During last week’s class, the topic was litigation holds. As the very informative and practical minded instructor noted litigation holds are cyclical and preparation is necessary.
What better reason for companies and their legal counsel to advocate for having relevant, effective information management practices in place? Preparedness to respond to a litigation hold. Before a triggering event occurs a well prepared company should know where the data existing and this includes mobile technology. The tool for that is your data map (and that’s not a simple exercise).
Another important component is knowing your records retention and data destruction schedules. That’s a primary component of information management. Perhaps you think that is enough. I would ask you if you want to have search precision and confidence in the parameters set to collect the data in question. If you are great! Maybe you don’t really need good information management protocols in place.
If there is doubt, perhaps you want to think about enhancing your corporate ontology. This simple tool, understanding who creates information and applying protocols to retrieve appropriate data at all times are a competitive edge. I won’t talk about the high cost of doing business when you can’t find your own data in this space but suffice it to say that there is a cost.
So maybe implementing a workflow that allows for efficient response to litigation holds is the prompt for improving your information management strategies. The added benefit is improved business decisions because retrieval of needed information is improved.
What are you doing with your information to make it work for you, rather than have it be a potential liability?