Productive management and governance of modern data for modern enterprises
With data being generated at exponential rates—as 200-plus ZB of data is expected to be found in cloud infrastructures by 2025—it's undeniable that digital transformation is an encroaching necessity for effective business management. Yet as tools become more complex and disparate, and as legacy data weighs down enterprise potential, business leaders are left with finding a solution to eradicate these challenges, while simultaneously keeping security and governance in mind.
KMWorld held a webinar titled, “Managing, Securing, and Governing Your Content,” featuring speakers Cynthia Alsup, VP of software sales at Access; Alyssa Blackburn, director of records and information management strategy at AvePoint; and Sean Baird, product marketing manager for content services at Hyland, to explore the ways enterprises can immediately begin digital transformation processes with their existing systems—and without overwhelming or complex solutions.
Data storage is increasingly necessary with mass data generation, and it comes at a cost; according to research conducted by Access, 80% of survey respondents stated that they are increasing investments to manage record and data and will continue to do so over the next 24 months. Further, 58% of organizations noted that they kept systems no longer used for business purposes because they still contain records, i.e., “stranded records.” As more data is generated, more storage means more costs, while legacy data drags down enterprise growth.
Alsup pointed towards Access solutions, such as Virgo, Access Unify Active File Service, and Access Unify Secure Compliance, to ease the pains of siloed and costly approaches to information governance for mass volumes of record and repositories.
These platforms include features such as:
- Virgo: a secure cloud subscription service with global coverage and composed of legal research, users can manage records retention and information governance policies that are continuously updated on regulatory record-keeping requirements, enterprise-wide.
- Access Unify Active File Service: allows users to transform from paper with on-demand digital delivery through a managed service program; all under one, predictable monthly fee.
- Access Unify Secure Compliance: transforms records from retired legacy stores to a cloud-based digital records management solution for rapid conversion, workflow-enabled destruction of records, as well as management and protection in an SOC compliant repository.
Strategies for records and information management are just as critical as the solutions, Blackburn noted. Cost, again, is a major challenge towards effectively leveraging cloud-based data stores—according to research from Microsoft, one-third of companies have cloud services budget overruns up to 40%. Blackburn attributed redundant data possession as a contributor to cost expenditure, as many enterprises hold onto legacy or useless data while simultaneously generating new data.
The key method for effective management is lifecycle management of data, across their content repositories, to continuously manage data from cradle to grave. Implementing policies surrounding archival, disposal, exporting, and transferring are critical throughout the data lifecycle—as long as those policies are actively managed, Blackburn warned.
Baird, building upon the present challenges of data management in regards to access and tool complexity, presented a two-pronged approach from Hyland that can improve long-term data management and gradually introduce digital transformation. The approach manifests as connect and consolidate, where existing systems experience repository integration to connect existing data and content sources for less disparity. Baird remarked that this increases ROI speed, expands the value of systems already in place, and quickly establishes a solid foundation for future migration to the cloud.
Once you’re connected, it’s time to consolidate; Baird urged enterprises to migrate content and retire legacy systems over an extended period of time to mitigate digital transformation risk. Eventually, enterprises would reduce their reliance on legacy systems to move to a singular, future-proof platform. Upheavals of entire systems to initiate digital transformation is not always a feasible solution, according to Baird. Employing a gradual, progressive method that first builds a foundation for successful modernization ensures long-term, reliable growth.
For insightful examples and in-depth commentary regarding modern data management and governance, you can view an archived version of this webinar here.