Compliance

Business Intelligence Makes for Smart Businesses

Business Intelligence, or BI, is a concept that usually involves the delivery and integration of business information in an organization that can be useful for making decisions. Every organization has multiple departments, and each database may only contain information that is relevant to its own department.  Business Intelligence involves the use of customer information, sales data, statistics, product movement, profitability, etc. Companies use BI to detect significant events and identify and monitor business trends in order to adapt quickly to their changing environment and a scenario. If you use effective business intelligence training in your organization, you can improve the decision making processes at all levels of management and improve your tactical strategic management processes.

Regardless of whether you run an established and successful business, or a new startup, your organization needs the ability to make informed decisions through proper data analysis.

1. Boost productivity. Through traditional data gathering methods, users need to compile and analyze data and write related reports. This can be incredibly time consuming, especially for small businesses that may not have the employees to do it. With a BI program, you can pull data and create the reports at the click of a button thus freeing up time and resources allowing employees to be more productive on their own tasks.

2. To gain sales & market intelligence. A CRM is a useful tool for sales and marketing people. A CRM solution collects data about clients and presents it in a way for you to solution collects the data about your customers and tries to make sense of it. You get insights on new prospects, existing customers, and post sales services. 

3. Results closer to established goals. How many times have you established a set of seemingly reasonable goals for a project or other venture, only to end up with an outcome that is drastically different? With BI you can keep track of information, and have it accessible by parties that need it, when they need it. BI goes a long way in helping achieving what you aim for.

4. Return on Investment BI will help a company decrease operating costs and lower overhead costs. For example, if a company is looking to save on storage costs, they are able to see a visual chart of how much they have saved this year compared to previous years. Companies are able to better dictate if they are on track with their new goals and projections. 

5. Gain insights into consumer behavior. One of the main advantages of investing in BI and skilled personnel is the fact that it will boost your ability to analyze the current consumer buying trends. Once you understand what your consumers are buying, you can use this information to develop products that match the current consumption trends and consequently improve your profitability.

6. To improve visibility.  If you want to improve your control over various important processes in your organization, Business Intelligence will improve the visibility of important processes in your organization and make it possible to identify areas that could use improvement.  

7. Turn information into actionable information. A BI system is an analytical tool that can give you the insight you need to make successful strategic plans for your organization. This is because such a system would be able to identify key trends and patterns in your organization’s data and consequently make it easier for you to make important connections between different areas of your business that may otherwise seem unrelated.

Data must be configured to display trends and statistics. Data visualization makes data legible and allows the user to be able to decipher the meaning of it. Business Intelligence Dashboard displays reports on what the company is doing and it shows a breakdown of how each department is doing. Businesses are able to get a centralized view of where they are saving money, and where they are spending too much. 

There are so many important parts to a business, and even though some parts appear to be silos, every part ties into one another. It is important to understand these subtle connections and look at your organization's data from a centralized view through data analytics. It's understanding the subtle connections that can make the difference between a company that excels to the top of the market, and one that makes poor decisions due to not using its data to the fullest potential. 

 

Robo-advising, the New Steam Engine

THE AUTOMATED AGE

With financial advisors charging hundreds by the hour for investment recommendations, a new, low-cost alternative has been invented. Robo-advising is here to replace traditional wealth management services. Big brands are looking to invest in robo-advising, an automated investment advisor based on algorithms. Robo-advising spans over a wide spectrum, from robo-advice, which pulls information on lifestyle, goals, risk profile and savings to recommend investments, to robo-investing, which refers to cases where algorithms select and a portfolio for the person. The sector for robo-advising and robo-investing is predicted to increase by 68% annually, which adds up to a whopping $2.2 trillion globally by 2020.

In comparison to the investment world, FileTrail has incorporated its own robo-advising into information governance - our auto-classification feature. It is essential for records managers and information governance officers to enforce classification policies and retention schedules to avoid the formidable question all records managers ask: What is safe to destroy and what is safe to keep? 

Just as traditional human-advised investments are becoming obsolete, manual classification is the last thing users want to worry about. At the core, the issue is that the user must understand the information in order to determine how it must be classified, why it must be retained, how long it must be retained, and when it can be disposed. Managing the retention and disposition of information reduces litigation risk, reduces discovery and storage costs, and ensures organizations maintain regulatory compliance. 

Currently, most companies are still struggling with automation. They are using manual classification, which is often inaccurate and inconsistent, leading to increased costs, litigation risks, and productivity loss. Auto-classification eliminates the need for users to classify and sort through an organizations vast database of records while establishing compliancy and consistent protocol for all users to put records on a retention schedule.

In the coming years, companies should move towards reconstructing their ECM and records management systems or migrating their data to new cutting-edge solutions. With the volume of data growing exponentially in the next few years, a modern information management system is vital for a company to stay organized and efficient. 

 

 

 

Are You Hoarding Your Data?

Reality television has opened up the public’s eyes to the very real problem of hoarding. The sight of a hoarder’s home is often shocking and quite honestly disturbing. In business most people and organizations don’t consider themselves to be hoarders. However, when we take a look at some companies’ lack of disposition policies regarding their records, they exhibit the “hoarding” mentality. The fear of getting rid of records too soon is easy to understand. Companies face the possibility of costly legal risks if they dispose of data sooner than needed. So what’s the solution? Well couldn’t you just hold on to as many records for as long as possible? No.

This is the common mistake companies are still making today. Preservation of records is an issue overlooked by many companies, presenting challenges of increasing storage costs and problems with managing a growing volume of unneeded information. Instead of focusing efforts on trying to keep data forever, an emphasis must be placed on defensible disposition.

The key to avoiding both over preservation and premature disposition of records is understanding defensible disposition and putting policies in place to enforce it. Defensible disposition ensures that data no longer possessing business, legal, or regulatory value is disposed of properly and according to your retention policy. Following an enforceable retention policy mitigates risk, and lowers electronic and physical storage costs.

Making defensible disposition possible requires collaboration between legal, IT and records management departments in your enterprise. Together these departments are able to develop proper standards and policies to improve the entire lifecycle process from the creation to the disposition for your records. Policies must be established for all content types within the enterprise and they must be enforced once put in place.

This may seem like a daunting task to take on, but FileTrail solutions allow your company to create, maintain and automate information governance policies including retention schedules for defensible disposition. FileTrail takes these policies and automatically applies them across all your data, both physical and electronic. With FileTrail policies are enforced through actionable dashboards to assure standards are being met. Now you can breathe easy knowing you don’t need to (and shouldn’t) hold on to your data forever.

Unified Records Management in SharePoint 2010

SharePoint is often used by organization for document management, but FileTrail has taken it a step further, making it possible to have a unified records management system. Unified records management allows organizations to manage both physical and electronic records within the SharePoint platform. There is no need to use a separate physical records management system or have to synchronize data between multiple systems. Utilizing multiple systems for managing records makes it difficult to search for records, prevents uniform application of retention policies, and increases exposure to risk. FileTrail's unified records management solution provides greater visibility and control into the entire inventory of physical and electronic records within SharePoint. a member of the FileTrail team today to discuss how FileTrail for SharePoint can provide your organization with unified records management in SharePoint 2010.

Ensure Compliance with RFID

Organizations in all industries are facing the challenge of meeting regulatory compliance. With increasing government regulations and a rise in internal regulations, ensuring the compliance of assets has become both necessary and demanding. Fortunately, the utilization of RFID technology provides organization with an easy and efficient way to ensure compliance. With FileTrail RFID your assets are tracked as they move, allowing you to view an asset's current location and its location history. The knowledge of knowing where an asset has been provides critical data on asset usage. This heightened level of asset visibility also provides organizations with key information for purchasing, initial deployment, movement and disposition.

FileTrail's SmartMobile works to satisfy compliance by completing audits in a fraction of the time traditional audits require. This light-weight portable RFID reader works like a metal detector to conduct audits and locate missing items. Cut audit completion time by 85% and perform audits more frequently. The audit discrepancy reports help with reconciliation and accountability. Ensure your organization is equipped with the highest level of accountability, control and efficiency with FileTrail RFID.