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5 Ways to Make Compliance Processes More Efficient with eDiscovery
Compliance is a necessary part of doing business in today’s world. That being said, compliance is often an incredibly time-consuming process that limits productivity and stifles innovation.
Rather than address this problem head-on, organizations tend to embrace it as the new normal. However, with the right tools and strategies like compliance eDiscovery, the task of compliance can be easier to handle while also allowing your business to become more efficient. The following are five ways to make compliance processes more efficient.
Reduce eDiscovery Costs
In its simplest form, eDiscovery is a series of processes that allow businesses to sift through mountains of electronically stored information (ESI) in a short amount of time to find critical business data and weed out unnecessary records.
eDiscovery technologies are constantly improving, allowing organizations to find more data in less time. For example, software designed for eDiscovery allows you to search the full text of every document without missing anything, even if commonly searched terms or phrases do not index it.
In addition to reducing costs, compliance eDiscovery software has the potential to improve data accuracy by providing a better understanding of what is needed and where you may find it in your organization’s data.
For example, automated metadata tagging provides a machine-generated index of all documents within a collection, which helps organizations locate the data they need, even if it’s located in an unexpected place.
Streamlined Collection Process
When eDiscovery tools are correctly implemented, the data collection is automated. For example, robots run by software can scan your network for ESI and only send the data that has been tagged as needed for review. This process makes sure that valuable data isn’t lost while still ensuring that only the right ESI gets to your reviewers.
Improved Capacity Planning
Such software also provides the ability to plan and use resources more effectively. For example, it’s possible to index ESI and prepare for a review with this software. Indexing allows you to determine what is needed, where it will be located within your data, and how much of it there might be.
eDiscovery tools have built-in intelligence, enabling the software to know what’s going on inside and outside your organization’s walls.
Intelligent eDiscovery software analyzes this data to determine your compliance readiness, including how much ESI you have, where it is located, and what keywords are associated with it. It then provides the information needed to make accurate capacity planning decisions.
Transparency can help reduce risk by showing regulators that you take compliance seriously. eDiscovery tools equipped with e-transparency provide an accurate view of your data’s location and the associated compliance risks while also making compliance reporting more efficient effective.
Make compliance processes more efficient: final thoughts
Most importantly, eDiscovery tools can help you be proactive about issues so you can address them before they become a problem. Take control of eDiscovery and compliance by implementing the right tools and strategies. Doing so makes it possible to improve your company’s efficiency and keep it out of legal trouble.