An enterprise electronic archive keeps all documents, records and communications in a space that is digitally accessible to authorized employees. These systems can lower costs and increase productivity when over pen-and-paper processes. Searchable archives permit that site employees to access data faster, which speeds the workflow process. For instance accounting firms can access documents from the past to improve analysis of data. Digital archives also help businesses comply with regulations and avoid costly litigation.
Certain industries, such as healthcare, finance, and governmental sectors, have strict industry regulations that require compliance with data. Non-compliance may result in hefty fines, or a damaged reputation. To ensure compliance, these industries have to archive their old data as well as unused files regularly in order to be prepared for court or audit proceedings. Many companies utilize cloud archives to ensure that they are meeting their data retention obligations.
Using an electronic system for archiving reduces the risk of losing important documents by putting them at the disposal of all authorized users. It also eliminates the need for relying on manual procedures, which can be long and costly. It saves space as well, eliminating the need for buying more storage cabinets and reduces the cost of operations by transferring frequently used data to cheaper storage spaces.
A cloud archive makes it easy to perform regular data audits. If, for example, an employee wants to review the terms of a new contract prior to renewing their old one, they can easily look up the contract in the archive.