savings from recovered employee productivity.”
Giving the most relevant assets to employees, business intelligence tools, and departments can make the difference between making an ill-informed decision and a strategic business decision. A proper information governance initiative will not only improve the visibility of relevant and valuable information within an organization, but also drastically reduce lost time and money on these processes.
#4 Improved top-line growth
With information governance in place, organizations can quickly identify pertinent information about, and for, a customer. This information can be used for customer service or to find new cross selling opportunities. Sales and marketing can share information within the proper context, allowing them to draw meaning, shorten the sales cycle, and close more business with less effort. This can have an immediate impact on top-line growth for an organization.
In conclusion
C-level executives often respond best to tangible cost savings and productivity metrics when making decisions about organization-wide solutions. Information governance, with its many benefits and cost savings, certainly has more than its fair share of supporting data. When touting the benefits of digital asset management, be sure to know the pain points of your audience so you can speak their language and gain their support.
The post Getting Executives On Board: 4 CEO-Worthy Benefits of Information Governance appeared first on OpenText Blogs.