In the evolving world of regulatory compliance, IT leaders face challenges managing the vast archives of internal, trade, and customer interactions.
According to Wordwatch, with billions of data records generated annually in regulated industries, the task of overseeing extensive data archives spread across multiple systems is immense.
Legacy systems particularly exacerbate these challenges, imposing high maintenance costs, complicated data extraction processes, and ongoing training needs for unsupported solutions. The constant evolution of IT infrastructure means that once a system falls out of support, essential security updates and system knowledge become relics of the past. This scenario not only requires substantial financial outlay to maintain outdated hardware but also to preserve access to historical data.
The firm’s latest whitepaper, “The Cost of Doing Nothing: The Risks and Solutions for Compliance Archiving and Records Management,” reveals that 39% of businesses are juggling at least two legacy recording systems alongside their active systems. A significant portion, 28%, manage three systems.
This layered complexity not only inflates costs but also heightens the risk of non-compliance and security vulnerabilities due to scattered data and disjointed IT architectures.
The implications of maintaining the status quo are dire. Continuing on this path means spiralling maintenance costs and the peril of data over-retention, where businesses keep data longer than necessary, incurring extra storage costs and opening themselves to compliance violations.
Wordwatch is stepping up to tackle these issues directly, offering IT professionals robust solutions that include:
- Consolidation: By centralising all interaction records on a single platform, Wordwatch dramatically reduces the need for multiple servers, slashing storage requirements by an average of 87% and server usage by 90%.
- Streamlined Operations: With an intuitive interface and quick search capabilities, Wordwatch simplifies the management of billions of records, enabling easy location, retrieval, and review.
- Data Integrity: Ensuring the preservation of original recording formats with a verified Chain-of-Custody, Wordwatch helps meet stringent global regulatory standards and sidestep potential fines.
Modernising your compliance archiving and records management systems goes beyond meeting current needs—it’s about preparing for the future. Wordwatch offers the flexibility of full cloud, on-premise, or hybrid deployments, allowing your infrastructure to adapt as your business evolves.
The increasing volume of interaction data necessitates a proactive approach—the cost of inaction is simply too steep.
Download Wordwatch’s whitepaper here to learn more.
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