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Companies today collect and process so much data that storing it all is becoming an issue. In the past, a few filing cabinets provided more than enough space and security. But times have changed immensely in recent years, especially with the rise of remote working, and businesses must respond rapidly to ensure their data remains secure.

It’s time to move on from analogue and commit fully to digital. Storing data on paper or your own servers is expensive, inefficient and potentially unsafe, but companies tend to be put off by the traditional assumption that new technology is unaffordable and risky. In fact, investing in the right technology could significantly cut your file storage costs, improve security and speed up workflows, all of which are top priorities for businesses trying to stay ahead of their competition.

So, let’s take a closer look at three benefits of cloud storage for your digital archiving needs.

1. Reduce costs

Too many businesses are unaware of just how much money they’re wasting by refusing to go digital and capitalise on the benefits of cloud storage for business. Vast quantities of data are received every day and storing it all on paper is no longer viable from a financial perspective. However, uploading all this information to on-site servers isn’t always the solution either. This is especially true for inactive data, which is used so rarely that paying to store it on-site isn’t justifiable.

Put simply, if you store data on-site, you’re throwing money away. Looking beyond the cost of the storage space itself, you also need to consider the associated maintenance and security costs of fire or flood prevention. The question arises as to whether it’s really worth spending so much money on storing data that you hardly ever use, especially when hybrid workplaces are already reducing the need for large centralised office spaces.

According to a survey of Australian C-Suite leaders, cost competitiveness is a top priority for CEOs and businesses across Australia, highlighting the pressure felt by leaders to keep spending to a minimum. Luckily, cutting costs is often a catalyst for innovation, so there are now cheaper storage alternatives available, such as digital archiving with Content Services.

Content Services solutions enable you to digitise your inactive data and move it to the cloud, freeing up physical space that can be put to better use. The potential savings are immense, as the cost of cloud storage is minimal compared to buying, maintaining and protecting filing cabinets or on-site servers. The money saved could even be reinvested to drive digital transformation and grow your business. 

2. Minimise risk

Another serious business problem that can be avoided with the benefits of cloud storage is keeping track of data. It’s extremely difficult to prevent unauthorised access to paper documents, which could result in them being lost, misfiled, or destroyed. What’s more, poor data storage could lead to licences or contracts not being renewed on time, causing downtime and delays in production, not to mention fines for non-compliance during audits.

Some companies see the answer in moving their data to on-site servers, but this isn’t always the most secure document storage solution. Servers with inadequate management and protection can actually increase the risk of data breaches. No business is safe from cyberattacks; although the large companies may make the headlines, smaller firms are just as likely to be targeted by cybercriminals. And if any business were to lose access to its data, it would cease to function.

In contrast, when data is archived digitally using Content Services and cloud technology, access can be limited to authorised personnel. This feature adds an essential layer of accountability by removing the possibility of anonymous edits. Logs are maintained in order to monitor who views, edits, or downloads information, so you can be assured that your data is secure. In addition, this solution offers the option to program notifications so that you can stop worrying about fines for expired contracts or licenses, as you’ll be sent a reminder to renew them ahead of time.

Keeping your documents and your clients’ information safe and secure is part and parcel of operating in the modern business landscape. Given the advanced security features of the cloud, it makes sense to move your company’s most valuable assets to the most secure environment.

3. Increase efficiency

Reducing your reliance on paper is the most effective way to operate in today’s highly competitive digital environment. However, merely scanning company data onto servers is not an effective solution either, as poorly organised company servers are just as chaotic as filing cabinets. Delays in data retrieval can cause measurable drops in productivity, as a few minutes every day add up to huge amounts of wasted time over the course of a year.

Poor organisation also hinders productivity and collaboration. If different departments mistakenly use multiple versions of the same document, even the simplest project will overrun. No employee wants to waste valuable time making phone calls to work out what the most recent changes are, or what needs to be done next. Such operational inefficiency may seem harmless, but it can be highly frustrating for employees, with knock-on effects on customer experience and satisfaction

In order to improve workflows, your business needs a Content Services solution with advanced digital archiving features. This technology can identify and classify documents by type during the scanning process and add the appropriate indexing tags. Tagging the most important information, such as invoice date or customer number, makes it easier to find files in the future so that employees can focus on higher-value tasks and increase productivity

Another one of the benefits of cloud storage for businesses is that it offers remote access. Regardless of location or time zone, multiple departments and users can consult or edit the same file at once. This feature boosts collaboration and helps teams to meet deadlines. By using a single, shared file, everybody can be sure that they are using the latest version with the most up-to-date information.

What are you waiting for? 

The benefits of digital archiving are undeniable. Not only can you free up space that could be used in other ways, but you can also cut costs related to maintaining and securing storage areas. In addition, digital data archives are more organised and easier to search than old-fashioned filing cabinets, enabling employees to retrieve and use data instantly. Quick and easy access to information has a positive effect on the customer experience, as queries can be dealt with immediately using accurate data. Finally, storing data on the cloud is safer than paper, which could easily be misfiled, destroyed, or seen by unauthorised individuals. Digitally archiving your data on the cloud is the smartest way to help your company achieve its objectives with minimal cost and risk.

Businesses are handling more documents and data than ever before, and many are struggling to keep up. The answer to this challenge lies in using modern technologies such as Content Services to drive business efficiency and growth. Download the ebook today to learn more.