Challenges posed by information risk and operational projects across disparate locations can be efficiently tackled by leveraging benefits offered by information governance and project collaboration technology
Continuously evolving global economic scenario and turbulent markets have exposed organizations to face completely new unforeseen risk scenarios. Many industries have traditionally relied on legacy document management and information governance systems or strategic initiatives to hedge against risk, compliance, and documents management challenges but they fall short of capability of fulfilling the core requirements. With government and regulatory authorities bringing in several stringent regulations, acts, laws and standards as a deterrent against various financial or industrial calamities, there is a heightened need to adopt an enterprise level solution that can help tackle, monitor, manage, or report various risk activities to reduce costs.
Challenges posed by information risk and operational projects across disparate locations can be efficiently tackled by leveraging benefits offered by information governance and project collaboration technology.
With enterprises operating on a global platform that is constantly affected by volatile factors like governmental regulations, regulatory laws, and socio-economic changes, the enterprises must actively assimilate a robust technological framework to efficiently manage all of their projects in a secure collaborative environment to reduce operational risks.
Protect Against Data Loss
Information is a vital business asset, but it is also essential to efficiently govern this information for future prospects. As infrastructure businesses operate across multiple projects, huge amount of unstructured data is being generated that incurs significant amount of storage and IT footprints for the organization. The loss of such data can significantly hamper the company’s financial standings and reputation as well as its viability of doing business. Many times, enterprises need to preserve the content in accordance to various regulatory compliance policies to ensure data retention and protection for future use.
Efficient archival system is essential to manage access and control the business data. Information governance (IG) platform provides for efficient information archiving by adhering to stringent industry and government regulations thus reducing the storage costs and helping to prepare for possible litigation. These IG platforms are highly scalable to handle huge volumes of data and provide quick retrieval facility.
Efficient Data Management
Organization need to be proactive in quick adoption of Information Governance for comprehensive risk mitigation. Ability to protect the project critical data from various factors and data disasters that can jeopardize the operations has become important for enterprises. Disastrous consequences due to mismanagement of data like litigations, legal sanctions, penalties, initiation of Federal investigations against the company can be easily avoided through efficient information governance solution. Information governance solutions adopt various methods and processes like compliance, legal hold, and information archiving to hedge against any eventual disastrous situation.
Chetan Bajpai, Director at Capital Novus, who has extensive experience in information governance solution says, “Companies today are facing myriad challenges and are greatly exposed to various kinds of risks. In order to tackle these challenges and reduce risk exposure, the enterprises must proactively adopt information governance solutions that can help them through reduced IT storage costs, adherence to various stringent regulatory compliance policies, and legal holds.” He further added, “The project collaboration technology is the need of the hour for infrastructure industry. It can help them in faster and efficient collaboration between their on-going projects at multiple locations.
Handpicked Collaboration Technique to Encompass the Huddle
Transmission of deliverables among the geographically distributed project partners is the primary task in accomplishing an Infrastructure Project life cycle. The firms face delays due to lack of coordination amongst the involved agencies resulting in contractual disputes and other repercussions. The use of legacy systems for coordination and communication leads to mismanagement and cunctation in the completion of the task.
Swift adoption of the project collaboration technology can overthrow the co-ordination glitches and regulate the infrastructure projects at disparate locations smoothly.
Project Collaboration Technology has the provision of structured document management that allows organizing the project’s data and centralizing the exchange of information at a single platform. To achieve substantial efficiency in the project completion graph, the agencies can bridge the gap among them and share the relevant information using the collaboration platform.
Extended Support for Flawless Litigation and Dispute Management
Every organization, regardless of size, is challenged to face litigation or dispute at some point in time. What makes a difference is the approach the organization follows to tackle the legal matter. Hence, the question arises - Are the infrastructure industries capable of handling the litigation and dispute with the traditional paper-based system of management? The answer lies in the fact that it will really be a cumbersome task. Moreover, the outmoded form of communication and management can lead to security vulnerability.
The Project Collaboration Technology can assist the firms in managing the information related to litigation and dispute; ensuring relevant information is identified, preserved, and retained. Extended project control and greater visibility of the data mitigates the risks associated.
Put an End to Impediments!
As stated earlier, the construction industry operates on the flow of information throughout its project lifecycle. The employees of such organisations are required to deal with large information and regulate the necessities systematically. It takes tremendous efforts to harness the information, track the activity status and monitor thousands of documents and deliverables.
In the era of ever growing information, locating relevant documents and assembling them into proper order from a single platform is crucial. Amalgamation of an extensive collaboration and archival system is the key. Hence, instead of considering Information Technology as outsider, embrace the power of technology and get rid of the time consuming, labour intensive and error prone tasks.
Conclusion
Packed with smart attributes, the Information Governance and Project Collaboration techniques relieve the project team from the arduous task of archiving, organizing and verifying the documents dispersed across multiple parties. Exercising nominal efforts, the team can achieve the integrity and consistency in the data, thereby boosting the productivity as well.
It is essential for the enterprises to rapidly implement such comprehensive technologies and prepare themselves to thrive with the digital market challenges. With minimal IT investment, the Infrastructure companies can slash the time spend in transferring the information and other contract deliverables.
Finally, incorporating such flourishing and robust Information Technologies, the estimated cost of data administration and project management activities can be substantially plummeted.
This article is by CHETAN BAJPAI, Director, Capital Novus
