Over the last few years, the potential of file analytics to transform the observance of law has become very apparent to anyone within the legal sector and indeed outside it. However, up until only recently, it was extremely unclear as to whether or not organisations were utilising these new technologies. In response to this, the Coalition of Technology Resources for Lawyers otherwise known as CTRL, commissioned research into the use of data analytics within the in-house legal departments in six cases.
The move to digitisation has led more and more companies to storing and using large volumes of confidential data in a digital format. Whilst critical business data needs to remain accessible, it is vital for any business to be fully aware of the information that they possess at any one time and be able to process and use it effectively without causing any risk of data breaches.
Across the UK, business managers are required to rethink their data management strategies and ensure that all data is dealt with in a secure and compliant manner. Security breaches are reported on a regular basis worldwide, so it’s vital to ensure that any loopholes and vulnerabilities are catered for. However, it’s also important that data is easily accessible and simple to use for employees to be able to work efficiently.
There is a huge growth in the volume of data being used within businesses, and failure to handle it properly can lead to serious implications for organisations. This can involve legal issues as well as financial results and other harmful long term consequences, such as damage to reputation. With a growing amount of data being processed, what is the best way to manage it, and what are the benefits of managing your data well?
There is a lot of talk, and indeed action, regarding Information Governance (IG) and the bringing together of litigation, risk, security, compliance, storage optimisation and records management. There are a lot of definitions too but, to keep things simple, I consider IG alongside Data Governance and define it thus: