Question

How important is it to have “an accurate and current information inventory”?

Is it possible and worth the effort of having one version of the truth? Please explain why or why not. Please share any professional experiences you have come across.

If you believe that one version of the truth is that answer, how would you go about making a business case to create and maintain such an environment?

Is an information inventory a prerequisite in identifying opportunities for monetizing data via direct and indirect means? Please cite examples to support your case(s).

Lastly, how would you convey the need to support a "data governance program" to the Board of Directors.

Answer 1

1. It is very important to have "an accurate and current information inventory". The first advantage is being up-to-date with the latest improvements or issues. Secodly, facilitating information and knowledge sharing among employees. Thirdly, helps reduce errors, misunderstandings and repetitive work,
2. No. One must possess all the facets of the truth - may it be good or bad. This helps in making good and firm decisions.
3. Different versions, have different implications. This ultimately affects decision making. i.e. our decisions vary with the version of truth we believe more over others. This ultimately affects the way we conduct our businesses. The ideologies, priorities vary.
4. Yes. Information inventory facilitates forecasting and analysing. For example, if a company posses a sales trend history. It helps the manager to decide the marketing strategy along with the current customer requirements.
5. I would first explain the importance of the data to the company. It's impact on the various business strategies and how it has helped gain competitive advantage over rival firms. Then, explain the issues that may arise if the company-treasure (information) is leaked and reaches the rivals. How the company would be disadvantaged or harmed. This would help convince the Board of Directors to support a "data governance program" .