Exponential growth in enterprise electronic data, increasing demands on data retention periods and an increased cost focus have led to a "perfect storm" in data proliferation, according to an IDC white paper commissioned by Viewpointe.
The white paper, titled The Promise of Offsite Electronic Storage, estimates the creation and replication of electronic content is doubling every 18 months, going from 487 exabites worldwide in 2008 to a forecasted 1,800 exabytes in 2011. White paper author Brad Nisbet, program manager at IDC, concludes that the proliferation of electronic data and the demands of businesses to retain data with a focus on cost, make now a good time for enterprises to investigate offsite data storage providers.
An enterprise electronic data archive solution provider known largely for its check image archive, Viewpointe is expanding to provide more service in offsite data storage."We’re excited about what we see in the market and what Viewpointe can offer as a solution," says Rich Walsh, president, Viewpointe's Document Archive & Repostiory Services.
While onsite data storage is viable for some organizations, the white paper sites complexities, resource time and the cost of various equipment as reasons why offsite storage might make sense.
"What we see with these financial institutions is they save things forever, and the cost is just enormous," Walsh says.
Viewpointe's data storage services are separate from its check imaging services. Check use is declining — a recent Federal Reserve study revealed that about 30 billion checks were paid in the United States in 2006, down from 37 billion in 2003 and 42 billion in 2001 — but Walsh said Viewpointe's data repository system is document agnostic.
"It’s always been in our strategic vision to look outside the check world," Walsh adds.
Walsh says the infrastructure allows for a flexible pricing system, depending on whether data needs to be readily accessible or not. While there are a number of data storage providers, he believes Viewpointe's reputation with banks is a strong selling point.
"We feel like we can be one of those options," Walsh acknowledges We’ve built a solid reputation with some of the largest banks in this country storing electronic images. We’re excited about what we see in the market and what viewpointe can offer as a solution."