The volume, variety and velocity of data are increasing by the day. The cost of storing this data is also increasing at the same speed. Moreover, not all the data stored is giving some kind of value to the business. The value of data can be determined by the degree to which it helps you become more efficient, responsive, resourceful or insightful. If an organization doesn’t take control to separate the valuable data from lesser or no value data, the result is going to be a mountainous amount of data.
Data Storage as a Solution
Organizations turn to various data storage solutions as a ship lurches towards an anchor. They are unsure and believe that any data can be useful in the future and hence end up saving, useless and at times dangerous data. Storing and backing up all data seems to be the new industry mantra these days. A couple of years down the line, organizations realize that they have gigabytes or terabytes worth of information that would take ages to sift through.
Document Retention as a Solution
Document or records retention has emerged as the new smart data solution. Docsvault offers a document management software system with ‘Records Retention’ module which helps manage data. From developing retention policies to the final disposition of records, our record management system helps create batches of records for disposition on regular basis. It also helps deploy proper checks for records disposition by assigning clear roles for approvals and final disposition. This way, you have only safe and limited data on your hand.
Benefits of Records Retention
– Determine the value of data that can help maximize profit and maintain clear inventory
– Find potentially dangerous data in minutes, analyze future possibilities of risks and take steps to mitigate risk
– Mine customer data for insights that drive new strategies for customer services
– Reduce costs associated with storage and management of records
So now your organization has to choose between the benefits of storing every bit of information or storing only the valuable and useful information in a document management software system.