Information management in a company is referred to as IG or information governance. The security and use of information are balanced by information governance. Moreover, it helps with the reduction of expenses linked with legal discovery, operational transparency, and legal compliance. Procedures and policies of information governance can also help organizations in formulating a logical and constant framework for its employees for handling data. These policies provide effective guidance about appropriate behavior related to companies and their ESI (electronically stored information) by employees. In addition, information governance is way beyond the conventional system of managing records. It covers finance, big data, enterprise architecture, IT management, knowledge management, risk management, data governance, data science, business intelligence, master data management, analytics, audit, business management and operations, data archiving and storage, privacy, electronic discovery, and information compliance, protection, and security.
Information governance is referred to as a holistic method of management of corporate information through the implementation of metrics, controls, roles, and processes through which the information is perceived as a competitive business advantage. The significance of information governance can be best perceived by the advantages it offers and in information management. Information management is considered as the collection of individual tasks and activities conducted by a company for maintaining, securing, acquiring, retrieving, and organizing information for business purposes. For guidance on information management, the strategy chosen can be information governance for an organization. As information governance covers the information that required to be managed and reasons behind its management. Whereas, information management is referred to as the methods used for the management of information.
Information governance fits well into the procedure of information management. As it suffers from the perspective that it is quite complex to achieve it. A company is required by it for re-considering how the data management as information is approached by it. As every department and every function that requires working with the data is influenced by it (Lomas, 2010). Constant struggles have been made by organizations related to the concept of ‘importance’ of information and how it is related to their processes and policies of management. One of the biggest advantages of information governance is that it provides a framework to the organization through which an entire strategy of information management can be delivered it. The capability of following a constant method by leveraging common strategies and procedures throughout the different IT projects is provided by information governance. It will bring significance with respect to savings of costs in terms of effective corporate information, in terms of reduction of risks, and in terms of better organizational results.