Implementing good IT governance in a business is a wise idea on many levels. The first order of business for most is to address compliance needs and remain within the confines of law. Additionally, strong governance practices are a great way to gain a competitive advantage.

There are many noteworthy reasons a company should focus on implementing good IT governance practices because instilling these applications are valuable on many levels from both a practical and strategic point of view.

This can be accomplished through the policies an organization creates because the practices not only deal with compliance issues but can also address many business issues simultaneously; increasing both cost-effectiveness and providing an opportunity to gain a competitive advantage for the company.

When good practices are followed with integrity in mind, this also sets the foundation for a company that runs on good ethical principles and reduces many of the gray areas that today's businesses must cope with when it comes to technology.

Here are some of the best reasons to instill good IT governance practices in a company and how they can simultaneously increase a business's competitive advantage:

*Compliance

Abiding by the law is the primary reason why companies need to focus on good IT governance practices. With laws such as HIPAA, Sarbanes-Oxley (SOX) and Gramm-Leach-Bliley Act (GLB) which require businesses to comply to restrictive mandates when it comes to handling data, companies have no choice but to invest in IT governance.

Since most data is stored, transferred and edited using technology, companies have to consider their IT practices and keep safeguarding this information as a primary objective. IT governance policies aid in achieving this need.

*Links Compliance with Strategy

Linking business strategies with governance kills two birds with one proverbial stone. Connecting compliance with strategy helps align IT operations with overall business needs. In the process strong ethical practices are encouraged and data is handled much more carefully, which will benefit any business.

IT governance not only helps a company remain in observance of laws, but since money needs to be invested in compliance tools, using them strategically can help them gain an edge on their competitors.

Businesses can align both objectives and remain cost-effective since they have to spend money on technology for both purposes. Streamlining compliance and strategy is good business sense.

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