Currently, 0.6 percent of a company's revenue is lost due to misplaced records and missing data, according to a report by K Logix. By 2016, that percentage is projected to jump to 1.6 percent, the source reported.
The data hints at poor information management among companies that are more concerned with archiving and storing information than properly organizing it. Businesses have been adapting to the digital wave, and have been storing more information online and on servers, but their system for storing the information is often mismanaged.
Document management requires a company to place files in categories and label data appropriately. Otherwise, information can be accidentally deleted or lost, as employees scour their hard drives looking for a specific file.
Data loss requires a company to employ a third party vendor to clone the data and work on extracting encrypted backup files, which costs a large amount of money.
By employing business process automation, a company can be assured that its information is being saved and stored properly. Otherwise, it may find itself part of this upward trend of data loss.
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