This blog is based on Tech Target series of white papers produced in association with the InfoArchive Consortium (IAC) focused on next generation data preservation.
The unprecedented growth in business information is challenging companies that need to store, manage, and leverage that information in order to operate their business. The amount of data being generated is doubling every two years and will grow by a factor of 10 in the period between 2013 and 20201.
Much of that information is in the form of customer communications. It is estimated that 50 billion documents are delivered each year in the United States alone. These include statements, invoices, policy documents, letters, and many more document types that are needed to maintain relationships with customers.
Legacy customer communications archive systems were typically designed by print vendors for print formats. However, the print model is fast becoming archaic and is no longer efficient for today’s digital world. The average print budget for a modern organization is $5.8 million, not counting postage costs. Just a 20% reduction in paper and postage could have a major positive financial impact on most organizations2.
Beyond the cost ramifications involved in maintaining legacy systems there is also the reality that the demands of customers have changed. Simply put, most customers don’t want paper—they want the flexibility and agility that digital technologies enable, including the ability to access account information in real-time from a range of devices, including smartphones and other mobile solutions.
However, many enterprises haven’t yet made the move to next-generation digital solutions. According to one survey, only 32% of organizations provide digital online access to digital communications, and 53% provide no customer access to digital communications at all3. This is not a viable long-term strategy.
If you want to learn more on this topic of customer communications archiving, then stay tuned for the next blog in this series, Organizations Need to Move on From Their Legacy Customer Communications Archives.
1 “The Digital Universe of Opportunity: Rich Data and the Increasing Value of the Internet of Things,” IDC, April 2014
2 “First Class Mail Volume Since 1926,” United States Postal Service, February 2014
3 “Trends in Customer Communication Archiving,” Association for Information and Image Management, August 2014