What's the best way to store records for compliance issues...turning hard copies into soft copies

I guess I have two questions because at this point we're not sure about the different ways we can access the records.  We receive them two ways right now.  Some docs are printed from online and stored physically with a records mgmt company and the other docs are mailed to us and pulled from a corporation-wide system.  So: what's the best way to store hard copies of docs----right now all we can think of is scanning them and saving as pdf and burning onto cd for storage.  If we can get a soft copy of the docs that are pulled from a system, what's the best way to store them...(small departmental solutions)?  The main goal is to save money and time so paying for online data storage is probably lot more expensive then paying the records mgmt company...any suggestions...(sorry for rambling)
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instead of using a cd, use a DVD, 4.7 Gb instead of 700 Mb
A faster way is an extra disk in the 200 Gb range, or bigger
As for the hard copy : how about microfilming them? cost = apparatus + time, but saves enormous on space

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