Executive Summary: 2024 ESI Risk Management & Litigation Readiness Report

Managing electronically stored information (ESI) is a challenge for most organizations today. Numerous, diverse data sources, from websites and social media accounts to internal chat platforms, are creating huge volumes of information, making eDiscovery, litigation readiness, and responding to requests for ESI difficult, if not impossible.

Did you know that nearly 1/3 of companies have been fined by courts or regulatory agencies because the organization couldn’t respond in time to requests for electronically stored information (ESI)?

With over 100,000 users connecting every minute, Microsoft Teams has become the go-to communication platform for organizations worldwide. Its widespread adoption can be attributed to the surge in remote work at the onset of the pandemic. The chart below shows the number of daily active MS Teams users growing significantly in 2020, with the trend continuing in 2021 and 2022. Microsoft Teams now boast over 300 million users. Source: https://www.communicationsquare.com/news/microsoft-teams-vs-slack/

There are a lot of benefits to implementing a team collaboration tool like Workplace from Meta. As I’ve written before, an enterprise social network can improve communication, streamline collaboration, and even improve and strengthen the culture of your organization.

As I’ve written before, team collaboration tools—also called enterprise collaboration software or enterprise social networking—offer incredible benefits. For evidence of this, you need only look at a recent Forrester study that found Workplace from Meta to offer an ROI of 400%. According to the study, an investment of $2.6 million could provide quantified benefits over three years of $13.1 million. And companies could start seeing this substantial return on investment in as little as three months.

Communication is key to business. For evidence of this, just consider the fact that we send 125 billion business emails every day. It’s also the reason why enterprise social networks and work collaboration tools have become so popular. These tools streamline communication, which has a direct impact on productivity. A study of Workplace by Facebook conducted by Forrester Consulting has shown that the platform can increase task efficiency, decision-making, innovation, and onboarding enough to offer an ROI of 400%.

Enterprise collaboration platforms—sometimes also called enterprise social networks—are changing the way companies operate, including your own. Even if you’re not familiar with the term “enterprise collaboration software”, you’re undoubtedly familiar with the team collaboration tools this term refers to: Workplace from Meta, Slack, and Microsoft Teams.