For some businesses the space between their information retention policy and its successful implementation is affecting the way they manage their electronically stored information. A recent survey has found that there is a significant gap between the beliefs and practices of companies with information retention plans. The majority of companies that have information retention plans failed to implement them properly in 2012. The issues with recovering information and the negative repercussions of this were also problematic for companies in 2012.
Plans Not Implemented
While the number of companies with information retention plans increased in 2012, only a third of those reported they had a fully implemented information retention policy. The biggest stumbling block for companies when it came to this was the cost of maintaining and executing a successful plan.
Failed Information Requests
The number of failed information requests rose in 2012 to almost one-third. This can create problems when a company faces an eDiscovery request and they are unable to comply due to a poorly implemented or non-existent information retention policy. These failed information requests can have a negative effect on a company’s reputation; they appear sloppy and disorganized. These information requests are important to companies for many reasons, including litigation, internal investigations and public information requests.
Many companies reported that they were also preserving more information than was necessary. Almost 40% of data retained by these companies was being kept unnecessarily, which can reduce the efficiency of an eDiscovery request.
One of the key recommendations was the need for companies to get a grip on their information retention plans. There needs to be a clear plan for deletion of information so companies can do so with confidence. Fewer information retention policies also lead to a clearer plan and successful control of information. The recommendations from the survey also stressed the importance of an archiving solution to respond to information requests with efficiency and speed.
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