04 Sep Benefits of an Enterprise Electronic Archive
A company’s electronic archive stores all records, documents and communications in a system that is digitally accessible to authorized employees. These systems are cost-effective and improve productivity when compared with pen-and paper methods. Searchable archives enable employees to access information more quickly, which speeds the workflow process. Accounting firms, for example can quickly find historical financial records to improve data analytics. Digital archiving can also help companies comply with regulations and avoid costly litigation.
Certain industries, like healthcare, finance and government, have strict regulations that require data compliance. Infractions can result in hefty fines or a damaged reputation. To ensure compliance, these industries have to regularly archive their old and unused data in order to keep it ready for audits or legal proceedings. Many companies utilize cloud archives to ensure that they are meeting their data retention obligations.
Using an electronic system to archiving reduces the risk of losing important files by putting them at the disposal of all authorized users. It also eliminates manual processes that can be time-consuming and prone to errors. It also helps save space, which means that there is less necessity of purchasing more storage cabinets.
A cloud archive makes it simple to perform regular data audits. For instance, if an employee wants to check the conditions of a contract prior to renewing it, they are able to access the contract from the archive.
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