“Rare opportunity for a meeting of minds between legal, records and IT; sharing experiences and collaborating to drive more integrated strategies.”
— Jeff Aschbrenner, Principal IS Business System Analyst Information Management & Analytics, Amgen
Improving Information Economics
Most organizations say information is the “lifeblood” of their business, but very few can measure its true value, cost or risk.
Today, strategic-thinking leaders are transforming their governance programs to focus on and improve information economics. These programs are crucial for senior executives who must both substantially lower costs and protect the reputation of their organizations. While employing and maximizing traditional governance principles, a strong information economics practice defines and extracts information value, knows and controls its cost, quantifies and mitigates its risk, and, most importantly, aligns cost and risk to value.
The value of information declines over time while its cost is constant and related risk rises over time. The widening gap between the value of the information and its cost and risk creates a negative economic impact on any organization—the cost of information and the risk it poses exceed its value.
Information Value Declines Over Time, Cost and Risk Don’t
Over-retaining or over-holding data after the business, legal and regulatory need for it has elapsed is like over-paying taxes. However, many retention and hold processes continue to keep data many years beyond this need because they lack the means to defensibly dispose. The extra “tax” is excess eDiscovery cost and risk, excess storage and infrastructure costs, and lower value and service for the business. Most organizations can no longer afford this excess and the exposure it creates; information lifecycle governance leaders are uniquely able to lower compliance taxes, eliminate unnecessary cost and risk, and align information cost to value.
The 2013 CGOC Summit brings together governance leaders transforming their programs and focuses on the three information economics levers: information value, cost and risk. An ideal strategy session for teams, the Summit brings the world’s best governance thought leaders together to share experience and insights on improving information economics.
The program will provide strategic guidance and small-group working sessions to help executives build and implement programs that: