EDRM Highlights its Significance for Industry Professionals
The team at ComplexDiscovery is pleased to announce the publication of the results of the Summer 2023 eDiscovery Business Confidence Survey. The EDRM lends its support to the findings, underlining the survey’s important and ongoing role in charting industry sentiment.
In its 31st edition, the survey, which ran from June 22 to July 15, 2023, gathered insights from 71 eDiscovery professionals. The diverse spectrum of respondents included representation from Software and/or Services Providers, Law Firms, Consultancies, and Corporations. There was a balanced participation of professionals from Executive Leadership, Tactical Execution, and Operational Management roles.
The survey delved deep into the waters of business conditions and profitability projections. A positive note was struck with 50% of the respondents rating current business conditions as ‘Good,’ while an optimistic 54.93% envisage improved conditions six months down the line. In terms of profitability, the results were equally interesting with 43.66% of the respondents foreseeing an uptick in their sector’s revenue, although a majority expects profit levels to remain consistent.
Challenges also form a crucial part of the survey findings. The respondents were quick to point out ‘Increasing Types of Data’ and ‘Budgetary Constraints’ as the most significant hurdles they anticipate in the near future. Financial parameters, such as Days Sales Outstanding (DSO), Monthly Recurring Revenue (MRR), and Customer Base Distribution, were also highlighted, pointing towards important fiscal trends.
The Summer 2023 eDiscovery Business Confidence Survey serves as a quintessential snapshot of the eDiscovery industry’s pulse. It provides a key foundation for professionals looking to navigate the evolving landscape with a keen eye on industry trends, challenges, and fiscal dynamics. The EDRM, as the standard bearer for eDiscovery leadership, standards, tools, guides, and test datasets, is an advocate of surveys that serve the eDiscovery ecosystem and an active, supporter, and participant in ComplexDiscovery surveys.
For further information about the eDiscovery Business Confidence Survey or to access the full results, please visit https://complexd.blog/Summer-2023-Business-Confidence-Survey.
ComplexDiscovery is a premier online publication renowned for delivering critical insights and intelligence in the realms of cybersecurity, information governance, and legal discovery. Serving professionals navigating these fields, the publication skillfully combines original research with aggregated news, catering to a highly specialized audience. With its quarterly eDiscovery Business Confidence Survey, ComplexDiscovery provides a regular pulse check on the eDiscovery industry, capturing global trends and identifying key challenges. Committed to enhancing readers’ understanding of topics related to electronically stored information, ComplexDiscovery stands as an impartial and comprehensive resource for exploring current trends, technologies, and services. Learn more today at ComplexDiscovery.com.
Image used with permission by ComplexDiscovery. Assisted by GAI and LLM Technologies per EDRM GAI and LLM Policy.