Every company, irrespective of its size, relies on some form of data to help make decisions. Whether it’s the data collected from the customer survey or internal operations, data is crucial for companies to understand their customers and markets better.
According to market research firm IDC, companies lose 20 – 30 percent in revenue every year due to inefficiencies. A company’s data can come to the rescue. Data helps businesses to increase customer retention, improve customer service, find new customers, better manage marketing efforts, predict sales trends, and more.
But is it feasible for every company to save all its data? A business will only decide to record data when the costs of doing so are smaller than the revenues they expect to derive from it. To leverage its own data, a company might have to invest in the data collection costs, primary data storage costs, and costs involved in data retrieving when required.
Hence, companies need Data Archiving – the robust data management strategy for continuously growing data.
What is Salesforce Data Archiving?
Data growth is impacting in multiple industries. Healthcare is quickly transforming into a digitized industry producing massive amounts of data that proves to improve human health. Healthcare data promises to improve patient care and improve the whole patient experience. And in the Education sector, digitization of the study halls and video-based training is significantly impacting the generation of big data. In the Manufacturing industry, data is generated right from the product quality assurance to the supply chain. This means that there’s a lot of valuable data being generated in every industry but no effective archiving strategy in place.
Salesforce Data Archiving is the process of securely storing inactive Salesforce data for a specified period of retention. Some businesses are mandated by industry regulations to retain data for certain lengths of time. Depending on the regulated industry, many or all Salesforce data objects must be archived.
As the data increases, most companies will eventually run into data storage limitations within Salesforce. Deleting data is not advisable as you never know when you need what information and might end up risking huge fines. An effective data archiving strategy is a critical part of every business and needs to be planned properly. Data archiving reduces storage costs as the data is stored in secondary storage space. It even keeps sensitive business data safe.
Archived data should be available when in business need. Hence, such data archives should have a good search and retrievable capabilities to make data easier to find and access.
The Importance of Salesforce Data Archiving
Cost-effective strategy: For a business trying to simmer down expenses, it needs to keep an eye on storage limits. The main benefit of archiving data is to reduce the cost of primary storage. Archiving the right data can not only be a good ROI strategy but also adds value to your business. Many enterprises find it challenging to distinguish what to archive and what data to be left on the primary storage.
Having said that, deciding which data to save in secondary storage remains an effective archive strategy when companies have huge amounts of unstructured data. Organizations without a ‘proactive’ archiving strategy may end up losing data that could still be valuable to the company. This is extremely important because recreating data is more expensive than archiving it.
Improved System Performance: The unused data, when removed from the active system, helps to speed up the system response time and enable swifter processing times. Your Salesforce system will transform into a much more productive environment.
Easy Data Access: Data archiving is a cost-effective strategy for companies to keep their business data safe, even as it adds up every year. Not just that, enterprises would be able to easily search for and access the old data that adds value to the business over time.
Prevent Data Loss: Archiving data prevents data loss in situations where employees accidentally delete or misplace the files. Employees can retrieve back up information without having to rely on expensive processes.
Legal Compliance: Compliance authorities, like GDPR (General Data Protection Regulation), are daunting for enterprises as they pose severe penalties in case of data breaches. Salesforce data archiving is important for legal reasons too. An effective archiving system ensures the company adheres to the specified retention schedules regardless of employees’ knowledge.
Increased Security: With an average data breach costing USD 3.92 million (according to an IBM report), safeguarding confidential business data has become more important than ever. And with more stringent government laws, data security is everyone’s responsibility. Data masking helps organizations to protect their data proactively. Solunus ArchiveIt, for Salesforce data archiving, uses a data masking technique to help enterprises raise the level of security and privacy assurance by shielding confidential data.
Solunus ArchiveIt is a simple point and click data archiving and purge policy solution for the Salesforce platform to manage data governance, compliance, and quality while saving costs. It helps organizations with Data Quality, Data Volume, and Data Compliance needs and saves up to 90% of costs. If you are looking for a robust Salesforce data archiving partner, don’t hesitate to reach out to us at email@example.com.
Solunus, a North-American based Salesforce Partner, prepares businesses for their next-generation customers. Established in 2014, we simplify Salesforce for you to build more meaningful customer relationships. We partner for a win-win arrangement with clear ROI that the client realizes by the end of the engagement. Our 350+ years of cumulative industry exposure and Salesforce experience underpin our position as the right Salesforce partner. We are a team of Salesforce Certified Professionals, CRM Architects, and certified Agile Scrum Masters with a passion for making a difference.
About the Author:
Lizia has over eight years of deep understanding of marketing in the software and technology space. She has professional writing experience – both in the start-up and SMB corporate context. Her specialities include content marketing, building, and establishing marketing and business development. Her work is widely published in industry blogs, as well as on the company publications.