You can think about Discovery as a process of continuous improvement. By making changes in how you approach the review process, you have the potential to dramatically reduce costs. Companies today are culling as much as 80% of the data up front, which results in higher accuracy and that dramatic reduction in costs.
How are companies doing this? What about predictive coding? Will it really change the entire game?
According to e-discovery 2.0 blog “…technology-assisted review can achieve at least as high recall as manual review, and higher precision, at a fraction of the review effort, and hence, a fraction of the cost”. While it may seem that widespread adoption should be right around the corner with so much controversy in the courts, it is not likely to be adopted single bound. Old habits die hard. Manual review has had a long and successful history. And what about the paper and your backup tapes?
Everyone can change. Just take Superman and Wonder Woman. Finally after many years of being single, they are getting together as a couple. And apparently, it is no casual thing, but very likely a longer term relationship. Discovery is changing with our super heroes. One key component of the discovery process that could have significant Return on Investment is analyzing your upfront processes for collection and archiving of potentially relevant information.
Due to escalating costs, and outcomes that often do not justify the investment, some of our customers are digitizing paper and then applying the same discovery techniques to the images indexes.
How can you reduce collection in the first place?
- One way is through improved governance and better management of your information. By working with a records management company who has years of experience developing and helping companies implement retention schedules, you can significantly reduce the information you need to manage for review.
- Additionally, by leveraging the years of metadata associated with this information, we’ll help you more quickly determine potentially responsive and relevant data. Identifying, capturing and indexing only potentially relevant data can dramatically reduce your collection.
These approaches lead, ultimately, to faster review times.
And faster review is the name of the game when it comes to saving time, meeting deadlines and reducing overall costs. We find that clients in highly regulated and highly litigated areas such as pharmaceutical, manufacturing and energy are imaging, indexing and loading materials that they deem high risk into their review platform in advance of any litigation occurring. As a result, they can more easily track if material has been used in prior matters and may already available in digital format further streamlining the process.
Before you invest in new analytical tools and predictive coding, take a look at how you can more intelligently manage your information to cut costs and meet increasing complex demands. Using the newest techniques on information that should have been destroyed probably isn’t the right way to start.
Doesn’t it make sense to work with Iron Mountain, the leader in information management who manages records for 97% of the Fortune 1000, most likely including your information?
- With Iron Mountain Discovery Services, you can be confident that your records will be culled, imaged, indexed, Bates Stamped, redacted and load files created to meet your aggressive time scales.
- Our Tape Identification Service provides analysis and indexing so you‘ll know what you have.
- Data Restoration allows you to pull back what is needed from legacy backup tapes at any time.
- You‘ll have full accountability at every point in the process while saving time and money.
Change is with us. You don’t want to be left behind like Lois Lane. Take a new look forward, like the world’s ultimate power couple, and make changes in your discovery process. If Superman and Wonder Woman can change after so many years, maybe it’s time you did too?
Please stop by booth # 107 at ACC in Orlando. We look forward to seeing you.
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