Many firms are still laying themselves open to litigation by not managing their information effectively.
Firms are failing to effectively manage their unstructured information, which can comprise 80% of their total data, says the Document and Records Management (DRM) report from analyst Butler Group.
"Senior executives must understand their responsibilities for the management of information: claiming ignorance of poor practices is no defence," says the report.
The report contends that if organisations are foresighted enough to look beyond compliance, and plan the implementation of DRM so that it provides business benefits - for example enabling users to save all unstructured information in a central repository from which it can be accessed and shared - they will also be able to cut costs.
In these circumstances, says Butler Group, compliance "will be free".
"Despite an increase in the number of regulations and legislation to which organisations must adhere to, compliance is still low on the agenda for many, and litigation risk continues to be a bigger threat in the UK and Europe ", says Sue Clarke, an analyst at Butler Group.