Companies should start managing information instead of just technology if they want to achieve their business objectives, says analyst Gartner.
Gartner says that organisations who do not approach information management in a co-ordinated, enterprise-wide manner will fail in their business objectives in the first or second year at a rate of more than 90%.
Many organisations want to exploit their information assets and address issues surrounding information overload in order to achieve their efficiency, transparency and differentiation objectives, said the analyst.
At the same time, they want to ensure appropriate safeguards and measures are in place to protect sensitive information and minimise risk. But despite the recognition of the importance of the issue, many organisations do not have formal information governance programmes, or coordinated information management strategies in place.
"IT professionals have focused for too long on technology and not enough on information," said David Newman, an analyst at Gartner. "The business expects to have the right information at the right time to get the job done.
"It also expects information to be accurate and consistent. Senior management also expect that adequate controls and defined accountabilities are in place to assure compliance and reduce risk. That is why information governance should be at the forefront."
Gartner said a lack of information governance affects the bottom line. For example, companies in North America have lost more than £300bn in revenue because of poor-quality data, it said.