eDiscovery solutions are being increasingly adopted by governments and regulatory agencies. Increasing volume of electronically stored information (ESI) and growing usage of social media in organizations has increased the demand for on-premise as well as off-premise eDiscovery software solutions. With legal work continuing to move in-house at corporations, internal experts are focusing on cyber security and eDiscovery solutions. The global eDiscovery market is estimated to expand at a CAGR of 16.2% during the period between 2014 and 2020. The global eDiscovery market was worth US$5.5 bn in 2013.
eDiscovery Solutions: Steep Costs Restrain Organizations from Investing in eDiscovery
It is no secret that eDiscovery solutions are costly. In fact, it has been estimated that eDiscovery costs alone account for around 90% of litigation costs. The high cost associated with eDiscovery processes is expected to hinder the growth of the global eDiscovery market. Investing in eDiscovery becomes more expensive if organizations do not take some preparatory steps. To minimize exposure to steep eDiscovery costs, following are some of the proactive steps firms need to take:
Record Retention Policy: In a year, the total amount of data received or generated by the average office worker is huge. Though the cost of hard drives has relatively gone down and allowed companies to buy more storage space, this is not the ideal way out. Organizations need to devise a record retention policy that determines when documents can and should be deleted.
It is no secret that eDiscovery solutions are costly. In fact, it has been estimated that eDiscovery costs alone account for around 90% of litigation costs. The high cost associated with eDiscovery processes is expected to hinder the growth of the global eDiscovery market. Investing in eDiscovery becomes more expensive if organizations do not take some preparatory steps. To minimize exposure to steep eDiscovery costs, following are some of the proactive steps firms need to take:
Record Retention Policy: In a year, the total amount of data received or generated by the average office worker is huge. Though the cost of hard drives has relatively gone down and allowed companies to buy more storage space, this is not the ideal way out. Organizations need to devise a record retention policy that determines when documents can and should be deleted.
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A Catalogue of Historical Organizational Charts: A good organizational chart helps immensely during legal investigations. It has been pointed out by courts that organizational charts are usually neglected while analyzing discovery failures. Using and updating an organizational chart makes it easier for companies during legal hassles.
Data Map: A data map is of utmost importance to keep a track of all the different locations where ESI has been stored. An ideal data map would reveal the various network storage location, computers, handhelds, and cloud servers that the organization uses for its business purposes. Further, a data map would also note which of those sources come under automatic deletion protocols.
Legal Hold Plan: By designing implementation and monitoring procedures, organizations can streamline the time-sensitive process of implementing a legal hold.
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There is no foolproof way to avoid liability when it comes to electronic data. However, a good eDiscovery strategy helps in this regard immensely. In the near future, the growing usage of mobile and handheld devices is anticipated to instigate the next eDiscovery wave. Civil litigations and regulatory audits will be witnessing a radical shift with the increased amount of digital data and introduction of advanced eDiscovery tools. With the development of new eDiscovery tools, the overall eDiscovery process is evolving rapidly. Organizations need to update their eDiscovery strategies accordingly.
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