Every business owner and team member will generate information as part of their role within the business. That information is created with certain software and systems, and it has to “live” somewhere after it is created.
An average small business can easily produce thousands of gigabytes of data over the course of its lifetime, with estimates even higher depending on the size of the business. and the types of products and services delivered.
How will you manage the ever-increasing amount of data and information generated by your business?
Every business, no matter the size, needs an information governance plan. Information governance, or IG, simply refers to how a business will govern or manage its information. It sets policies and processes for the effective management and use of the business information for efficiency and to mitigate risks that could result from misuse.
The plan doesn’t have to be complicated to be effective, and it will evolve over time as how we use data changes.
First, inventory the types of information and data created in the business.
Then, determine how the different categories of information and data are used.
Next, seek to understand the risk profile of the information generated based on how it is used. For information that poses a greater risk to your business, certain controls may need to be put in place. For example, if you have a special recipe for a cake you sell in your bakery, or you have code you developed for a wildly popular software your business sells, you will want that information to be governed in a manner that ensures it is only shared internally with those that absolutely need to know, and that it is protected from being exposed to others outside the business. You would want to guard against it being shared intentionally or unintentionally with a third party that is not affiliated with your business.
Finally, evaluate the software and processes that will best enable you to govern your information. Your business may need to go beyond simply using a document management system. You may need additional security functionality. You may need monitoring tools depending on the size of your business and the sensitivity of the information you generate.
Here’s to more business birthdays!