DOCUMENT & DATA MANAGEMENT
everything to avoid investing time and resources upfront to determine what’s truly important.
Over time, companies archiving everything quickly amass “data swamps,” making data hard to find when needed, as opposed to the “data lakes” many businesses aspire to create with a crystal clear data archiving strategy for quick and easy information retrieval.
“ORGANISATIONS ARE DROWNING IN DATA.”
BIG DATA BLINDERS Surprisingly, the study found
that 72% of organisations believe they are already maximizing the value of their archives. However, the study also found that only 32% of companies are actually using archives for business analysis, a critical process to drive additional revenue. This is a serious disconnect that demonstrates data archiving is a real blind spot for business leaders.
Even more telling is the fact that a staggering 87% of organisations lack a uniform process for archiving across data types, making it impossible to identify and access important information when needed.
ARCHIVED DATA IMPACTS
THE BOTTOM LINE The study reveals that organisations with a well-defined data archive process stand to realise value from two potential avenues: cost savings and added revenue from monetising archives. On the savings front, nearly half (47%) of UK organisations polled realised $1M or more in savings over the past year from risk mitigation and avoidance of litigation, with the top 19% reporting savings of more than $10M. Similarly, nearly half (45% in the U.K) of organisations reaped
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$1M or more in savings stemming from reduced operational or capital costs, with the top 17% capturing more than $10M.
More striking is an organisation’s ability to draw new revenue from an effectively managed data archive. More than a third of companies surveyed benefitted from an additional $1M or more in revenue, the top 12% gained more than $10M. On average, companies polled saw an additional $7.5M in new revenue streams from their data archive.
HOW CAN YOU BRIDGE THE DISCONNECT BETWEEN PERCEPTION
AND REALITY? To help organisations get back on track, Iron Mountain and IDC recommend organisations implement the following processes:
• Appoint a Chief Data Officer to oversee and derive value from the data archive, while working closely with the Chief Operating and Chief Information Officers to set long-term business and data strategies.
• Develop Information Maps of all data sources and repositories (and their value) across the organisation.
• Implement a holistic, consistent archiving strategy that addresses data retention schedules, use cases, the value of data, necessary accessibility and archive costs.
• Consider working with a third party vendor with specific expertise to help optimise your archiving solution while freeing up internal IT resources to focus on more strategic and innovative work.
The disconnect between perception and reality when it comes to data archiving is real, and just because you’re drowning in Big Data, doesn’t mean you can’t get your organisation back on track.
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