A new joint survey by the Compliance, Governance and Oversight Council (CGOC) and the Electronic Discovery Reference Model has found that only 22 percent of Global 1000 corporations are able to effectively retain and utilize their corporate data.
Survey respondents – IT and records maintenance leaders within the Global 1000 – said the major reason for this failure was a lack of cross-departmental cohesion when it came to sharing and coordinating data assets.
We know collaboration is the answer
The report revealed that 85 percent of respondents agreed that consistent collaboration and knowledge sharing is critical to successful data governance.
“As data volume continues to rise, so does cost and risk – it’s imperative that CIOs and [general counsels] recognize that they share responsibility and invest together in modernizing their information governance practices to enable rigorous compliance and defensible disposal,” said Deidre Paknad, founder of CGOC and president/CEO of PSS Systems.
Yellowfin supports information collaboration
Yellowfin has taken a fresh approach to information delivery by focusing on how people interact. Yellowfin is a Business Intelligence (BI) tool that supports information sharing and strengthens the capacity of organizations to utilize and manage their data assets.
The great failing of traditional reporting products is that they deliver technology rather than business oriented solutions. They ignore the business-oriented end-user and create barriers between non-technical personnel and corporate data. This results in poor information sharing, and consequently, poor data governance.
Fortunately, collaborative technologies are changing the way business people interact with data, and with each other, in relation to that data.
Yellowfin supports successful information sharing through two key elements:
- Presence: The ability to allow communities of people from all business backgrounds to easily interact with data and perform data analysis
- Persistence: The ability to facilitate an ongoing, documented interaction of that data analysis to support steadfast organization wide decision-making
These key elements are realized through the following function features:
- Approval workflow
- Commentary and discussion
- Internal distribution
Yellowfin, with its highly intuitive end-user focused reporting and analytics solution, is making collaborative Business Intelligence easy. And with the release of Yellowfin 5.1 in November, Yellowfin is set to make collaboration even easier.