Literature review-

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INTRODUCTION 1

Name: Srilakshmi Keerthy Bandi

Institution: Cumberland’s University

Course Id: ITS-833-M21

Course Name: Information Governance

Portfolio Project: Mawasco

Introduction

Mawasco is a company in the retail industry that has been in operation for 50 years. The retail industry is an industry that has grown so much over the years to become one of the industries that have a great impact on the economy. The general merchandise stores category in the retail industry. And which our company falls under, ranks third in terms of sales in the retail industry. The automotive and foods and beverages stores rank first and second position in this industry. This industry enables consumers to access varieties of products and creates various forms of utility including place and time (Pantano & Vannucci, 2019). The retail industry makes money by pricing goods higher above the cost of labor, equipment, and distribution. While most retail companies get their goods from manufacturers, some manufacture the goods themselves in what is known as vertical integration. Online retail is rapidly growing in the retail industry although traditional retailing is still being practiced widely (Pantano & Gandini, 2018). Due to constant communication between retailers and manufacturers and retailers and customers, a lot of information is generated in the retail industry.

Due to the large amounts of information generated, this company, just like any other company faces several challenges in information governance. One of these is information management. Information management includes activities such as organizing, retrieving, acquiring, securing, and maintaining all the information in the organization, both electronic and hard copy. With the large amount of data stored in hard copy in this company, information management has been quite a challenge (Mikalef et al, 2018). The information management challenges consequently expose the company to eDiscovery challenges. These are challenges where the company cannot find the information required within the stipulated time when they are faced with a lawsuit. This is likely to incur huge costs for the company (Mikalef et al, 2018).

Information security and privacy is also another challenge in information governance facing this company. According to government regulations, companies should control and secure sensitive data such as employee and customer information. The lack of administration in this company has caused issues with integrity which means that it is challenging to guarantee the security and privacy of the information collected in the company. Another information governance issue in this company is regulatory compliance (Schaller, 2018). There are regulatory requirements on record-keeping that apply to all companies. They dictate what information must be kept and for how long. The fact that this company lacks policies to dictate how data should be handled makes regulatory compliance even more challenging. The last challenge in information governance in this company is storage management. There are inadequate storage resources to keep up with the large amounts of data that is constantly being generated. This in turn raises the cost of effective backing and managing data (Schaller, 2018).

References

Mikalef, P., Krogstie, J., van de Wetering, R., Pappas, I., & Giannakos, M. (2018, January). Information Governance in the big data era: aligning organizational capabilities. In Proceedings of the 51st Hawaii International Conference on System Sciences.

Pantano, E., & Gandini, A. (2018). Shopping as a “networked experience”: an emerging framework in the retail industry. International Journal of Retail & Distribution Management.

Pantano, E., & Vannucci, V. (2019). Who is innovating? An exploratory research of digital technologies diffusion in retail industry. Journal of Retailing and Consumer Services, 49, 297-304.

Schaller, W. L. (2018). Trade Secret Law: The Role of Information Governance Professionals. J. Marshall Rev. Intell. Prop. L., 18, iii.