Iron Mountain Incorporated has sponsored a white paper study through IDC. Just recently they revealed the results of the study and have found that organizations could save and be generating millions of dollars if their data archives were mined effectively. This finding effects organizations of all sizes. What’s more, organizations that can leverage their data properly are able to generate as much as $10 million more in saving and revenue.
The study revealed that businesses with well-defined data archive processes can cut costs and generate revenue by monetizing their archives. Just from saving alone, half of the companies polled stated they saved $1 million or more through risk mitigation and avoidance of litigation (the top 21% saved over $10 million). And 44% of the organizations in the study cut enough costs to save $1 million or more (with 18% saving over $10 million). The revenue numbers look similar with 39% of the companies generating $1 million or more and 15% generating over $10 million ($7.5 million in revenue generation was the average).
Interestingly, most companies feel they are maximizing the data archives, 76% believe so. This leaves a rather large market to be captured by data archive analysis solutions. Not only that, the 24% that see a need to leverage their data archive more effectively think they can gain 2 to 5 times the value they are currently getting. And the study may just prove them correct.
More key findings and recommendations:
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