According to IDC, there are hundreds of exabytes of new data every year, growing at an alarming rate, perhaps even exponentially. If you think your company is better off the more information you have, then you fail to see what has been happening in the discovery industry—the overnight billion dollar baby birthed by lawyers exposing every organization’s soft information mismanagement underbelly. The one where the company has way too much stuff that is poorly managed or not managed at all. So what can be done about it. Either stop creating it or get rid of it. But how can you get rid of it if you don’t know what it is. Well you can’t unless you satisfy your retention requirements and legal hold obligations. Retention policies are the only way to clean house and sleep at night. So what are you waiting for?
Recently, someone asked me how it’s possible in a heavily regulated financial services industry that billions of dollars can be scammed from so many people in the Madoff scandal. Companies memorialize business activities in records. When records don’t exist, at a minimum, the customers don’t have confidence doing business with you. So how did he do it….”According to the Wall Street Journal, “After funneling billions in investor money to Bernard Madoff over nearly two decades, Fairfield Greenwich Group is offering up its explanation to investors . . . firm supplied falsified trading documents . . . what now appear to have been fake electronic records from an independent firm that inventories much of Wall Street’s stock and bond holdings.” WSJ, 3/2/09