Benefits of an Enterprise Electronic Archive
A company’s electronic archive stores all documents, records and communications in a space which is accessible electronically to authorized employees. These systems are more cost-effective and increase productivity when contrasted with pen-and-paper methods. Searchable archives let employees access data faster, which speeds the workflow process. For instance accounting firms can find the financial records of the past quickly to enhance data analysis. Digital archiving can also help firms comply with regulations and avoid costly litigation.
Some industries, such as healthcare, finance and government sectors, have strict regulations in place that require them to keep data compliance. Failure to comply can result in substantial penalties, or even a damaged reputation. To ensure compliance, these companies need to regularly archive their outdated and unutilized data in order to keep it available for audits or legal proceedings. Many organizations use cloud archives to ensure that they are meeting their data retention obligations.
Utilizing an electronic method for archiving decreases the risk of losing important files, by placing them at the fingertips of all authorized users. It also eliminates manual processes that could be time-consuming, and prone to errors. It also reduces space, thus reducing the need to purchase more storage cabinets.
Furthermore, a cloud archive makes it easier to conduct regular audits of data. For example the employee would like to review the conditions of a contract prior renewing the contract, they can easily access the contract through the archive.
