Enterprise electronic archives contain all documents, records and communications in a digital environment that is accessible to authorized employees. These systems are more cost-effective and can increase productivity as compared to pen-and-paper methods. Searchable archives let employees access data faster, which speeds the workflow process. For instance, accounting firms can dataroomnow.blog/post-acquisition-integration-checklist/ locate the financial records of the past quickly to aid in data analysis. Digital archiving helps companies comply with regulations, and also avoid costly litigation.
Certain industries, like finance, healthcare, and government have strict regulations that require data compliance. Non-compliance can lead to hefty fines and a negative image. To ensure compliance, these industries require regular archive of their outdated and unutilized data to ensure that they have it available for audits or legal proceedings. To accomplish this, many companies opt to use cloud storage for their data retention needs.
Utilizing an electronic method for archiving reduces the risk of losing important documents by putting them at the fingertips of all authorized users. It also reduces the need to rely on manual processes, which can be long and costly. It also reduces space, which means that there is less necessity to buy more storage cabinets.
Finally, a cloud-based archive also makes it easy to do regular data audits. If, for instance, employees want to know the terms of a new contract before renewing the old one, they will be able to easily review the contract in the archive.