Fortune 500's company survey resulted in archiving company data which is a plus. Let's take a look at the details about Managing Business Archives.

Future Value.

It is necessary to keep all the data of the past at a secure place for future reference. Learning and development value of past company data is immense. The growth of the company and other important material can be assessed easily for decision-making if it is stored digitally and kept as an archive.

Customer data-bases.

If a company is storing customer's data, it may be a customer that is in the past and not current but the value of experience from the past can be beneficial in future.

The company can save costs by using past databases instead of new research on same set or class of customers.Archives can be useful today or in the future by making necessary changes and uses with modern technology. Archives can be useful to show a company's strengths and overcome weaknesses. One more reason to keep it secure but accessible is for a newcomers. It saves cost and time if it is easily accessible for reference. Even if the reference is complex and not easily understandable in today's circumstance then it can be converted into modules for learning without making changes to the original databases.

Communicational advantages.

There may be several different departments in big companies and have several business units at various places in and outside the country.

If archives are digitally stored and accessible, then it becomes easy to communicate as communication is the heart and soul of business success. We have seen many big-ticket projects fail sometimes because of lack of communication or lack of understanding. If archives are stored then while communicating one can easily provide a reference to an archive to make it easily understandable.

New development.

Each company has unique expertise and if archives can be stored digitallyto make it accessible then it can be useful for other business houses and it helps to develop new products or new markets. Thus it can be a win-win situation for both the companies. Gone are the days of business rivalry; now it is in a company's interest to merge in a market where onestrength can be complimented by another.

Legal Interests.

It has become imperative for business houses to obey rules and regulations prevailing in countries where the company has worked. Archives are a useful source of protection as well as an informative database to avoid conflict and even if a conflict arises then it can work as a helper.

Security issues.

Many business houses realise that it is in the company's interest to safeguard its assets, patents, copyrights and other important contents. Archives are one of the sources of protection for the company. Many events and shows take place for inaugural business launches or product launches which are often recorded on different media devices. If it is stored digitally and made accessible on demand then it can prove a valuable asset to the company.

We have seen in newspapers or on the news that two companies fought for copyright of the same content and courts have ordered in favour of one particular company on the basis of proof of existence.

Branding.

Archives can create brand value over the years. Brands and TV advertisements that are learned by young children tend to remain forever in their lives. If a company's brand creation and consolidation phase are stored digitally then it can be useful inthe future. How has the company evolved over the years? How has it grown from nowhere to become a big buisness house? All these answers can lie within the archives..

If we take recent cases of smartphones compared to regular phones which were available in the market, we see that innovation plays a huge part in our lives, now than ever before.

If an archive of past work is properly maintained then it can work wonders for innovation and save time.

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