Poor records management costs millions

Organisations are wasting millions of dollars as a result of inefficient record management systems, reveals Experian QAS.

An investigation by the Ponemon Institute, on behalf of networking and data management firm Novell, studied the compliance costs of managing records and data at almost 100 firms.

A report by analyst firm IDC found that data and records management is likely to become more complex as consumers demand more for less.

According to Ontrack Data Recovery, businesses pay an average of $2.1 million (£1.3 million) every year as a result of ineffective data management systems, with smaller firms paying out significantly more in costs.

The iHotdesk writes that chairman Larry Ponemon emphasised the importance of automated file management systems to those seeking IT support in London.

“Evidence suggests that companies deploying enabling technologies that reduce the complexity of file management can decrease the overall compliance costs associated with the storage of unstructured information,” Ponemon stated.