Find out if hidden costs of information management are affecting your bottom line
Reducing costs is a top-of-mind concern for businesses of all sizes. Yet, many of the traditional finance-driven methods of cost cutting—such as reducing headcount, tightening the belt on travel and entertainment costs, and cutting programs such as training—miss out on a key savings opportunity: cost savings related to information management.
You may be unaware of some of the hidden costs associated with the management and storage of your company’s information. There is a potential for significant savings by targeting processes related to managing paper and electronic records to determine where you are spending money unnecessarily.
Consider some of these “hidden costs” of information management:
- $120 – the labor cost associated with finding a misfiled document 1
- $14,000 – the annual value of lost productivity due to workers’ inability to locate
- $500,000 – the recommended Discovery budget for a moderately sized case 3
Iron Mountain can help you uncover many of these areas for savings by:
- Managing the volume of information to meet legal and business requirements and help control costs associated with storage
- Applying process changes and technology to improve how information flows through the business, meeting business and legal needs
- Adopting a tiered approach to managing paper and electronic assets, creating different structures for different record types
- Answering a few questions and discovering some of the ways your company can save money by uncovering hidden costs.
By focusing your efforts on these areas, your company will be better equipped to:
- Realize savings related to storing paper and electronic information and supporting legal discovery
- Define retention policies that are consistently applied to information of all types
- Avoid unplanned expenses such as the fines and penalties associated with keeping too much or too little information
Learn more about the ways we can also help your company increase your overall business efficiency and improve compliance.
1Coopers & Lybrand, 1993
2IDC. “Hidden Costs of Information Work,” IDC, 2006, (DOC #201334, April 2006)
3Gartner, “Reducing the Cost and Risk of EDiscovery in 2009,” January 9, 2009