Companies have always been left with the burden of keeping and organizing files. But as boring as it may sound, keep appropriate records and know how long to keep them is essential for businesses of any size. Needless to say, have a sound and reliable file retention policy on the side while the business operates has become indispensable.
The unfriendly regulatory environment that companies face has become a major factor that led to the need to have a good record retention policies. Big companies earning millions of dollars may face multiple lawsuits from time to time. This has caused them to invest in eDiscovery software and other ways to improve document management To respond if someone takes them to justice. But it is not just a multi-million dollar business that took a record retention and management to a higher level. Even mid to small sized businesses have recognized the need for good records retention policy.
surge in electronically stored information (ESI) for the subject to use computers in their daily work has also contributed to the search for better record retention policies. Unlike paper documents, electronic data is more complicated to manage.
main purpose of the record retention policy is self-protection when faced with legal action. A poor record retention management could cause millions of dollars in lawsuit fines. The sensitivity of the issues involved in the record retention has caused discussion about how it could successfully be implemented. But most would still agree that a more effective way to establish a reliable record retention policy by using a third-party eDiscovery software and document retention policy solution.