An enterprise electronic archive keeps all records, documents and communications in a space that is accessible digitally to authorized employees. These systems are less expensive and boost productivity when they are compared to pen and paper methods. Searchable archives enable employees to access information faster, which speeds the workflow process. Accounting firms, for example can easily locate financial records from the past to improve data analytics. Digital archives can help companies comply with regulations and avoid costly litigation.

Certain industries, like finance, healthcare, and government, have strict regulations that require compliance with data. Infractions can result in hefty penalties or a bad reputation. To ensure compliance, these industries must regularly archive their outdated and unutilized data to ensure that they have it available for audits or legal proceedings. Many companies make use of cloud archives to satisfy their retention requirements for data.

Using an electronic system for archiving reduces the risk of losing important documents by putting them in the hands of all authorized users. It also eliminates the need to rely on manual processes, which can be long and costly. It also reduces space, reducing the requirement to buy more storage cabinets.

Furthermore, a cloud archive makes it easier to conduct regular audits of data. For instance when an employee needs to check the conditions of a contract prior renewing it, they can simply access the contract through the archive.

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