Benefits of an Enterprise Electronic Archive

Enterprise electronic archives preserve all documents, records, and communications in a digital environment that is accessible to authorized employees. These systems are more cost-effective and increase productivity when they are compared to pen and paper methods. Searchable archives enable employees to access information faster and speed up the workflow process. Accounting firms, for instance can quickly find financial records from the past to enhance data analytics. Digital archiving can also help businesses comply with regulations and avoid costly litigation.

Certain industries, like finance, healthcare and governmental sectors have strict industry regulations that require them to maintain compliance with data. Failure to comply could result in heavy fines and a negative image. To ensure compliance, these industries need to regularly archive their old and inactive data in order to keep it ready for audits or legal proceedings. Many companies use cloud archives to comply with their data retention requirements.

By placing important files in the hands of authorized users, an electronic archive system lowers the chance that these files are lost. It also eliminates the need to rely on manual processes, which can be slow and prone to errors. It also reduces space, thus reducing the necessity of purchasing additional storage cabinets.

A cloud archive makes it easy to conduct regular data audits. If, for instance employees want to know to know the terms of a new contract prior to renewing the old one, they can easily look up the contract in the archive.

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