An enterprise electronic archive stores all records, documents and communications in a system that’s digitally accessible to authorized employees. These systems are cost-effective and boost productivity when as compared to pen-and-paper methods. Searchable archives allow employees to access information faster, which expedites the workflow process. Accounting firms, for instance can easily locate historical financial records to improve data analysis. Digital archiving also assists businesses comply with regulations and avoid costly litigation.
Certain industries, like finance, healthcare secure document management and government, have strict regulations that require data compliance. Non-compliance may result in hefty penalties, or even a damaged reputation. To ensure compliance, these industries have to regularly archive their old and unused data in order to have it ready for legal or audits. Many organizations use cloud archives to comply with their data retention requirements.
By putting important files in the hands of authorized users A digital archive system reduces the chance that they are lost. It also removes the need to rely on manual processes, which can be slow and prone to errors. 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 less expensive storage areas.
Cloud archives make it simple to perform regular data audits. For example when an employee needs to check the conditions of a contract prior renewing it, they are able to access the contract from the archive.
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