My company is considering moving away from QC for another test tool. But we have to retain all our data for 7 years for FDA audit purposes. What would be the best way to archive the old QC data? I would need to save test execution results, defects, requirements, etc.
Sorry to hear you are moving away from QC. Nothing else out there comes close IMHO. What solution are you moving to?
To answer your question, archiving in ALM/QC involves the back-up (and restore capability) of a database and file storage (repository). This will capture all results, requirements, defects, tests, resources and attachments.
Standard database archiving procedures should be followed by a qualified admin for the DB side. The repository can just be Zipped and stored in an archive location of choice.
There are minor issues in not being able to locate items due to the archive process, but diligence eliminates those (as does patience).
If you can track down someone that has had an FDA Audit you may find that reports from QC/ALMare all that you need, not everything! Investigate further and if I'm correct you should be able to export your defects, requirements and "current" test results to Excel and just store those. It will be less storage overhead but you will lose a lot of detail, like defect history and test execution history.