You probably won’t be surprised to know that archiving inherently predates the Library of Alexandria. However, it is surprising that archiving is in an exceptional state of flux and is one of the fastest evolving areas of Knowledge Management. Here are just a few of the current trends we’ve seen at Adlib (many of which we discussed at our NYC seminar last week).
Retention timelines now exceed tech lifespans
FINRA and other regulations governing how long specific types of records must be kept now exceed the timelines that we expect technologies, particularly hardware standards, to be viable. Obsolescence must be expected and embraced. Imagine loading containers on a truck for a long-haul delivery knowing that the truck would be obsolete somewhere along the road and would never reach its destination. Making sure that the containers could be transferred to whatever a future ‘truck’ might look like would be essential.
Unstructured data is growing exponentially
Companies are both harnessing and fueling the growth of social media. Radicatti predicts that over 250 million new corporate email accounts will be added between 2012 and 2016. The result is a mind-boggling growth in the quantity of unstructured content that needs to be retained for Business Intelligence and compliance purposes.
eDiscovery is now a multi-billion dollar industry
Fueled by growth in both the frequency of eDiscovery audits and the quantity of data assessed per audit, Gartner predicts that eDiscovery will grow by 15% annually from US$1.7 billion in 2012 to US$2.9 billion in 2017. Compounding this trend, eDiscovery frequently uncovers holes in archiving processes thereby exacting a systems cost in addition to the legal and compliance costs.
Archiving compliance has teeth
Archiving compliance is not one of those areas of regulation that can be mulled over at leisure wondering if they will ever be enforced. In recent years, there have been over US$65 million in fines levied in the U.S. Financial Services industry alone.
Cloud is an umbrella of archiving issues
Cloud services can reduce storage costs but it also provides a fresh start for archives with an increasing focus on de-duplicating the data going into the cloud. As legacy corporate applications are decommissioned in favor of cloud solutions, archiving and / or moving over databases is becoming a significant hurdle. Auto-classification is also gaining interest and momentum, both in its own right and as another component of improving the accessibility of archived information in shiny new cloud services.
Despite the rapid pace of change in archiving, the industry is generally well poised out in front of the challenges. Adlib is particularly well-suited to help assure that your critical data assets are future-proof. Learn more about how Adlib’s Advanced Rendering technology can help organizations to meet archiving regulations in this white paper.
As I mentioned, we touched on many of these trends in our NYC seminar last week, which focused on capture, compliance and centralization. If you’re interested in attending one of these engaging discussions, check out our events page.