Storing your data digitally: Three things you should know about data archiving

Data is the cornerstone of every modern business. In the past, if a organisations were to get a couple of filing cabinets in the workspace, this provided more than enough space for storage and the level of security required. But times have changed; we now live in a world where companies collect and process vast amounts of information on a daily basis. As a result, it is becoming essential for companies to update the way they are operating in today’s digital era.

According to the Business Digitalisation in Europe Outlook 2019 report, 77.5 per cent of UK companies are very interested in the newest, most efficient software solutions to better store, file and archive all their workplace documents and folders. Despite this willingness, many businesses are hesitant to change or struggle to find the best way to store data and keep it safe. The reality is that some continue to store collected data on paper or even in an on-site sever, which is an inefficient, costly and unsecure method in such a data-heavy business environment.

Cue digital data archiving, a cloud-based technology aimed at storing data that must be retained for legal purposes and audits, such as contracts and invoices. Although not revolutionary, this method allows companies to become more secure, and helps them cut costs and improve the speed of workflows dramatically.

While the benefits of archiving are numerous, businesses are slow to warm to the idea of investing in this technology because of the lack of awareness on their advantages and data privacy concerns. In light of this, let’s take a more detailed look at some of the (often unseen) advantages of turning to digital archiving.

Traditionally, all inactive data was stored on paper in filing cabinets, which is now incredibly inefficient for modern businesses operating in a highly competitive digital environment. It’s extremely difficult to keep paper documents from falling into the wrong hands. All it takes is for a single employee to remove a confidential file from the archive, whether that be a contract or financial report and leave it on their desk while they go to lunch, leaving private information open to be seen by anybody walking past. If companies continue to rely heavily on out-dated data storage methods, particularly paper-based ones, they may be creating unnecessary risks and leaving themselves open to a data breach.

However, on-site servers are just as susceptible to damage as filing cabinets, and poorly organised data on company servers can be almost just as chaotic. In essence, merely scanning company data onto servers is not an effective solution.