Data deletion to avoid costly regulatory proceedings
Deleting obsolete data can help organisations achieve substantial cost savings according to a report from IT analysts Enterprise Strategy Group (ESG). Over a 5-year period the report suggests smaller organisations could reduce costs by £600,000, while for medium-sized and large organisations the savings could be in the region of £3 million and £12.5 million respectively.
One of the key areas where savings could be achieved is in ensuring the timely removal of data at the end of stipulated retention periods to avoid costly litigation or regulatory proceedings.
High volume document retention and deletion
Technology solutions for document and records management help organisations monitor regulatory retention periods for high document volumes. Records retention technology from Data Capture Solutions (DCS) enables organisations to electronically capture incoming paper, fax and email documents containing private personal details and manage them in compliance with legislation such as the Data Protection Act. The technology works by
- Enabling systematic indexing of documents and emails with required retention periods, followed by automatic monitoring and automated notifications when deletion is due.
- Tightly controlling user access to documents and enabling application of permissions to prevent actions such as viewing, copying or editing.
- Generating automated audit trails for all documents, providing granular details of who has accessed documents and the actions performed on them.
Benefits of structured document management
The report from ESG estimates that 50% of data stored by organisations is redundant or trivial and removing it can lower the costs of hardware storage acquisition and maintenance, as well as reducing the amount of data to be produced during eDiscovery.
With a structured document management system such as FileStore EDM from DCS, organisations can organise documents efficiently according to the business process they belong to and manage them by type, e.g. employee record, CV, application form, sales order, invoice, and contract. By bringing this level of control to the management of document assets, organisations are then in a much stronger position to differentiate between documents of value and those containing obsolete or trivial content.
Find out more
DCS document and records management solutions are available on an installed or hosted basis. To find out more, speak to one of our business consultants today on 01753 616 720, or send your enquiry by email to: email@example.com.