Cost of non-compliance close to $15 million, far greater than governance solutions
Did you know the price tag of non-compliance for an organization is nearly three times higher than the cost of compliance?
To put that in real numbers, the average cost of compliance for the putting governance and compliance frameworks and solutions in place came in at $5.47 million. In contrast, the average cost of non-compliance was a whopping $14.82 million.
Volume of email records exploding
At the same time, more work and communications are happening in email than ever before. And the volume of records created in email is ballooning.
86% of professionals prefer to use email when communicating for business purposes according to HubSpot. Research by Radacati shows the total number of emails sent and received each day is forecast to grow to over 347 billion by the end of 2023.
Email a major weakness in quest for compliance
Email is a weak point in the line of defence against non-compliance. Unfortunately, we’ve seen many users turn their in-boxes into document stores. Often, critical business information is not visible to or searchable by other team members or business units.
This finding is supported by our own research. In a recent Colligo webinar, Why & How You Should File Email to SharePoint, 59% of poll respondents claimed they were worried about the risks of having business records and contracts stored in their teams’ inboxes.
Large financial penalties from email non-compliance
The risks of not managing email records properly are severe. Last week, Morgan Stanley agreed to pay $200 million to “resolve probes into employee communications on messaging platforms that had not been approved by the company.”
Further, “The SEC has been looking into whether Wall Street banks have been adequately logging employees’ text messages and emails as bankers moved to remote working during the pandemic.”
Wasted time and lost productivity
Email non-compliance can be a costly headache for businesses, leading to big financial and reputational penalties. But the impact doesn’t stop there: employees waste valuable time each day struggling with their inboxes.
SharePoint email storage is ideal after bridging gaps
Storing emails in SharePoint is a great method for staying compliant and saving time. However, on its own, SharePoint does not allow you to capture email to SharePoint or connect Outlook to Sharepoint in a quick or user-friendly way.
Even if your organization aims to store emails compliantly in SharePoint, you likely face a couple of common stumbling blocks:
User resistance – the process is too complex and cumbersome; it’s often easier for users to use Outlook email folders for storage
Lack of effective tools & technology for bridging the SharePoint Outlook gap
Quickly and easily file emails and attachments to SharePoint
Quickly search SharePoint in Outlook and share SharePoint files
Tag emails so they can be found again through search
Incredible customer results
Let’s look at a few examples of customers who have reaped the benefits of using Colligo email management software:
1. Compliance agency achieves 75% time savings filing emails
Instead of taking multiple days to file emails to or send content from SharePoint, one Colligo customer now files and sends emails within seconds, without any administrative involvement. This represents a time savings of close to 75% and a massive increase in worker productivity.
The customer’s Specialist, Information Technology states, “With Colligo, I get emails to SharePoint a lot faster than I ever did before because it’s so simple and easy and doesn’t require any training.”
2. Time savings of 30-60 minutes per day per user for municipal government
Teams within numerous City departments reported substantial time savings after implementing Colligo Email Manager. Users in Human Resources and the Clerk’s Office estimate they’re saving between 30 and 60 minutes per day per user.
In addition to the time savings, users appreciate how easy Colligo is to use. They can stay in Outlook and don’t have to open SharePoint Online to file emails and attachments. From the City’s point of view, improved user adoption and utilization rates mean they are receiving considerably more return on their Microsoft 365 investment.
3. Cost savings of over $4M per year for federal government agency
The costs savings for this federal government agency were truly astounding. Prior to using Colligo, complex FOIA requests could involve 40 or more employees each devoting 3-5 hours to complete a search.
With Colligo Email Manager, a single person can perform a search in under an hour. At a rate of $150/hour, this represents a $23,850 savings for each complex request. Each year, the Agency receives over 175 complex requests, representing a savings of over $4 million per year.
Get started with our effective email management tools now
Keep in mind that your costs to stay compliant are three times less than the costs of being non-compliant. Let us show you how easy and cost effective it is to save emails to SharePoint with metadata from within Outlook.
Get in touch for more information on how to file emails in Outlook to SharePoint or to arrange a personalized demo.
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