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.
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: an Achilles’ Heel
Email is a weak point in the line of defence against non-compliance. Unfortunately, we’ve seen many users turn their in-boxes into personal document stores. Often, critical business information is not visible to or searchable by other team members or business units. An AIIM Market Intelligence research report revealed that nearly 40% of organizations stored business email described as “important” in personal folders.
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.
Email poses significant financial risks and productivity costs
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.”
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. The average professional spends 28% of the workday reading and answering email, and more than an hour a day searching or recreating information that already exists in their organization.
SharePoint email storage is ideal with effective add-ins like Colligo
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
- Lack of effective tools & technology for bridging the SharePoint Outlook gap
For example, for one Colligo customer, getting content into SharePoint was a laborious, time-consuming process. Filing an email or attachment to SharePoint, or emailing content from SharePoint, could take days and might involve a four-step process with multiple team members. Given the number of documents each client is required to upload, this amounted to 20-30 days per year. No wonder users were resistant!
After implementing Colligo Email Manager for Microsoft 365 to enable SharePoint Outlook integration, team members could stay in Outlook and:
- 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
Instead of taking multiple days to file emails to or send content from SharePoint, Agency staff can now file and send emails within seconds, without any administrative involvement. This represents a time savings of close to 75% and a massive increase in worker productivity. As the Agency’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.” For more information, read the full case study.
Keeping 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 our Outlook SharePoint add-in or to arrange a personalized demo.
Hint: For a quick guide on exactly how to save emails from Outlook to SharePoint with Colligo, see: How to File Email from Outlook to SharePoint.
Looking for more tips on why & how to save email to SharePoint?
View our free webinar: Why & How You Should File Email to SharePoint