Smarsh, a leader in digital communications data and intelligence, has released new findings from a Total Economic Impact (TEI) study conducted by Forrester Consulting. The study reveals that organisations using the Smarsh Platform can reduce communications archiving costs by up to 25%, along with several other financial benefits.
Commissioned by Smarsh, the Forrester study aims to provide business leaders with a framework for assessing the potential return on investment (ROI) associated with the implementation of Smarsh technology. It draws on the experiences of six global customers to illustrate the tangible benefits that can arise from utilising the platform.
Kim Crawford Goodman, CEO of Smarsh, expressed pride in the findings, stating, “We are proud that the Forrester study has shown what we already knew about the value and results the Smarsh platform delivers for our customers. In an increasingly complex regulatory environment, this study is a helpful tool for any organisation considering Smarsh to cost-effectively help them meet their current and future communications compliance challenges.”
The Forrester study specifically analysed a composite organisation, representing a financial services business with an annual revenue of $5 billion, 7,500 surveilled employees, and 625 terabytes of archived digital communications. The findings indicate that this organisation could realise benefits amounting to $20.6 million over a three-year period, against a cost of $9.2 million, resulting in a net present value (NPV) of $11.4 million and an impressive ROI of 124%.
Among the key insights from the study are:
- Archiving Cost Reduction: The composite organisation achieved a 25% decrease in storage costs when compared to its previous solution. This includes a 15% reduction through data tiering and an additional 10% through Smarsh’s automated deletion capability, culminating in a three-year risk-adjusted value of $8.1 million.
- Efficient Data Capture: Smarsh’s enhanced data capture features led to $4 million in cost savings over three years. The composite organisation was able to efficiently capture new communication channels without relying on a costly development team, thanks to Smarsh’s APIs.
- Staff Productivity Improvements: With Smarsh, surveillance staff efficiency rose by 30%, while compliance staff productivity increased by 60%. This boost in productivity translated to a value of $3.6 million over three years, equating to over 27,000 hours of labour saved annually.
- E-Discovery Time Savings: The time taken for e-discovery responses decreased by 65% with the use of Smarsh, yielding a three-year value of $2.6 million.
- Transitioning from Legacy Systems: By switching from traditional on-premises storage solutions to Smarsh, organisations could save $2.2 million over three years, significantly reducing maintenance and support time for employees.
The study also highlighted qualitative benefits of employing Smarsh, including enhanced security, improved compliance insights that bolster defensibility, and the potential to avert regulatory investigations and fines, ultimately minimising attorney and litigation costs. The full Forrester study can be accessed through Smarsh’s website.
Smarsh serves a diverse global client base, including 19 of the top 20 banks across North America, Europe, and Asia, as well as leading brokerage firms, insurers, registered investment advisors, and various state and local government agencies. For more information on Smarsh’s communications capture and oversight solutions, visit www.smarsh.com.