With the rise in the number of corporate investigations, lawsuits and regulatory audits, companies and organizations often chooses to retain almost every business record since nobody knows for sure what might be useful in the future as proof for litigation. Be it Word documents, spreadsheets, email, chats, audio or video, federal and state regulations mandate that companies and organizations produce these records quickly when an eDiscovery request is made. With courts making it very clear that complying with eDiscovery requests at all costs is required, non-compliance can result in companies and organizations paying millions of dollars in fines.
Some organizations depend on outside agencies for their eDiscovery needs. This is a good move if the company or organization does not deal with much data and if the eDiscovery requests occur very rarely. However, in those industries where litigation is more rampant, such as banking and insurance, depending on outside eDiscovery service providers could mean heavy expenses and the possibility of services not measuring up to expectations. Hence, it makes sense to choose a good e-Discovery software solution rather than incurring more expenses without any great benefit. But with so many software options available, companies have to carefully evaluate their needs before determining the right eDiscovery software for their requirements.
Here are some useful tips for selecting the right solution for your company.
Invest in a good eDiscovery solution that is affordable and guarantees a good ROI.
Multiple Solutions vs. Single Solution
This may be a mute point since there is no one solution that manges every single aspect of eDiscovery. However, one should focus on the most important phases of e-discovery (Identification-Production) and look for a solution that addresses these phases with one unified application.
Typically electronic information is created and stored in an unstructured manner. Data can be found in a variety of places, including network drives, both Mac and PC desktops and laptops, PDAs, Smart phones, voicemail, content and document management systems or storage and archiving systems. The eDiscovery solution should be versatile enough to reprocess and analyze data from all of these diverse sources.
When legal requests come in, it is very important to retrieve data relevant to that particular litigation. Failing to do so means serious problems like loss of time, money, and effort, as well as an embarrassing situation for the company. Hence, the eDiscovery solution should be effective when it comes to optimizing search accuracy.
When responding to legal requests, time is a crucial factor as every second counts. If the ediscovery solution takes too long to deploy before starting the eDiscovery process, it is not worth it. A good ediscovery solution is the one that is easy to deploy, use, and maintain.
Investing in goodEdiscovery software can assure companies and organizations of responding to legal requests and litigation’s quickly and effortlessly.
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