– Chris Grossman, Senior VP of Enterprise Applications, Rand Worldwide
The 2013 Rand Secure Data Data Governance Survey was conducted in order to provide insight into the current state of data governance within organizations in North America. We surveyed more than 450 companies of all sizes from a myriad of industries.
Four key insights and their business implications
- 82 percent of respondents, both publicly traded and private companies, know they face external regulatory requirements, yet 44 percent of respondents don’t have any data governance policy. This indicates companies know they need to do more, but aren’t sure how to do so.
- Within the next year, almost 50 percent of those surveyed said they would be taking some sort of action on data governance, either an implementation or discussions about doing so. This indicates a shift in corporate thinking from simply being an emerging issue to a mainstream requirement.
- Two integral components of data governance are data archiving and backup. Although 98 percent of organizations have implemented a data backup solution, a resounding 75 percent of these organizations are not satisfied with their current solution. Only 11 percent of respondents indicated they were extremely satisfied with their current archiving solution. These statistics indicate a clear need for new, innovative and user friendly data governance technologies.
- More than 50 percent of those surveyed plan to implement an eDiscovery solution or upgrade their existing solution in the coming year. Surprisingly however, one-third of respondents had never heard of ‘predictive coding’ ― the fastest growing eDiscovery technology. With the ability to dramatically streamline data extraction, the survey findings show that predictive coding is currently in the emerging phase, but its adoption is expected to significantly grow in the coming months.
In analyzing these results, it’s encouraging to see that organizations are budgeting and putting IT initiatives in place to help them manage, save and access their electronically stored data, essentially data governance is no longer a ‘nice to have’ but rather a ‘need to have.’ This is a drastic shift from just 12 months ago.
How does your data governance policy compare? Click the link below to view the complete survey results and analysis and stay tuned for more analysis from Rand Secure Data.
About the Author
As a Senior Vice President, Chris Grossman manages the Enterprise Applications division of Rand Worldwide, including the Rand Secure Data division. Contact Chris at email@example.com or visit www.randsa.com.