Organizations are unable to effectively mine their data archives for key insights that could help improve business outcomes, according to a study by International Data Corp. (IDS) that was sponsored by Iron Mountain, a provider of storage and information management services.
The study, “Mining for Insight: Rediscovering the Data Archive,” also shows that a subset of organizations are successfully leveraging their data archives and are seeing benefits such as added revenue from streamlined IT and customer service operations.
The research indicates that organizations with a well-defined data archive process stand to realize value from cost savings and added revenue from monetizing archives. More than half of the organizations surveyed for the report had $1 million or more in savings over the past year from risk mitigation and avoidance of litigation. The top 21% reported savings of more than $10 million.
Some 44% of organizations gained $1 million or more in savings from reduced operational or capital costs, with the top 18% experiencing more than $10 million in savings.
"There’s a real disconnect between the value people think they’re currently realizing from their archives and the potential additional revenue they could stand to gain by simply managing their data more effectively,” Sean Pike, program director, eDiscovery and Information Governance Research at IDC, said in a statement.
“However, organizations of all sizes and across all industries can expect to see an uptick in revenue and cost savings by revisiting their archives to fulfill business objectives,” Pike said. “This is especially critical in today’s information-driven economy, where the key to success or failure comes down to how effectively businesses can manage data and how quickly they can act on that information.”
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