Enterprise electronic archives keep all records, documents and communications in a digital environment that is accessible to authorized employees. These systems cut expenses and boost productivity in comparison to pen-and paper methods. Searchable archives allow employees to access information faster, which expedites the workflow process. Accounting firms, for example are able to quickly locate financial records from the past to improve data analytics. Digital archives allow companies to be in compliance with regulations and avoid costly litigation.
Certain industries, such as healthcare, finance and government, have strict regulations that require compliance with data. Infractions could result in huge penalties, or even a damaged reputation. To ensure compliance, these industries need to archive their old and inactive files frequently to be prepared for audits or court proceedings. To accomplish this, many companies choose to utilize a cloud archive for their data retention requirements.
By putting important files in the hands of authorized users A digital archive system reduces the chance that they could be lost. It also eliminates manual processes that can be time-consuming, and prone to errors. It also saves space by eliminating the need to purchase more storage cabinets, and also reduces operating costs by moving rarely utilized data to more cost-effective storage spaces.
Lastly, a cloud archive also makes it easy to do regular data audits. If, for example, an employee wants to know the terms of their new contract prior to renewing the previous one, they can easily check the agreement in the archive.