Iron Mountain
Careers at Iron Mountain
Mission
Being a global business committed to information and storage management, Iron Mountain’s mission is to be trusted by its customers as the guardian of their assets and information.
It aims to work with them to handle the risks and convolutions associated with information management by comprehending, securing and modifying what matters most.
History
The founder of Iron Mountain, Herman Knaust, had amassed his wealth through marketing self-grown mushrooms. In 1936, he purchased 100 acres of land in New York and an exhausted iron ore mine to get more land for growing mushrooms. However, the shift of mushroom market a few years later made him think of other business ideas for his iron ore mine which he had named “Iron Mountain”.
The post-WWII and Cold war period made Knaust realize the importance of protection of vital information of individuals and companies from wars and other disasters. And so, in 1951, "Iron Mountain Atomic Storage Corporation" was established and it opened its first underground vaults in Iron Mountain. This action was followed by putting up of a sales office for the newly-formed company in the Empire State Building.
For publicity, Knaust made influential figures such as General Douglas MacArthur visit the Iron Mountain as a part of marketing program for the company. Very soon, the company gained its first customer, East River Savings Bank, which stored copies of deposit records in the Iron Mountain. Other companies soon followed the suit as they began to realize the importance of storing information and records.
In 1978, due to the increasing number of customers, the company opened its above-ground storage vaults. Soon, the company expanded beyond New York market and opened a storage facility in New England in 1980. In 1983, Iron Mountain acquired New England Storage Warehouse in Boston; a very significant acquisition.
However, an even more significant event occurred in 1988 with the acquisition of Bell & Howell Records Management, Inc. after which Iron Mountain became first national service provider in the industry. In February 1996, Iron Mountain became a public company, raising capital, in part, to initiate consolidation.
Today, Iron Mountain is the acclaimed industry leader in information and storage management services, serving more than 200,000 customers in nearly 40 countries on five continents. It is the most extensive information management platform with greatest number of global market clients.
Benefits at Iron Mountain
Business model of Iron Mountain
Customer Segments
Iron Mountain has a niche market business model. The company targets its offerings at organizations wishing to effectively manage records for quick and easy access whilst maintaining high standards of security. Its main customer groups are:
- Federal Government – Federal agencies or organization wishing to improve information security and compliance at lower unit cost.
- Healthcare– Hospitals and medical centers aiming to keep records under control, facilitating better healthcare and to improve disaster recoverability.
- Financial– Insurance companies and capital groups aiming to enhance customer service and improve the retrieval of paper files with secure archiving.
- Entertainment Industry – Sports teams, film companies and licensing companies wanting to digitalize and preserve their decades-long records.
- Life Sciences– Mining and drilling companies, and health sciences companies requiring a formalized records management program and removing complexity from records management.
Value Proposition
Iron Mountain offers three primary value propositions: Security, reliability and corporate responsibility.
The company, realizing the magnitude of responsibility of protecting its customers’ confidential information, has made security of information its top priority. It continually brings in the latest security tools and techniques to protect its customers’ data. Major steps for ensuring security are:
- Investing in state-of-the-art technology
- Placing multiple security checks for securing data both in transit and in facilities
- Carefully picking new hires
- Training new employees carefully and extensively
- Employing security firms to detect flaws in security system
In the last decade alone, the company spent $170 million on the relocation of records from facilities which did not fulfill the strict security measures of the company. In 2007, the company spent more than $16 million on safe transportation of data and evaluation of fire control system for protection of hardcopy data.
The company has always wanted new customers to have confidence while choosing Iron Mountain. It achieves this by strengthening the trust of its already existing customers and thus building a portfolio for itself which brings in new customers in hordes. It has an impressive six-decade record of information management and more than 95% of the Fortune 1000 relies on Iron Mountain.
Iron Mountain is committed to do business ethically and responsibly. It makes best efforts to create an environment in which everyone including the employers, customers, suppliers and shareholders feel respected and valued.
Channels
The primary channel of Iron Mountain is its direct sales and marketing team, which operates in over 1000 facilities in 35 countries; it also acquires customers through its website.
The company offers its information management services through its well-built portfolio, social media pages, publications, direct marketing campaigns, and advertising etc.
Customer Relationships
Iron Mountain’s customer relationship is primarily of a personal assistance nature. Assistance is provided to customers in the form of employee-customer interaction either during sales, after sales, and/or both.
In some cases, there is dedicated personal assistance as well where the where a sales representative is tasked to look after all the requirements and questions of a special set of clients.
Key Activities
The company’s key activities include data management, records storage, disaster recovery, secure shredding and technology escrow services.
Key Partners
Iron Mountain has partnered with industry-leading companies to strengthen their security, compliance and off-site data protection services, providing one-stop data storage and security solutions.
Their new strategic partnership program provides business partners access to their storage expertise, brand-recognized security offerings and extensive client base to grow their business.
Key Resources
The main resources of Iron Mountain are its human resources. They include over 25,000 employees who work in 1000 different facilities in over 35 countries. They also include experienced sales and marketing staff.
Cost Structure
Iron Mountain’s cost structure is value-driven; which offers a premium proposition with employment of frequent enhancements to its product offerings. Its biggest cost driver is cost of sales, a variable expense.
Other major drivers are in the areas of upgrading security system, getting the latest technology, sales/marketing, and administration.
Revenue Streams
Iron Mountain has only one revenue stream: it generates its revenue from the company it renders its data management/records storage/ secure shredding /technology escrow services to.
Pricing for its services depends upon two things: the type of service rendered and the magnitude of the customer’s database.
