Just a few years ago, only a handful of companies were talking about achieving information governance. Often, it was despite their current set of tools and software. They discussed workarounds — workflow tools — used like duct tape to the enterprise, piecing together a strategy.
Fast forward to today.
Dramatic Changes in Information Governance World
Those visionary smaller software companies that saw and embraced the opportunity are growing up. Companies like Valora Technologies, RecordLion, FileFacets, Adlib Software and so many others are now reaping the rewards. And larger players who expanded their offerings, companies like IBM, Box, Microsoft, Alfresco and others, are seeing those investments begin to pay dividends.
We can see it in the news: Valora Technologies received a large investment infusion from DTI in late March. Only a week before, Gimmal purchased RecordLion to expand its offerings, a purchase likely paid for with an undisclosed investment infusion it received earlier in the year.
Late last year, it was FileFacets that received $4 million in Series A funding.
Buckle in for a wild ride.
Don't Call It the Information Governance Market
Let me be clear: information governance isn’t a piece of software or technology, it's a strategy. So before anyone says “Information Governance Market,” let's remember that there really is no such thing, since there is no technology solution to a strategy problem.
However, to implement information strategy, one needs supporting technology — so the market could be more accurately defined as the “Information Governance Supporting Software Market.” It is that information governance supporting software market that is absolutely red hot right now and will only grow in the years to come.
The Information Coalition defines information governance as,
“The overarching and coordinating strategy for all organizational information. It establishes the authorities, supports, processes, capabilities, structures, and infrastructure to enable information to be a useful asset and reduced liability to an organization, based on that organization’s specific business requirements and risk tolerance.”
Companies can no longer afford to separate their various information-focused disciplines. Records managers cannot fight over the same information that the data scientists are using, which legal and compliance are also tapping into. A unified strategy must emerge, and that strategy is Information Governance.
When your company is ready, a new and maturing software market is ready for you.