Electronic storage of information

and its cost benefit analysis

Electronic storage of information refers to
the process of storing data in digital
format, rather than using traditional paper
based storage methods like hard drives,
solid-state, cloud storage etc.
 Cost benefit analysis is a method used to
evaluate the potential cost and benefits
associated with particular decision or
investment. It involves comparing the cost of
an investment or decision to its potential
benefits to determine economically viable.
When its come to electronic storage of
information there is several factors to consider
when conducting a cost, benefit analysis they
are:
 1.Use of electronic storage:

Electronic storage system like cloud base storage,

database management systems and other digital
solution helps to reduce paper-based system ,
which can be cumbersome and time consuming. It
is more cost effective than traditional paper based
in long run.
2.Saving on physical storage space:

Electronic storage save physical

space than paper based storage. This
can leads to saving on rent, utilities
and other expenses associated with
maintaining physical storage cost.
3.Increased accessibility and efficiency:

Electronic storage can make it easier and faster

retrieval of information reducing the time and
effort required to locate specific documents.
This can improved productivity efficiency in
business.
 4. Improved data security:

Electronic storage systems can improve

the security of financial information. By
using encryption, firewalls and others
security measures it helps to limit access
of sensitive financial information,
reducing the risk of data breaches and
cyber attacks.