Artificial intelligence carries out data analysis in a short time frame at limited cost and effort.
FREMONT, CA: In this information surrounded world, organizations deal with enormous data and information sets. As the data volume continues to grow, companies will have minimal transparency in their data environment. The lack of visibility and difficulty to manage the data has lead companies to look for high-cost solutions in dealing with information governance (IG) challenges. Specifically, when there arises a need to identify documents from multiple data sources containing personally identifiable information (PII), organizations suffer a lot in searching for the places with this information. It becomes more complicated where the search has to be extended to large volumes of data within the shortest time frame.
At the same time, regulatory landscape governing the information is growing complex with the accumulating data such that new regulations emerge to manage them. In an attempt to maintain their data, companies are spending a lot of money on such regulations. To best manage their data, organizations should make substantial investments in information governance to ensure security, sound data management, compliance, and best business practices. Now, advanced technologies and modern systems are helping IG to balance the use and protection of information. AI, machine learning, and IoT some of the technologies that are crucial to ensuring compliance, maintaining reliability, reducing time and cost, and eliminating the errors that occur during the manual process. However, AI gains greater importance for its capability to analyze data on a mass scale, and create streamlined workflows.
Incorporating Efficient Information Governance
As records, documents, data storage, retention, and management is entering the digital phase, the challenges in their control can be quickly addressed by the technologies as mentioned earlier. Incorporating IG is not an easy task, and it involves several steps, including:
• Not all data serves the business purpose, and therefore differentiate data as relevant and irrelevant and retain only the appropriate data.
• Link the data that is valuable and gives visibility into the diverse functions of the business units and departments.
• Take precautions to store the vital and confidential information securely while keeping legal, security, and regulatory concerns at the forefront in order to protect from malicious insiders.
• Form a talented team of skilled professionals who can extract insights from data, thereby deriving benefits from them.
•Keep updating with business, legal, and technological advancements as the information related to these fields evolve constantly.
Impacts of AI in IG
Scientists spend a lot of time in collecting and organizing data. This is where IG professionals come into play, where humans play a significant role in today’s modern information governance ecosystem. AI is also an essential part of that ecosystem, and humans design the algorithms powering AI. IG professionals are using this new technology, integrating AI into their organizations’ infrastructure and IG programs. Data map is the heart of any IG program containing information on the nature of the data and its location within the infrastructure system. Here, the main challenge is maintaining the data map.
The key benefits of AI in IG are its more significant potential to analyze data on a large scale, maintain the data map, and automate tasks performed manually. These systems post reports of new data sets to humans monitoring the data map to update it regularly. The advent of AI has influenced IG to grow exponentially in terms of efficiency while creating streamlined workflows that allow an organization to act on compliance. When data scientists spend the bulk of their time in organizing and cleaning the data, AI helps them in properly categorizing data sets, eliminating duplicates, and disposing of old data.
Data analysis becomes a simple task for companies with machine learning and analytics technologies by performing it on a small scale as in e-discovery solution. Also, AI and other modern technologies will help organizations employ the same principle enabling organizations to make more proactive and accurate decisions based on quantifiable information. In the upcoming years, AI will change the way humans interact with information through automation of data identification, archiving, retrieval, classification, and deletion.
The major benefit of information governance lies in enhancing transparency amongst organizations. There is no doubt that an organization has to formulate an information governance strategy and bring about its execution persistently.