Is Poor Information Governance Impacting Your Business?
The flow of information, or lack thereof, can have a dramatic effect on your business in many ways.
Poor Information Governance robs many companies of their ability to be more effective, productive, secure, compliant, and ultimately profitable.
The question is, are you one of these companies falling victim to poor information governance?
Information within a business, or any organisation for that matter, can be thought of as its lifeblood. Information has a flow that is regulated and controlled by information governance. Poor information governance then is not conducive to a proper flow of information and thus your business or organisation will suffer.
Let us look at information governance in a more practical example…
The Impact of Poor Information Governance
Within Healthcare organisations there is a flow of patient information. This information gets created for each patient and is then relooked at and added to each time that patient come in for a consultation.
Every patient’s medical information is important as it contains a history of illnesses and treatments that can be valuable, if not indispensable for the patient’s continued recovery and good health.
Where proper information governance is practised and maintained the patient’s files remain easily and quickly accessible and are kept up to date. This facilitates effective care of the patient.
In an organisation that has poor information governance, patient files are likely to go missing or be incomplete or inaccessible. When this happens, the medical professionals tasked with caring for the patient may end up with inaccurate patient histories and miss vital information.
The risks associated with poor information governance include in this situation misdiagnosis, breaches in patient privacy, regulatory breaches and of course the risk of subsequent litigation.
Besides the risks, poor information governance is likely to lead to inefficiencies throughout the organisation. Delays in seeing patients may start to create appointment backlogs, lead to additional filing issues, delays for the finance department in sending out invoices etc.
It can be seen then that information that does not flow well has a tendency to create problems and sow confusion within an organisation. This then leads to poor production and administration throughout the organisation.
When Information Governance is done right
There are numerous benefits that can be attained when poor information governance is replaced with effective governance of information.
Some of the benefits include:
- Greater accountability within the organisation
- Accountability then leads to greater trust
- More efficient production means more work can be done
- Faster finance department actions lead to invoices and collections being faster thus adding up to better profitability
- Enhanced compliance with industry and legislated regulations
- Reduced risk of information breaches
No doubt there are a few more benefits you could think of.
Poor information governance should not be tolerated within any organisation. The responsibility of information governance does not rest solely with an Information Governance (IG) Department but with the organisation’s executives as well as all its personnel. Only when an organisation as a whole is on the same page and works together as a team can IG make its biggest impact.
Lastly, effective information governance is also very much a product of choosing the right solutions from filing to data management, security, backups, access control and eventual destruction. Choosing the right technical partner can speed up and make the process of implementation that much easier and smoother.
Information Governance is a long-term investment in your organisation’s continued good health and prosperity.