Data archiving now goes beyond meeting legal and compliance requirements. Here at Iron Mountain, we just sponsored and published research by IDC that addresses this specific topic. The research report shows how businesses can gain substantial financial, legal and customer service benefits from an effective data archiving strategy. Even organizations that have a strong archiving program in place, can assess their current data management programs and build long-term data strategies that support business priorities.
88% lack a consistent approach to data archiving. – IDC, Rediscovering the Data Archive
Many businesses are unable to maximize the value in their data archives because they do not have the right data archiving structures in place. Their data management programs are often inconsistent, incomplete or non-existent. Despite the data chaos, 76% of companies respnding to the survey believe they are maximizing the value of their archives. Yet only 38% are undertaking the business analytics critical to gaining additional revenue through better understanding markets and improving products, customer service and service delivery. This suggests that many companies over-emphasize their ability to extract full value from their data archives, and points to a possible disconnect between business archiving practices and their commercial needs.
42% archive everything and have no process to determine what is archived. – IDC, Rediscovering the Data Archive
Do you have a keep-it-all culture? Are the structures and processes you have in place incomplete or ignored? Many businesses have the ambition to manage their data for maximum value, but lack the strategy and tactics to achieve the outcome they strive for.
The study suggests that chaos abounds for many, more than half of the businesses surveyed have six or more archives and the vast majority do not have a uniform process for identifying what should and should not be archived. In addition to this archiving complexity and confusion, internal teams, including Legal and Compliance, IT and Lines of Business (LOB) often hold conflicting views about how archives should be used. For example, Legal wants to reduce risk and improve access while LOB want to enhance revenue opportunities and improve customer service. But there’s good news. Organizations can re-set their strategies for success and begin to reap the benefits their archives can offer.
IDC and Iron Mountain’s recommendations:
- Appoint a chief data officer (CDO) to be directly accountable for all data issues.
- Create Information Maps of all data sources and repositories across your company.
- Implement a holistic, consistent archiving approach across all areas of the business.
- Consider working with an experienced third-party partner.