What’s Compliance Costing You?
Chances are it looks something like this.
Controlling compliance costs continues to be one of the top priorities for the enterprise today. The challenge is the struggle to keep the right 'stuff' in the right place at the right time. Legacy solutions today turn archives into permanent storage pools and don’t address long-term retention efficiently or cost-effectively. Is there a way to balance long-term retention with bottom line economics? How much of what you’re paying to store has real business value? Are you keeping information that could pose a potential risk? What about finding the right content in real time? How much are you paying annually in long-term vaulting costs?
In the era of Big Data, there is a growing problem with saving too much information, or hoarding it. That can get messy.
For example, costs and risks escalate when the business blindly saves everything, without consideration for what value lies within it. As new data comes in, old data can become redundant, outdated and trivial. Is your data growing stale and consuming valuable storage space? Do you know what you are storing, where and why? This lack of intelligence leads to a 'keep everything' strategy. What’s that costing you?
Today Commvault announced a revolutionary new feature called Reference Copy, which is content-based retention that helps control the cost, risk and complexity of managing and retaining compliant data. In other words, data that has governance, evidentiary or other business value. Reference Copy is a unique, truly integrated, content-inspired information management, allowing you to better manage your information in order to gain an understanding about content and enforce a clear policy on what to keep and why. Reference Copy is part of Simpana 10 software and works together with the Simpana ContentStore virtual data repository. Quite simply, once data is collected, Reference Copy gives you a set of policies to automatically classify it, determine what is most relevant, move it to cost-effective storage such as a cloud service, and delete everything that is irrelevant.
Reference Copy prunes away items you don’t need so only what has value remains, helping to achieve up to 70 percent reduction in storage. Reducing long-term capacity requirements makes the idea of using cloud services like Amazon Web Services, Microsoft Azure or Rackspace Cloud Files for archival storage more economical.
Risk to the business is reduced because access to the right information is streamlined. Only content that has value is retained, while data that does not meet regulatory, legal or corporate policy is defensibly deleted from a single source. Integration with Simpana 10 provides enterprise wide search and self-service access. Anyone, including legal and compliance teams, can quickly get to the right information when the clock is ticking.
Last, complexity is reduced because you can forget about manual processes and end-user classification. Reference Copy puts data collection and long-term retention on automatic pilot with automated processes to store, classify and organize information according to business value.
The story about reducing cost, risk and complexity comes to life when we start talking about concrete customer use cases. We see lots of heads nodding when we share this one. One of our customers, a hardware engineering company, has multiple sites that is involved in the manufacturing of the same device. As a result, it has no way of viewing all of the project data for that particular device in a single place. This led to a big problem when it needed to collect all project information for a patent request on this product. In fact, it estimated that manual collection and search efforts cost $200,000 in resources and infrastructure alone to accommodate this one patent challenge. And that was just the first year. They estimated an additional $100,000 each additional year the case stayed open. At four cases open per year, and each case lasting almost two years, the company unnecessarily spent more than $1 million by not having a single, accessible view into the right data. What could $1 million contribute back to your bottom line?
To sum this up, developing a single information policy and strategy helps to control cost, risk and complexity for a variety of users across the enterprise. Consider this. According to Gartner, “Strategies to address the time value management of data can succeed, and are being deployed successfully in many organizations. The goal is lower costs and risk, and improved access to valuable data. Challenges exist and may seem insurmountable at times. However, the results of good data management will support an agile business that understands its data and empowers its businesses to use it.”
At Commvault, we understand your data and information management challenges and can help you get past them. They are by no means insurmountable with the right tools. The idea of content-based retention impacts many stakeholders across the organization and ultimately leads to greater insight and increased value to the business. We’ll be talking more about Reference Copy and its many use cases in future posts. In the meantime, share with us. What is compliance costing you?