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Data Mining: Are Your Old Data Archives a Source of Untapped Revenue?
Your archived data may have unlocked value. That’s the conclusion of a study by IDC sponsored by Iron Mountain. The report found that some businesses that have started to mine data locked away in old archives have been able to realize as much as $10 million in increased revenues.
Old data archives offer at least two pathways towards bringing in new revenue: cost savings and monetizing extracted data.
IDC surveyed companies who have begun mining their data archives. 39 percent say that by doing that they’ve been able to directly add an additional $1 million to their revenues. 15 percent said that data mining revenues have topped $10 million. Three quarters say that it’s possible to double the revenues that they’re getting today from their archived data.
Sean Pike, program director at IDC, said that “organizations of all sizes and across all industries can expect to see an uptick in revenue and cost savings by revisiting their archives to fulfill business objectives. This is especially critical in today’s information-driven economy, where the key to success or failure comes down to how effectively businesses can manage data and how quickly they can act on that information.”
