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Iron Mountain Study Shows Data Archives Represent Blind Spot, Business Opportunity for Most Organizations
BOSTON, MA — June 24, 2015 — /BackupReview.info/ – Iron Mountain (NYSE: IRM) today announced the results of the landmark study[i], “Mining for Insight: Rediscovering the Data Archive,” an IDC white paper, sponsored by Iron Mountain. The results confirm every executive’s worst nightmare: Organizations of all sizes and across industries are drowning in data, unable to effectively mine their data archives for key insights that could ultimately improve business outcomes. However, the findings also indicate that a subset of organizations are in fact successfully leveraging their data archives and the benefits are impressive – as much as an additional $10M in revenue from streamlined IT and customer service operations.
To see the full results of the research, please visit: www.ironmountain.com/DataRedefined
The research reveals that organizations with a well-defined data archive process stand to realize value from two potential avenues: cost savings and added revenue from monetizing archives. On the savings front, more than half of the organizations polled realized $1M or more in savings over the past year from risk mitigation and avoidance of litigation, with the top 21 percent reporting savings of more than $10M. Similarly, 44 percent of organizations reaped $1M or more in savings stemming from reduced operational or capital costs, with the top 18 percent capturing more than $10M.
More striking is an organization’s ability to draw new revenue from an effectively managed data archive. While 39 percent of companies surveyed benefited from an additional $1M or more in revenue, the top 15 gained more than $10M. On average, companies polled saw an additional $7.5M in new revenue streams from their data archive.
Despite leaving money on the table, the majority of organizations – 76 percent – believe they are already maximizing the value of their archives, making data archiving a real blind spot for business leaders. With only 38 percent of companies using archives for business analysis, a critical process to drive additional revenue by better understanding markets, improving products and service delivery and better serving customers, it’s clear that the majority of respondents are not truly leveraging the power of their archive.
Of the 24 percent of businesses that acknowledge they could be leveraging their archives more effectively, nearly three quarters believe they could be extracting two times or more value than they realize today, with more than a quarter believing they could gain five times or more value.
To help organizations bridge the disconnect between perception and reality, Iron Mountain and IDC recommend organizations implement the following processes:
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[i] IDC for Iron Mountain. IDC surveyed 1,011 members of senior and executive management involved in data archiving from organizations with more than 500 employees across a broad range of industries. Participating countries include the United States, Canada, the United Kingdom, France, Spain, Netherlands, Germany and Australia. Respondents were from IT departments and Legal/Compliance departments as well as lines of business. They were asked about their current archiving strategies and processes, the business value of their data archives and how satisfied they are with their access to archived information for a variety of business use cases.
Source: Iron Mountain Inc.
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