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Now that Recall is a public company there are several analysts covering the company. Reading what the analyst have to say about Recall provides some insight into how the financial markets view the records information management (RIM) industry.
Of four analysts covering the new company, three have a hold rating while one has a sell rating. Here are some interesting takeaways from their reports.
On the positive side of the RIM industry there remains a large amount of potential. Less than half of the records storage market is currently served by a RIM service provider. This means there is growth potential for all the industry providers.
Is there Cause for Concern for the Records Storage Industry?
There are two things that caused the analysts to be concerned about the long term prospects for physical records storage. The first is the move to digital records. This continues to be a trend in all businesses. What is slowing it up is the relatively high cost of scanning records in relation to physical storage. For documents that are rarely used then it still is more economical to store paper records. It is when the records are used more frequently that it makes digitizing to electronic records feasible.
The other thing that is keeping records on paper is the slow adoption of electronic signatures. Many courts and financial institutions still require the physical signatures to be stored. This does not allow business to move away from paper if there are signatures involved.
Electronic records are both an opportunity and a threat to many RIM companies. Electronic records also need secure storage solutions just like their paper cousins. The issue is the rise of cloud storage solutions are putting price pressure on local providers. To differentiate from other cloud solutions, local providers can offer increased security and service options. This will provide the value that business without an IT staff need to manage their electronic records.