Enterprise electronic archives contain all documents, records and communications in a digital space that is accessible to authorized employees. These systems are more affordable and boost productivity when compared with pen-and paper methods. Searchable archives let employees access information more quickly and speed up the workflow process. For instance, accounting firms can locate the financial records of the past quickly to aid in data analysis. Digital archiving also helps businesses comply with regulations and avoid costly litigation.

Certain industries, like finance, healthcare and government, have strict regulations that require data compliance. Non-compliance may result in hefty fines, or a damaged reputation. To ensure compliance, these companies require regular archive of their old and inactive data in order to keep it available for audits or legal proceedings. To do this, many organizations choose to use cloud storage for their data retention needs.

Utilizing an electronic method for archiving reduces the risk of losing important documents by putting them in the hands of all authorized users. It also eliminates manual processes which can be tedious and prone to mistakes. It saves space as well by removing the need to buy more storage cabinets and reduces the cost of operations by transferring frequently utilized data to more cost-effective storage spaces.

Finally, a cloud-based archive can also make it easier to conduct regular data audits. If, for instance, an employee needs to know the terms of a new contract prior to renewing their old one, they can easily check the agreement in the archive.

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