How to Measure the Return on Investment of Strong Information Governance Processes
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Transcript of How to Measure the Return on Investment of Strong Information Governance Processes
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How to Measure the Return on Investment of Strong Information Governance Processes
Presented by InOutsourceMay 1, 2014
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• Information Governance is an enterprise-wide approach to the management and protection of a law firm’s client and business information assets. An effective IG Program:• Enables lawyers to meet their professional responsibility regarding client
information,• Recognizes an expanding set of regulatory and privacy requirements that apply
to firm and client information,• And relies upon a culture of participation and collaboration within the entire firm.
-A Proposed Law Firm Information Governance FrameworkLaw Firm Information Governance Symposium
August 2012
Defining Information Governance
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What is Driving IG?
Client Demands Volume / Efficiency Financial Concerns
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Defining Return on the IG Investment
• Hard Savings:• Storage costs• Reduced discovery costs
• Soft Savings:• End user productivity• Avoiding law suits or damaged
reputation
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• Measure your baseline
• Assign a cost
• Define a target/goal
• Evaluate again
Demonstrating ROI
• 10,000 folders per year- 2013
• $15,000
• 20% reduction
• 2014 usage- 8,125 folders
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Access to Information
• Opportunities• Duplication of effort• Inability to work remotely• Time spent looking for information• Attorney to secretary ratio• Responsiveness to clients
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Access to Information
• Measure costs• Average attorney billable rate• Records / administrative average
hourly pay• Lost billable hours• Response time
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Sample Survey Questions
128%
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Approximately how much time per day do you spend managing e-mail (printing, forwarding, saving, etc.)?
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Sample Survey Questions
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How long, on average, does it take to respond to a client inquiry requiring ref-erence to the "official matter file" when you are out of the office?
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Access to Information
• Improvements• Reduce duplicates• Decide who is responsible for managing
information for each matter• Redistributing information governance
functions to dedicated resources• Improving remote access experience• Access to digital information often speeds
client response
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Electronic Data Storage
• Opportunities• Storage is cheap, but
maintenance is not• Staffing costs, Backup,
Migration, Restoration• E-Discovery and Litigation
Holds• Lateral attorney movement
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Electronic Data Storage
• Measure Costs• True cost of data storage and
maintenance• Storage per GB• Backup per GB• Co-location and Onsite space
dedicated to data• Staff
• External and internal e-discovery review costs
• Attorney departure review time
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Electronic Data Storage
• Improvements• Reduction in electronic data storage• True media-independent destruction
processes• Targeted Litigation Hold procedures• Limiting repositories and limiting
duplicates
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Physical Records
• Opportunities• Supplies• What you use and
how• Volume
• Staffing• Offsite storage• Onsite storage
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Physical Records
• Measure Costs• Supply costs• Cost of a box
• Records staffing• Onsite storage• Offsite storage costs• Total, per attorney, per box
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Calculating Offsite Storage Cost
• Determine Actual Hard Dollar Costs of Storing Materials Offsite.• Calculate total spend for offsite storage for
past 12 months based upon invoices or cost report supplied by vendor
• Total cost per year divided by volume. • If volume is measured in cubic feet, multiply
cost by 1.2.
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Calculating Offsite Storage Cost
Total Storage 7,770.40 cubic feetTotal Invoice $3,840.71
$3,840.71/7770.40 = $0.49 Per C.FCost Per Carton $0.59 Per Month
$7.12 Per Year
Annual Volume:7,770.40 C.F6,475 Cartons
Annual Cost $46,088.52Assume 8 years$56.94 Per Carton
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Physical Records
• Improvements• Consolidated supply ordering• Switch to letter-sized media• Reductions or re-purposing of staff• Renegotiate offsite storage contracts• Reduce offsite population• Reduce onsite population and Records
storage space
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Risk Mitigation
• Opportunities• HIPAA compliance• Avoiding ITAR sanctions• Lost clients• Damaged reputation
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Risk Mitigation
• Measure Costs• Potential Fines• Any history of compliance issues?• Lost clients• Negative publicity
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Risk Mitigation
• Improvements• Information Governance Policy• End result is less “public” matter information for
compliance• Executive support• Strong training programs• Monitoring and Auditing
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• Eric Mosca, CRM• [email protected]
• Nancy Beauchemin, CRM• [email protected]
• www.inoutsource.com
Thank You!