The amount of data companies are keeping is exploding.
But storing data is only part of the solution for companies today, said Fred Menge, managing director of Tulsa-based Magnir LLC, which is an information management company specializing in records management.
Menge founded Magnir in late 2006. The company has seen a near- sevenfold increase in gross revenues in that time. Magnir submitted more proposals during the first three months of this year than it had during the previous three years combined, Menge said.
"Word has spread. There are a lot more opportunities and we are better focused on what we take now," Menge said.
Menge, with more than 25 years of Fortune 500 and Department of Defense experience, has the corporate background that gives him a perspective on knowing what to keep and knowing when to hit the delete button.
"It is not just about storage," Menge said. "We advocate a pragmatic and proactive approach to electronic discovery issues, how to manage the amount of information a company has and reducing information."
Law firm Hall Estill's Tulsa office recently launched an electronic discovery division to aid clients manage records, mirroring the direction of today's federal and state courts.
"It is becoming more and more critical," said Sarah Jane Gillett, who heads Hall Estill's Electric Discovery Group. "It helps in the context of litigation or threatened litigation because a company wants to put their hands on the information quicker. Records management gives companies an ability to comply with these court obligations."
Companies involved in a lawsuit typically have a limited number of days to retrieve data relative to a case, Menge said. If they cannot find it, they tend to settle rather than risk losing a lawsuit.
State and federal rules have impacted companies' decisions to hoard information, Gillett said.
"There are many laws and regulations concerning retention of information, Sarbanes Oxley being one notable example," Gillett said.
The trend in data storage is growing because the cost is so low, said Menge.
Tony Oliva, manager of Storage Plus in Tulsa, did not have exact figures, but said the cost of storing boxes of documents at a remote site is a fraction of what it would be on-site. …