Affordable Cloud eDiscovery Software 'GoldFynch' Goes Global, Vies for Small Law Firms
In a highly competitive eDiscovery landscape, where software providers shore up their presence in local markets, GoldFynch bucks the trend by going international. Leveraging the power of Cloud technology, GoldFynch can now deploy data servers in multiple continents – bringing its cost-effective eDiscovery software to law firms the world over.
GoldFynch is an increasingly popular eDiscovery application for small law firms because it solves key challenges that are unique to them. Small law firms work with small budgets, yet their cases often grow exponentially. By offering rock-bottom prices (as low as $10 per month) but retaining the ability to scale-up for cases that are 100 GB and more, GoldFynch has positioned itself as the number one eDiscovery software for small law firms.
Harnessing the power of the Cloud
GoldFynch remains global by harnessing the power of the Cloud, solving the long-standing dilemma faced by eDiscovery providers – ‘Where should user-data be stored?’
In the early days of eDiscovery, providers employed an ‘on-premises’ hosting model. Here, they would use the private data servers of their large-law-firm clients. At the time, this seemed like the easiest and safest option. The problem is it cost a lot and needed considerable technical know-how. On-premises hosting requires specialized hardware and software, which needs to be installed and maintained by a qualified IT team. It also needs advanced digital security to protect data from viruses, malware, and theft.
Soon, however, eDiscovery providers started storing client-data on their own ‘server farms.’ The data was stored across multiple servers – which reduced the chances of it getting lost or corrupted. And the providers would handle server maintenance. This brought a new level of convenience for law firms, but it still cost a lot of money. Private server farms are expensive to run – they require considerable amounts of electricity, are routinely hacked, need infrastructure that can withstand natural disasters, and require trained IT personnel to manage them 24/7.
The big breakthrough came with the birth of the ‘Cloud.’ Here, software giants like Amazon and Google lease storage and computing power to businesses all over the world. And their thousands of interconnected servers form a public ‘Cloud.’ Cloud technology has been around for a while. In fact, when you use applications like Dropbox or Google Drive, you’re using the Cloud.
“There was a time when every household, town, farm or village had its own water well. Today, shared public utilities give us access to clean water by simply turning on the tap; cloud computing works in a similar fashion. Just like water from the tap in your kitchen, cloud computing services can be turned on or off quickly as needed. Like at the water company, there is a team of dedicated professionals making sure the service provided is safe, secure and available on a 24/7 basis. When the tap isn’t on, not only are you saving water, but you aren’t paying for resources you don’t currently need.” – Vivek Kundra, Federal CIO, United States’ Government.
Cloud-computing comes with some significant advantages. First, it cuts costs. The more people there are in the Cloud, the less the costs for each. That is the beauty of Cloud economics. And since the Cloud-providers host millions of people, you pay much less than if you store data on private servers. Equally important: the Cloud is secure. The high-performance Cloud-servers come with bank-grade security – which keeps data safe in the same way that online banking platforms protect your information. Data is encrypted both when it is being transmitted and when it is stored on servers. Plus, since the data is on multiple servers in different locations, no one event can destroy it.
So, it’s small wonder that Cloud-technology has transformed the way businesses work. According to IBM, 86% of security leaders say their organizations are now moving to the Cloud for their crucial documents. And back in 2016, Forbes reported that there would be a 20% bump in worldwide spending on Cloud services (to $141 billion) between 2015 and 2019.
Switching to Software as a Service (SaaS)
GoldFynch takes Cloud-computing one step further by using the Software as a Service (SaaS) model. Here, a vendor hosts and manages applications, making them available to clients – via the internet. So, instead of downloading and installing GoldFynch, you simply access it online. It runs in the Cloud, is looked after by the GoldFynch team, and you only pay a monthly subscription. To use it, you just open your internet browser, go to the GoldFynch website, and sign in. It’s the same as checking email.
Software as a Service comes with a number of advantages. First, it is very convenient – since your SaaS provider handles all the technical issues. So, you won’t need an IT team to help you install or maintain hardware. Nor will you need to install, update, and protect any software.
Also, since SaaS uses Cloud-servers, there’s virtually no limit to the amount of storage space. So, with GoldFynch, your cases can grow indefinitely. Plus, you can access them from anywhere – all you need is a laptop with an internet connection.
The future of eDiscovery lies in globally-accessible SaaS
With an increasing number of law firms collaborating across borders, globally-accessible eDiscovery is essential. However, it needs to be able to overcome some obstacles. First, each country often has its own eDiscovery laws that providers have to abide by. And second, transferring data between countries (and even regions within a country) takes time and comes with steep charges. GoldFynch solves these challenges by transferring the software to (and setting up in) your region’s Cloud-servers – so it can follow your local laws, and save you time and money by not shuttling data back-and-forth across regions.
Simplifying the practice of law
A 2017 Thomson Reuters interview of 300 attorneys revealed that one of the significant concerns of lawyers in small law firms is keeping up with the latest technology. With SaaS and the Cloud, you won’t need to worry about understanding the technology – you can just go ahead and use it. Has there ever been a better time to be an attorney?