Information governance expert Jeffrey Ritter thinks that when used effectively and efficiently, information governance makes a positive contribution to businesses. In a recent SearchCompliance webcast, Ritter discussed how businesses can leverage information governance to create new income. Businesses can use information governance and big data mining techniques to acquire what he calls business "gold": valuable corporate information intelligence.
"The maximum value of big data is realized when the output of computing is efficient at creating new wealth," Ritter said.
Ritter compares data mining to mining for gold: From sifting through boxes of information like miners panned for gold in rivers to find important data among a bulk of information. When they do finally strike gold, they see the bottom line benefits of making the business case for big data governance.
In part one of this four part webcast, Ritter explains the framework businesses can use to turn already-available information into income for the business. Ritter illustrates how to utilize information assets, big data governance and big data mining to create new revenue and lower business expenses.
The key is to utilize hidden business intelligence that is located by big data mining, Ritter said. Big data governance can help efficiently filter data to find what is actually worth taking a look at.
Ultimately, information governance should be "the rules-based management of digital information that connects to the advancing, the wealth creation, and wealth preservation goals of an organization," according to Ritter.
But for big data analytics to be successful, those information governance rules must be followed closely by the entire company, Ritter said.
"The engines are performing crunching on the numbers, but they can only crunch numbers that filter in correctly -- the data has to qualify, it has to meet the rules that are useful for the engine to compare to find the patterns, and if the data does not qualify, it is embargoed -- it is quarantined or it is rejected," he said.
Watch part two of this webcast to learn more about how big data mining and information governance can boost the company bottom line. Then visit SearchCompliance to view part three, where Ritter continues his discussion about the business benefits of big data mining.