In October 2016, a blogger for The Wall Street Journal reported that IT budgets are expected to remain flat in 2017.* According to the blog, a survey conducted by research and advisory firm CEB Inc showed that “respondents said about a third of budgets would be spent on ‘business opportunity and innovation.'”
Here’s what’s shocking: “The rest is expected to go toward maintenance or investments required to maintain compliance.”
It’s also interesting to note that the banking sector has the highest IT spend as a percentage of revenue (8.7%).
But what organization can afford to dedicate two-thirds of its IT budget to maintenance and compliance, rather than fund innovation and growth?
We don’t think many can.
This is why Dell EMC and Flatirons are helping financial services organizations archive petabytes of emails, chats, voice recordings, transactions and other types of both structured and unstructured data from outdated, costly legacy systems. We move them to InfoArchive, a compliant and secure repository that is designed to make archived data easily discoverable for audits.
The solution includes retiring legacy applications to reduce maintenance fees and facilitating compliance so that organizations can easily respond to the changing regulatory environment.
Download this infographic to learn five elements of a compliant data archiving solution. The sooner you begin to develop a strategic approach to archiving and compliance, the faster you’ll recoup valuable budget and boost your compliance capabilities.