Where You Store Your Data Matters: Data Volumes Expected to Grow by 20% YoY
Why it matters
As communication data volumes rise and the number of communication channels firms use to conduct business grows, so do data storage costs. This can lead to runaway costs for regulated organizations that are required to capture, archive and surveil/supervise their communications data. However, as noted in a recent Forrester Total Economic Impact™ study commissioned by Smarsh, the Smarsh Enterprise Platform reduced data archive costs for regulated customers by 25% with innovative archiving technologies, reclaiming costs otherwise spent on inefficient processes.
It's essential as a financial firm to identify a storage solution that is both secure and easily accessible for your communications data. This is especially true if you’re in a regulated sector, where you must be able to retain, review, supervise and present data promptly in response to a regulatory audit or e-discovery request.
The amount of data an organization must manage can vary greatly depending on its size; for instance, large enterprises may handle or store up to 500 petabytes of data. With the increasing use of generative AI-enabled applications, Gartner predicts that data will continue to grow by as much as 20% year over year.
Ultimately, this means that a larger percentage of your firm’s IT overhead costs will be dedicated to storing the firm’s communications data.
Learn how customers achieved 124% ROI over three years with Smarsh
Smarsh reduces archiving costs
To address these challenges, the Smarsh Enterprise Platform simplifies digital communications compliance. As a single, end-to-end communications intelligence platform, it enables communications capture, archive, supervision/surveillance and e-discovery.
A single repository or archive can reclaim vital resources for firms that must capture, archive or supervise communications data spanning email, social media, voice, texts, instant messages and more. According to a Forrester Consulting study of Smarsh's Total Economic Impact™, Smarsh reduced data archiving costs by 25% for a composite organization representative of interviewed customers.
How does Smarsh reduce data storage costs?
Data tiering
Not all data storage is created equal — or costs the same. Data tiering allows for “hot storage” and “warm storage.” Less frequently accessed data can be archived more affordably in warm storage, cutting storage costs by 15%.
Automatic data retention schedule
In addition to this data tiering approach, data that’s no longer needed can be automatically and compliantly disposed of at the end of its retention period. This not only helped reduce archive costs by 10% but also saved time for personnel who are no longer required to spend time manually deleting data.
"Smarsh’s deletion capability is a benefit in addition to data tiering. We have a rock-solid retention governance program within the electronic communications space. We can estimate what growth is going to be, what data is expiring, and what data can be moved to the warm tier. With Smarsh, disposition is just on and running in real time. "
Improve e-discovery processes
The time-saving benefits of e-discovery can differ depending on the number of litigation events and volume of e-discovery requests. Smarsh enables faster data retrieval and exports, enabling law firms to reclaim valuable time that paralegals and attorneys would otherwise spend on e-discovery tasks.
"Our general counsel has found [Smarsh e-discovery] to be helpful and intuitive. The legal department can run searches on their own and do not have to rely on IT to pull files."
Decommission on-premise storage hardware and tools
As a cloud-native solution built on and powered by AWS, Enterprise Platform can replace legacy on-premise archive solutions. The platform takes advantage of the near infinite flexibility and scalability of AWS cloud technologies to provide a reliable and high-performance product that meets the needs of the world's most demanding large organizations.
It also means there’s no need for firms’ IT team to manage the maintenance, performance, uptime, multi-region requirements or security since AWS takes on those responsibilities.
Can you afford to do nothing?
There’s enough data on data: it’s going to keep growing – and growing more costly to store it. But with the Smarsh Enterprise Platform, you can reclaim resources otherwise spent on other data storage solutions .
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Scalable for organizations of all sizes, the Smarsh platform provides customers with compliance built on confidence. It enables them to strategically future-proof as new communication channels are adopted, and to realize more insight and value from the data in their archive. Customers strengthen their compliance and e-discovery initiatives and benefit from the productive use of email, social media, mobile/text messaging, instant messaging and collaboration, web, and voice channels.
Smarsh serves a global client base that spans the top banks in North America and Europe, along with leading brokerage firms, insurers, and registered investment advisors. Smarsh also enables state and local government agencies to meet their public records and e-discovery requirements. For more information, visit www.smarsh.com.
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