One of our larger customers in insurance conducted an internal audit of their Document Management Solution, with an eye toward cost reduction and the evolution of the solution. In the end, they concluded that only about 5% of the information stored in their document solution was essential, highlighting a significant opportunity for cost reduction in data storage
What were the consequences of this:
- Compliance issues: MiFID II and GDPR in particular
- Missing out on cost savings: The DMS solution requires licenses for every user and costly data and database storage
- Issues with guaranteeing the validity of digitally signed contracts
Most of the information should have been stored in compliant archiving solution:
- Customer Communication: Should be archived in an unalterable way
- Customer Contracts
- HR documents
- Medical Information
- Data and documents from old, decommissioned systems
- Financial Reporting
- Financial Data
So, what 5% did actually require a DMS?
- Reporting that had to follow an audited procedure
Several of our customers have achieved significant cost savings thanks to using our Docbyte archiving solution:
- Reduction of migration costs, as data is no longer migrated to new systems, but consulted from the archive
- Reduction of run cost: Docbyte’s solution enabled one customer to achieve a run cost saving of up to 500K€ on one system. Furthermore, there was a reduction in the total TCO of the IT environment through decommissioning several outdated IT systems.
Cost Reduction: Significant Savings Achieved by Customers Using Docbyte’s Archiving Solution
- Data storage: By only storing the data you need, you can achieve cost reduction by freeing up space and reducing the amount of fast and costly storage you need to purchase or lease.
- Backup and Disaster Recovery: By reducing the size of your data storage, you can lower the cost of your data backup and disaster recovery.
- IT: By reducing the amount of data you need to store, you can also reduce the number of licenses you need to purchase.
- Legal and Compliance: Archiving helps you to implement the proper compliance rules and makes it easier to produce the information you need for audits.
- Migration: By only migrating the necessary information, you can save time and money while still ensuring that you have access to the data you need.