Movement toward monetizing: Your archived data should be lightning quick to find

Movement toward monetizing: Your archived data should be lightning quick to find

In today’s data-rich environment, organizations that don’t leverage both current and archived data sources could well be missing opportunities for growth.

The data gleaned from your call forward and call recording software should be no different. To use it to its best advantage, you’ll want to ensure your archived info is readily available whenever needed to meet goals of compliance, process improvement, product development or other purposes.

In fact, a recent study by IDC and Iron Mountain reveals 70 percent of IT and business respondents worldwide see data archives as potential revenue drivers. The top 15 percent of companies polled report generating more than $10 million in additional revenue as a direct result of optimizing data archives over the previous year.

“In the past, the main drivers for data archiving centered on legal/compliance aspects of business continuity, including eDiscovery records retention, audits and disaster recovery,” explain authors Laura DuBois and Sean Pike. “(But) more companies are now interested in using their data archives as a source for analytics, and are finding new ways to monetize archived information.”

That said, many firms have yet to monetize their archives, largely because they lack the needed structure. While 57 percent of study respondents archive files, email, security logs and call center records and/or other information, only 12 percent have uniform processes determining what gets archived. The study concludes 77 percent of firms worldwide may face difficulties identifying and accessing archived information as needed.

That’s one place RingSquared shines: Customers optimizing its cloud-based call routing, tracking and recording tools are all linked to archiving systems that allow for seamless retrieval of information on demand.

Some other suggestions for optimizing business data archiving:

  • Coordinate the goals of your business and legal/compliance departments. Your chief data officer could work with other department leaders to set long-term strategies, addressing pain points company-wide while keeping information safe. Another option is working with a third-party vendor with specific expertise in data archiving and protection.
  • If you haven’t already, move all your metadata to a cloud-based archive that offers cataloging based on site, business unit, telephone number, etc. Cloud storage offers the advantage of a single online portal that’s easily accessible from anywhere. Seek a provider that offers scalability, and make sure you understand where and how the data will be stored; who ultimately owns the data; how the data will be encrypted; whether the provider itself has access; and whether the provider offers 24/7 support.
  • Ensure your archiving plan is in compliance with industry regulations.
  • Educate employees company-wide on company goals and policies surrounding data retrieval.

“Key factors holding back companies include difficulty leveraging archives for business analysis, the mistaken belief they are doing a better job monetizing their archives than they actually are, and considerable disconnects between legal/compliance and lines of business/IT regarding archive value and accountability,” summarize DuBois and Pike. “Addressing each of these issues is key to truly unlocking the value of the archive.”

Talk to RingSquared about how its call routing, tracking and recording tools automatically archive data that can be used to leverage more revenues.