Global business automation software provider, V1 recently found that over half of UK businesses have no disaster plan. Just 17% of UK organisations have incorporated electronic document storage into disaster recovery plans, and 82% of businesses admitted that this is very important or critical to the continuation of business.
This research highlights how many businesses have not taken any form of action following the disruption caused by 2013/14’s UK winter storms, and Holborn’s underground fire.
Out of the 92 organisations across public, private and third party sections examined, 60% of businesses admitted to V1 that their continuity plans had remained the same – despite almost half saying their business would not recover from severe disaster in less than a year due to not having a full data recovery operation in place. 28% of participants said their plans had improved slightly, while 12% said they were not sure whether plans had been changed or not.
Not having an updated disaster plan can end up being expensive for many companies. Technology industry analyst IDC estimates that the cost of downtime to SMEs can amount to £170,000 per disaster.
Respondents of V1’s research revealed that business backup comprises of security, staff and office relocation, IT back-up and electronic document storage alongside third party archiving facilities.
Only 17% are using electronic document storage, 33% and 49% of respondents believe that safeguarding business documents should be a ‘critical’ or ‘very important’ part of an organisation’s business continuity plan - 16% feel this is ‘fairly important’ and only 2% suggested it was ‘not important’ at all.
Why Electronic Document Storage?
When disaster strikes, electronic document storage can make contingency plans run smoother. Companies that may find themselves relocating to another building don’t have to worry about transporting shelves upon shelves of documents. It gives businesses the opportunity to save money by renting a smaller workspace. A four-drawer filing cabinet can hold roughly 10,000 to 12,000 documents and can take up 9 square feet of floor space. This can add up to a significant amount of space for businesses that process 1000s of documents a month.
Electronic document storage can help a business save money, which can be crucial when struck by a disaster. Over a document’s lifecycle the cost of handling it can come in between £15-£20, rocketing up to £120+ for misfiled documents. For documents that gets lost, companies can face up to £700 costs for each document – if disaster strikes this can come in at one big bill especially if many documents have been lost. Electronic document storage removes all the expensive parts of handling a document through its lifecycle. Creation, storage, authorisation, internal handling, staff costs for data entry, photocopying and distribution.
Does your company plan on using electronic document storage as part of their disaster plans? Let us know why on social media!