EDP is another name for electronic data processing and it involves the collection of information using digital technology and automatic information gathering processes. EDP software enables business users to rapidly capture and present useful insights to help improve enterprise performance. It eliminates the time-consuming manual effort involved in paper document management and reduces costs associated with printing, couriering and storage.
The volume of digital information is expanding exponentially, with estimates that the size of the global datasphere will reach several hundred zettabytes (ZB) in the next few years. This massive amount of information requires efficient data processing, management and analysis to generate meaningful insights for decision-making. EDP software automates and streamlines many of these tasks to save employees time and money.
Small businesses often use EDP systems to get faster access to company data and reduce human errors. They may also use them to streamline business workflows and increase efficiency by reducing repetitive processes such as entering data into spreadsheets or creating reports. EDP systems can also help businesses minimize the presence of duplicate or inaccurate information to enable better content backup and quicker retrieval in the event of a disaster.
Unlike MCIT’s contents and miscellaneous personal property coverage, EDP equipment coverage is provided on a blanket basis. Members maintain a single EDP inventory and submit it to MCIT each April. This approach places a greater burden on the member to accurately assess the likelihood of a loss that would require the entire blanket limit. It is recommended that members discuss large changes to their EDP inventory with their risk management consultant prior to submitting an updated EDP inventory to MCIT each year.