Whether it’s apathy, the misconception of cheap storage or competing priorities, companies are simply opting to hoard their data. By 2017 organizations could be looking at managing 10x the amount of information they currently handle. To make matters worse, studies show that over 70% of this vast store of digital information has absolutely no business, legal or regulatory value. The costs associated with storing this digital debris is mounting, eDiscovery fees are staggering and, as Sony recently found out, the loss to reputation can immeasurable. While this information may not drive business it can certainly diminish the brand.
Defensible disposition works to clear this digital debris. The systematic deletion of company information that falls outside current business, legal and regulatory requirements exposes important information, thus easing the burden of data management. Not only are there cost savings associated with reducing storage requirements (often by at least 30%) but efficiencies in corporate audits and eDiscovery can also significantly impact the bottom line. Research out of the University of Chicago Law School shows that a 3% decrease in time spent on legal holds results in saving of $1 million a year.
CIOs need to develop defensible disposition policies to reduce costs and mitigate risk but all the considered effort with their legal teams will be for naught if information isn’t managed by a proper RM solution. Corralling your disparate information so that it can be safely and legally removed is only possible if it’s funnelled through your ECM investment. Document controls are impossible to put in place on users desktops, shadow file sync and share applications, unstructured network drives and unmanaged emails. How is your company finding, routing and removing all this digital debris?