Organizations that are expanding steadily are at a greater risk of losing control of their existing business operations. It is crucial for a business to empower enterprise governance by implementing required policies and frameworks. Firms should adapt to changes, accommodate Agile methodologies, and regulate their revenue. There are several other aspects that might make it quite challenging for CIOs to focus on their company’s growth. In her article for EnterpriseTalk, Umme Sutarwala shares some enterprise governance tips that can minimize potential business hazards.
Enterprise Governance Tips to Enhance Your Business
Combine IT and Enterprise Governance
The IT department focuses on mitigating potential hazards and easing the information and technical processes of the firm. They do not involve other governance departments, such as legal, compliance, and information risk management. CIOs should encourage their IT teams to involve other enterprise governance departments in the decision-making process. Developing a cross-functional team will familiarize your staff with the ongoing changes. It will also make it easier for your IT team to understand the mindset of other professionals.
Improve Risk Management Strategies
Many CIOs do not give enough time to the risk assessment and analysis process. It results in poor business decisions that nullify the effect of risk management plans. You should pay more attention to business risks such as poor continuity and uptime restrictions. Sutarwala suggests that CIOs should involve people with substantial knowledge of distinct business fields. Furthermore, CIOs should install a feedback loop and residual risk evaluation framework.
Prioritize Data Infrastructure in Enterprise Governance
Data has become a critical aspect of enhancing the decision-making process. However, many CIOs fail to acknowledge its worth. You should prioritize data infrastructure and its awareness in your firm to understand the market better. It is a reliable, accessible, and cost-effective business entity that you should incorporate into your organization. If you aspire to expand your business, installing progressive data strategies can reduce business risks and enhance the end-user experience.
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