In the absence of a document retention policy, systematically implemented, organizations are powerless to manage or control document resources. This situation exposes the organization to substantial, but entirely superfluous, costs and risks:
- Risk of “gotcha” documents – there are documents you could have deleted, but unable to implement document retention, you didn’t. And those documents lurk forgotten in an archive…until one day they turn up in a document request…and then they’ve gotcha…
- Cost of e-discovery – the more documents you have, the higher the cost of e-discovery, investigations and regulatory requests.
- Cost of storage -- storage unit costs may be down, but the growth in document volumes render overall storage costs excessive.
By using predictive coding to systematically and defensibly implement document retention policies, organizations regain control over their document resources to:
- Reduce the risk of “gotcha” documents
- Reduce the overhead in e-discovery operations
- Reduce the cost of retention storage by almost half