Is There a Difference Between Data Governance and Information Governance?

Data governance and information governance are not interchangeable, but they do overlap and work together in perfect synergy when the proper strategies are in place, as noted in an article by Epiq Global.

Investing in both data and information governance allows these two disciplines to interconnect and benefit businesses in many areas, including improvement in data quality, compliance, risk management, and decision-making.

Data governance involves the processes and technologies used to organize, store, and protect data assets within an organization. It had been primarily focused on ensuring data accuracy, accessibility, and availability. However, organizations are now using data analytics and business intelligence tools to ensure quality data.

Information governance encompasses the policies, processes, and controls that an organization uses to manage its information assets effectively. This broadens data governance by addressing legal, regulatory, and compliance requirements while additionally aligning information with business objectives. As data governance has shifted over time, so has information governance due to new tools available to manage data, and the expanded use of AI for business processes.

By implementing robust data governance and information governance practices, Legal Operations can reap numerous benefits for their organizations. They can enhance data quality and mitigate legal and compliance risks. This ultimately leads to better decision-making and improved business outcomes.

In a report from Data Ideology, 78 percent of businesses that implemented robust data management strategies reported improved decision-making processes and enhanced data-driven insights. Industry analysts also forecast significant growth to continue with cloud-based information governance in response to data privacy obligations, the need for tighter security, and the ever-increasing amount of digital data. All of this illustrates the growing importance of investing in both areas and Legal Operations having the right support to choose optimal tools that support governing initiatives.