While data governance has shifted from hard copy to software, you should realize that the automated processes will not be sustained on its own. This kind of data management still needs a point of contact to be held accountable to the accuracy and security of the records you keep.  Aside from that, you also want to be sure that all pertinent information can easily be shared with all employees when needed. This may not be a huge problem to small and medium sized businesses, but as your company starts to grow and you start to employ more staff, the records may grow to an extent that managing paper trails may not be the most efficient way to do business.

Since we have been working towards data governance for maximum efficiency, another advantage of being able to implement data management strategies would be the prevention of fraud. This is especially true for any type of company. Managing financial records and information is not limited to sales or banking organizations. Nothing can be worse than losing important financial or accounting information, and if not managed properly, you can end up losing hundreds to thousands of dollars in an instant. Being able to secure your company’s records will play a critical role to your company. The sooner you are able to implement data governance processes, the more time you can devote to other things that will make your business successful.

• Why MDM needs to be deconstructed into discrete functional areas

• Why understanding business requirements means understanding functional requirements

• Why successful MDM depends on a solid data governance framework

The webcast is Today at 2PM EST. To register, click here.

I also wanted to point out a service that I’ve been working with lately on some new data management projects. Medical Billing Service – Medical Electronic Data-Processing is an industry leader in medical billing services. They state that, “Your practice will benefit from our experienced billing staff and IT experts who utilize top-tier technology to increase billing efficiency”. I’ve found their work to be incredibly efficient, and they have fully embraced the data governance and mdm methodologies.

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