Enterprise electronic archives contain all documents, records and communications in a digital space that is accessible to authorized employees. These systems are more affordable and improve productivity when they are compared to pen and paper methods. Searchable archives allow employees to access data faster, which speeds the workflow process. For instance accounting firms can search for financial records from the past quickly to aid in data analysis. Digital archiving helps companies comply with regulations and avoid costly litigation.
Certain industries, like finance, healthcare and government, have strict regulations that require compliance with data. Failure to comply could lead to hefty fines or damage to reputation. To ensure compliance, these companies must regularly archive their old and inactive data to ensure that they have it available for audits or legal proceedings. To accomplish this, many companies choose to utilize a cloud archive for their data retention needs.
By putting important files in the hands of authorized users Electronic archive systems reduces the risk that they are lost. It also eliminates manual processes which can be tedious and prone to mistakes. It saves space as well by eliminating the need to purchase more storage cabinets and reduces the cost of operations by transferring frequently used data to cheaper storage spaces.
Cloud archives make it easy to conduct regular data audits. If, for example, an employee is looking to know to know the terms of their new contract prior to renewing the old one, they could easily look up the contract in the archive.
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