X1 & LTech Help Large Real Estate Financial Firm Reduce Document Count by
Over 25% and Save Millions in Litigation Costs
A publicly-traded New York City based real estate financial firm with multiple locations across the United States faced the expensive and time-consuming task of researching volumes of data to respond to a specific compliance inquiry. The firm, whose primary business activities include the origination, structuring, acquisition and managing of commercial real estate debt, commercial real estate securities and net lease properties, also took on the daunting task of deleting outdated files in order to streamline their business and free up storage space. The firm had significant volumes of documents stored on two separate servers, which made responding to inquiries and requests very time consuming and labor-intensive, as they did not possess any specialized search and eDiscovery technology to address this data.
The firm, a very happy X1 desktop search customer for years, immediately understood the efficiency and cost savings X1's search and eDiscovery solutions would provide their organization. They needed the ability to very quickly and comprehensively access data stored on employee desktops as well as larger data sets stored at the data center level.
To tackle this core requirement, X1 provided a complete enterprise and eDiscovery search solution that combined search across the desktop and data center into one intuitive and easy to use interface. X1 Search is the fastest yet simplest way for business professionals to search across emails, files and SharePoint data using a single unified interface, both on traditional and virtual desktops, retrieving results in just a few keystrokes. At the data center level, X1 Rapid Discovery enables quick identification, search, and collection of distributed data within the traditional enterprise or the cloud. By addressing both the data center and desktop through X1 Search and Rapid Discovery, the firm was able to unify search across all data sets.
Shortly upon procurement, the firm implemented X1 Rapid Discovery across all four office locations in a matter of days. X1 introduced the firm to LTech, a trusted X1 implementation and development partner. LTech's Solution Architects are seasoned developers who have a history of customizing enterprise applications.
In order to help streamline the client's business, free up storage space, and take on the task of deleting outdated files, LTech developed a remediation utility tool that reads a report from X1 that lists files to be deleted by their names and paths. The tool was designed for efficiency so that filenames and paths could pass quickly between the X1 and LTech tools on an automated basis, with built-in error exception handling and real-time reporting through a visual log screen.
Close coordination between X1, the firm's Executive Sponsor and IT Department leads, who were already using and proponents of X1 technology, and LTech resulted in a quick installation within days and full implementation of both the X1 solutions and LTech customized solution completed within a few months across all of the organization's locations.
X1 Search and X1 Rapid Discovery delivered the most efficient, cost effective and easiest way possible for such a large enterprise to review and reduce their 2 million+ document count by at least 25-30%, reduce their storage space from two servers down to just one, and proactively save up to millions in potential litigation costs. Additionally, the firm has since adopted new corporate retention procedures for data that will help keep their business streamlined.