With a staggering 191 billion emails sent daily, and organizational data doubling every 1.2 years, the total volume of data production is expected to be 44 times greater in 2020 than it was in 2009. Managing and storing massive quantities of data is an increasingly costly proposition with an average sized automotive supplier (400 to 500 employees) storing approximately 30 to 40 TB of data at a cost of $2,000 to $15,000 per individual TB. That’s roughly $250,000 annually in storage costs alone.
Here’s the good news. Recent studies suggest that 50% - 70% of data stored by an average company is considered R.O.T. (Redundant, Obsolete, or Trivial). Essentially, most companies are paying to store large amounts of data they could actually delete. As the volume and velocity of data increases exponentially, creating a data retention plan is more important than ever before.
The challenge to effective data management lies in understanding the complex myriad of federal and state laws that govern various record retention rules and timelines. Warner’s Data Solutions Group understands these laws and helps organizations develop policies and practices that ensure compliance by safeguarding critical data while setting responsible policies for deleting ROT.
Beyond the obvious economic benefit of ROT deletion, corporate efforts to decrease the volume of outdated records can mitigate legal risk and the costs associated with eDiscovery during litigation. By carefully eliminating unnecessary data before a legal hold occurs, a company will significantly reduce its review and production costs.
Warner's Data Solutions legal counsel provides clients an in-depth cross functional review of ROT data. Because of our extensive experience with automotive supply industry clients, Warner is in a unique position to inventory supplier records ensuring compliance and significantly reducing data storage and litigation costs in the process. For more information on how Warner’s Data Solutions Group can help you, please visit http://www.wnj.com/Practices/Data-Solutions