Corporations are inundated with data. Whether it be customer data, employee data or transactional data, there is a lot of it. However, when it comes to discovery, processing and reviewing large amounts of data is time consuming and costly. Delays in production could result in severe fines. While eDiscovery is a necessity, are there ways to reduce your eDiscovery costs?
Here are three ways to reduce your discovery costs:
Proactively manage and archive emailsEmail is considered one of the most valuable piece of information for a company due to the information that it can contain. It is the most common form of communication for business users and continues to grow while other forms of communications such as instant messaging gain in popularity. It is the first piece of information that is requested in litigation and early case assessment. When companies proactively manage their emails through an email archiving initiative, cost savings can be immediately realized. With an archiving solution, corporations can implement a retention policy to automatically dispose of emails according to defined rules, thus, reducing the data set that needs to be processed and reviewed for litigation. All of which can corporations thousands of dollars in litigation costs and hours of review time.
Content analysis.Content analysis is used to identify relevant information and rule out the irrelevant data. The goal here is to improve the quality of your initial data set, thus, lowering the number of documents that need to be reviewed resulting in a huge time saver. With text analytics, automatic classification and full search engine, users can delve into the data set, identify patterns and prioritize documents for review while at the same ruling out the non-relevant information. This has an immediate impact…reducing the data set for review. For example, reducing a data set from 10M to 5M can result in $290K in savings. Another key point to consider is images and photos. A lot of information in eDiscovery today includes images. Manual classification of photos and images can be costly and time consuming. What if you could rule out holiday and party pictures from your review set? With visual classification, discovery costs can be reduced by 16%.
Audio searchThe ubiquitous mobile phone has revolutionized how people communicate. With 96% of the population connected to mobile devices, audio evidence is viewed as just as importance as other forms of evidence. Legal teams have challenges when it comes to identifying, preserving and disclosing pertinent parts of their audio evidence. Current linear review of audio evidence is labor intensive with prohibitive costs. Cost to process audio evidence may be 80% higher than the cost to process email evidence. This reason alone is enough for legal teams to shy away from collecting and disclosing audio evidence. However, with new technologies, audio evidence can be easily indexed and made searchable. Available technologies has made audio search up to 350,000 times faster which results in lower transcription and manual review costs.
To learn more about other ways to reduce your eDiscovery costs, download our white paper, ROI in eDiscovery.