Physical Records Management

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. 

 

Big Data Drives ECM Market Boom

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Researchers predict that the global ECM market will grow between 15-20% by 2020. Market growth is being largely boosted by the need for big data governance. Currently, enterprises are growing at a rate of 30%-40% every year, which makes it crucial for organizations to have effective and efficient solutions for document lifecycle management, compliance, and security.

INCREASED NEED TO COMPLY WITH REGULATORY REQUIREMENTS

One major need for ECM’s these days is the increased need for companies to comply with regulatory requirements. Organizations must follow regulatory requirements to manage corporate data. The US Government has been enforcing policies on the Health Insurance Portability and Accountability Act (HIPAA) in the US, and data breach notification laws that companies need to comply for conducting business effectively.

Since enterprises in the banking, insurance, and healthcare sectors deal with sensitive information, they should develop ECM policies that comply with external regulations. Cloud-based ECM reduces costs when compared with isolated regulation-specific compliance programs. Cloud-based ECM practices enable organizations to align their data use and communication, record management, and information security policies efficiently. To avoid the hassle of adhering to complex regulatory reforms that are constantly changing and resulting in decreased productivity, organizations are increasingly adopting ECM programs.

Although ECM sales are expected to grow, the report states that one challenge that could curtail market growth is the reluctance to adopt new systems. The following areas of ECM are expected to grow:

·         Exponential growth in data

·         Increased need to comply with regulatory requirements

·         High demand for dynamic documents

·         Increased collaboration and effectiveness

EXPONENTIAL GROWTH IN DATA

Various industries are going through positive transformations due to benefits such as improved innovations in products and services, customer service, cost savings, and enhanced capabilities in decision-making. This has also resulted in exponential growth of corporate data. For example, the healthcare industry has been generating large volumes of digital data due to rapid digitization of manual patient records, fueled by legislative regulations and the need to provide better patient care at low costs.

Organizations face pressure to store data securely with reduced costs and improved efficiency. Therefore, cloud-based information management infrastructure is a viable option for many organizations due to benefits such as low cost, with minimal IT infrastructure support, rapid and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloudbased data across organizations.

INCREASE IN DEMAND FOR DYNAMIC DOCUMENTS

The increase in mobile devices and software has helped organizations create content. Organizations rely heavily on digital media for most of their work, which increases the demand for document solutions. This is driving organizations to shift from static documents to dynamic documents. Dynamic documents are more interactive and include buttons, embedded calculations, links, and content such as images, videos, drawings, embedded web pages, and forms.

INCREASED COLLABORATION AND EFFECTIVENESS

One of the most important advantages of using ECM solutions is increased collaboration and effectiveness. Improved collaboration is related to sustainability in the sense that it aids the common effort to accomplish corporate goals. It also improves social integration of corporate environments, especially across different departments and geographic locations. As every multi-national company faces problems related to fragmentation and isolation of various components, collaboration offered by ECM tools can offer a powerful remedy by means of collaboration through portal structures. Every large company deals with issues related to fragmentation and isolation of various components. Therefore, ECM tools can provide a great means for collaboration.  

Increased efficiency comes from the idea of making information available to every user in an organization in an integrated and personalized way. Integrated and personalized information factor is dependent on the job role of the user, and therefore, also helps improve job performance.

 

 

 

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. 

 

 

 

Top 3 Data Migration Focus Points

Now is the time to consider migrating out of your old and outdated records management systems into a modern and efficient information management solution. Upgrading your systems will improve productivity, minimize risks and reassess security needs.

Choosing a new solution may be a challenge depending on budget, usability, and security requirement. Another challenge may be old legacy data or simply the hassle of migration when you’re talking millions of records. Before you take your next step, let’s focus on the top 3 data migration focus points your information team should understand well.

It's fair to ask how difficult a data migration for your entire organization might be. Without proper understanding, mistakes that could be easily avoided will leave your organization with improperly secured data. Don’t drop into these pitfalls. These mistakes cost an enormous amount of time and money to repair. Let’s check out the 3 focus points below. Become acquainted and look forward to your next data migration.

Involve Users at Every Stage

Organizations are all about sharing and warehousing data. This involves a lot of consolidation from different systems securing different forms of information. When migrating data from one system to another, you need to involve everyone who might be affected by it. Allow your end-users to take an active role in the organization and migration of data into the new system. This will ensure a more functional structure or a mirrored structure that’s easy for current users to adopt.

Research Old and New System for Legacy Data Migration

Legacy data is a pain but somethings that’s your luck of the draw. The data in the legacy system needs to be migrated. Spend some time and research your current legacy system and see how compatible it may be with newer systems. Considering legacy systems are either outdated or unsupported, you may have poor quality data that even the best migration specialist won’t be able to fix. This is where the research really counts. You might be able to find a better fit solution for migration or understand ahead of time, saving you a headache or two, that some of that data may not be worth migrating.

Test and Validate Data Before Migration

Waiting until after migration to test and validate data is a disaster waiting to happen. Testing and validation should be done before migration. During the pre-migration stage, your organization should ask questions that assess and evaluate the quality of data currently in your system. Make sure to clean up this data before migration. Dirty data would make any management system defunct.

 

FileTrail’s Master Plan – It’s Been a Secret All Along

As the week winds down, we’ve learned a few things from the Tesla Model 3 unveiling.

1.    Electric cars are the new cool

2.    Elon Musk is a marketing genius

3.    We can learn from Tesla’s master plan

Let’s take a look at an easy break down of Tesla’s master plan that has catapulted the company onto every media outlet. Tesla has now collected over 325,000 pre-orders and $14.5 billion in potential sales.

It seems simple enough. Some wonder why everyone hasn’t been following this strategy. Here’s the big secret. Everyone is doing this, but doing it in their own way. Let’s reflect by taking a look at our master plan and break down how FileTrail has gotten to where it is today.

So, in short, the master plan is:

  • Build World Class Physical Records Management (PRM)

  • Use that money to build Governance Driven Tools

  • Use that money to build Modern and Intuitive Electronic Document Management (EDM)

  • While doing above, also provide lower cost of ownership and amazing customer service

Physical Records were our jam in 2001 and we stuck with it. With the millennium here, companies were leaving behind their physical records software in the 90’s along with grunge wear and floppy disks. However, we understood that the paperless office would never go away. While we do agree that the accumulation of physical records is decreasing, there’s nothing we can do to get rid of the paper that’s already there.

We knew then that we needed to be the PRM saviors. Records needed to be managed and our world class software was going to take control. We began offering RFID tracking, commercial records center integration, intelligent search, and compliance tools all in a single solution.

The pre-millennium juggernauts of PRM chose to move away from paper and were leaving their customers to fend for themselves with outdated and unsupported systems, paving gaping holes for compliance risks, litigation terrors, and information mismanagement.

Our success in PRM gave us new insight and new revenue to work with, end-users in mind. We felt a responsibility to re-imagine and re-engineer Information Governance (IG) to work for everyone.  IG needed to be actionable and enforceable. We created tools to automate retention and classification, while notifying the user with email alerts to disposition reviews, and provided on-demand audit reports. Working to address this issue guaranteed that our PRM would be the most secure and comprehensive system available on the market.

Just as Tesla worked to create a solution for a greater number of customers, we engineered on to do the same. Keeping our core values in mind we wanted to stretch our reach and help more organizations. Now into the last phase of our road map, and bootstrapped the whole way, we began to dream about electronic document management without dropping our bread and butter, PRM.

We engineered the most modern, intuitive, and secure, information management software available today. We have successfully unified physical records, information governance, and electronic documents into one incredible product (the Tesla Model 3).

Our unified records management software offers a powerfully intuitive user interface, giving you all the tools you’ll ever need. Search and locate files with a few clicks, migrate and manage millions of records, or simply enjoy the version control of documents being shared while working with teammates and coworkers.

Our solution offers a low cost of ownership, guaranteeing an affordable cost for a sophisticated software that manages all records and assets, despite form or function. From securing client information to tracking satellites, we’ve got you covered.

Every customer of ours is brought on with 100% support from our support and implementation team. Our customer service ensures that your IT team won’t be left scratching their heads. It’s our product and we’ll support your organization for the life of it; that’s a promise.

Remember those outdated giants we talked about? Maybe your organization is still using their product despite frustration from users. Just know that we’ll save you money and migraines.

Remember that gaping compliance hole? With FileTrail, ditch legal woes and low audit scores. Our governance driven technology is securing all of your documents while keeping your organization compliant.

So, maybe it hasn’t been a secret all along. That was our roadmap and we made sure our goals were met. We want to help as many organizations reach their goals and benchmarks in information management by offering an affordable yet comprehensive and modern solution.