Harness the best of what data offers with a well-defined data retention policy.
A data retention policy also called a company retention policy, is a documented guideline on how to store, classify, and organize data.
It also demarcates the rules and sets the procedure to dispose of data when no longer in need.
This policy comes in handy to prevent unnecessary data build-up, which, in turn, helps save costs.
Businesses use data to amp up their marketing initiatives. Data can also be used to improve customer experience. Businesses increasingly use data to power artificial intelligence(AI) decision-making.
Great-quality data has never been as highly sought-after as now. A data retention policy can help you streamline this data and give your organization an edge in the marketplace.
Besides playing a key role in marketing and operational activities, data retention helps businesses fulfill regulatory and compliance norms.
Organizations of all sizes and structures are taking a closer look at their data retention and disposal policy.
These are the critical elements in a data retention policy:
Not all data is useful to all businesses. It is important to define what the cloud ingests, and what it must reject as futile.
This must define the script in which the data needs to be stored.
Long-term data retention is necessary to meet regulatory compliance. Holding onto data for longer than necessary causes data build-up and increased storage costs.
Long-term data retention is necessary to meet regulatory compliance. Holding onto data for longer than necessary causes data build-up and increased storage costs.
Here, you would define the method for data disposal and enlist authorized personnel who can influence the task.
In modern-day decision-making, businesses use data to track consumer behavior, trends, and sales patterns to optimize processes. Data analysis also assists in improving customer experience. A data retention policy, in its entirety, helps you do much more.
These are the functions it serves:
Fulfill data protection obligations set by national and state law.
Data brings precision to marketing initiatives.
Mistakes in data management can cost billions in litigation damages.
Most businesses suffer due to the lack of a data retention policy, as data has an intrinsic habit of scaling rapidly and often unannounced. Without a proper guideline, your efforts are directed towards filling gaps that a simple policy could’ve plugged.
An organization faces these common challenges in long-term data retention:
Rapidly growing organizations can be smothered by a colossal increase in data over a short period. Ever-changing policies garnered by the changing landscape of set policies in personnel records, taxes, audits, and cybersecurity, to name a few, tend to overwhelm employees in charge of retention.
Mastering the art of differentiating what is helpful from what isn’t can make or break your data management. Categorizing records based on business function, codes, and retention periods can be time-consuming.
The vastness of Vaultastic’s Data Management solutions allows you to preserve data most efficiently, and create a customized backup and retention policy.
Vaultastic also optimizes data storage, allowing storage on different tiers depending on usage. It includes source-side data deduplication so that only one version of each data is transmitted to the cloud.
You can quickly and surely achieve your data management software, which includes an archival and data retention tool.
