Hi NoodleNT,
I would say backup the data first, in case you need it later.
You have the option to copy the table to another DB (created by you or your DBA team) on the same SQL server (so the size and copy won't be impacting the Monitor platform) or copy to an archive SQL or event to a plain (csv) file (but that may be very impractical).
Do this only if you are confident no-one is needing or using the data now ;).