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Millennia Group Blog

Blockchain will heat up your document strategy

Thursday, June 14, 2018

via Flickr - sicilianoWe recently attended and exhibited at a technology trade show for the commercial real estate industry. The technologies that were in the spotlight were wide ranging from remotely monitored and controlled water values to AI solutions for recurring administrative tasks. Less “hot” technologies were also represented like accounting, lease management and of course workflow and document management systems.

Blockchain is poised to spice up the future of the document management world. There is quite a way to go before transactions are conducted and documented with blockchain documents. However, the concept is promising and it is sure to have an impact on how documents are stored, created, shared and even alter the definition of a document.

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Has efficiency peaked with mobility?

Thursday, March 29, 2018

Via Flickr - Giorgio MontersinoIt seems simple to envision the tools required by a mobile worker.  The basics quickly jump to mind including a phone, a laptop, chargers of course and a Starbucks or Panera card.  Then you need a location, which could include a home office, an office suites membership or the aforementioned coffee shop.

The real tools of the trade are more software oriented.  It’s critical to have a fully cloud based infrastructure or a VPN that provides access to your CRM, accounting system/ERP, messaging app, email and of course documents.  The emergence of technology and the disappearance of ledger books, the Rolodex and filing cabinets resulted in amazing efficiency gains.  Now that these tools are also available to mobile users, has efficiency peaked?

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All for one and one for all

Thursday, November 30, 2017

via Flickr by wiredforlegoFor over 20 years our company has been providing services and solutions to the commercial real estate industry.  It’s a very large industry.  Depending on which stats you read, the U.S. commercial real estate industry is valued at over $15 Trillion dollars and growing by almost $70 Billion a year.  That is the size of the U.S. stock market. 

The commercial real estate industry is also very complicated.  It consists of developers, investors, advisors, managers, brokers and lenders.  These parties form partnerships, joint ventures, REITs, TICs and dozens of ownership structures.  And all these interested parties can be involved in a single property and they all have one thing in common - they have a copy of the same lease document.  At least it should be the same document.

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What work will work on my $1,000 phone?

Thursday, September 14, 2017

Via Flickr, by Phil WilkersonThe typical mobile phone these days has a 2 ¼” x 4 ¼” screen and a pop up keyboard.  Most cost something close to $500-$750 and will soon move up to $1,000 – not counting cellular service.  A very competent Windows laptop can be acquired for the same price and a powerful tablet computer can easily be obtained for a lot less.

For many of us a laptop or tablet, possibly with a supplemental monitor and keyboard, is our primary workstation.  Most of us also accomplish much of our daily tasks using some type of cloud based solution, such as a CRM, financial system, document management system or email.  So when we need to be mobile AND get work done, it’s no problem.  But, how much of that work can we actually complete using only the ultimate mobile workstation, our expensive new phone?

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Blockchain vs Digital Signatures

Monday, May 15, 2017

via Flickr, Jon PhillipsBitcoin continues to make news and inroads into the world of finance.  Two of the basic technologies that drive Bitcoin include blockchain and peer to peer computing.  These two concepts are relatively understandable.  Blockchain uses a distributed ledger, which is essentially a list that is shared across many computers (peer to peer).  Because many computers contain a time-stamped replica of the data, it is very difficult, and expensive to hack or change the data in a fraudulent way – and its encrypted.

These concepts are moving into other areas such as smart contracts.  However, these contracts are not documents as that term is generally understood.  The smart contract is essentially a perfectly known set of conditions and data, that when met, results in a payment or action.  The contract is essentially data points; house address, meter number and usage, bank account or Bitcoin account, electricity rate, dates.  All immutable data that can be kept in a ledger. 

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Digital War Rooms – Avoid Casualties

Thursday, April 13, 2017

Via Flickr - Gustav von RosenhelmFor the past 15 years or so the standard process for transaction due diligence is to upload information and documentation into cloud based digital war rooms.  These secure, online document management systems have been beneficial to buyers and sellers and especially lawyers and financial analysts.  Reduced travel and less time spent in windowless rooms reviewing and copying documents by the thousands are just two of the many benefits.

The information that is uploaded is driven to satisfy the seller’s requirement of disclosure but not optimized for the buyers post deal operations.  If the buyer leaves the information in the native structure, there will always be user frustration when searching.  Multiply one dis-organized silo by many transactions and now you have a whole lot of user frustration.  Here are some suggestions for tackling the transition so that operations is able to perform at peak levels.

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I need a little wiggle room to be productive

Wednesday, March 15, 2017

via FlickrThe security of the information that our clients have entrusted us to host in our document management system is paramount.  Clients demand that their information remain private and confidential and we absolutely understand and abide by that.  The SEC, auditors and sound business practices demand it too.

Our clients concern certainly includes stopping bad actors, but it also includes the people that they set up as valid users – they should only see and share what they are allowed to see and share.  However, as far as sharing goes, some flexibility is needed so that users can be productive.  Here are some thoughts on why wiggle room is needed and how sharing information can be protected.

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Make my day - delete those records

Thursday, December 15, 2016

via Jay Gorman from FlickrRecords retention and records management are very important principles in dealing with corporate information.  Records management being the overall guide book for employees on to how to store and classify information.  It is also about proper management of that information including legal holds (don’t destroy if litigation is in process), access to information and records retention.

Records retention is basically an information destruction plan based on business or legal requirements.  A business doesn’t necessarily want the burden of securing confidential, but outdated information for ever – ie. former patient records.  Creating a records management policy and records retention schedule requires a lot of effort and yet the actual deletion of records is a very difficult step to take. Here are some thoughts on how to feel better about pulling the trigger.

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Collaboration – Group Chat vs Workflow

Thursday, October 13, 2016

By Ron Mader via FlickrThe past five or so years have been filled with plenty of talk about and some success in the area of collaboration.  Collaboration being defined as multiple people fully engaged and involved in a single work effort.  The end goal of any collaboration is that the combined effort produces superior results, ie. a better decision, a better product, a better presentation.

Much of the success in the field of collaboration has come in the area of communication, such as messaging applications like Slack or AIM.  These applications improve the communication and are instant and flexible including group chats.  Other areas of collaboration, like co-creating documents, such as a live spreadsheet or text document, have not been adopted as quickly.  But this form of collaboration has historically been linear, passing from person to person.  So can the non-linear form of collaboration (live group editing) be a better approach for working with documents?

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How to prevent that sinking feeling

Friday, September 30, 2016

via Flickr - Judith E BellIn an old paper based world, notification of new information meant extra copies of the document were placed on the desks of teammates.  Otherwise, it required a hunch and a trip to the file cabinet or the random perusing of co-worker’s desks.  In fact, it was probably not known that something new was available until it was a surprise – learned from a customer or worse yet, from the boss who somehow knew the facts.

Today, documents are digital and some might think that has solved all the problems.  Not exactly, not even close.  The only problem that has been solved is now there are less paper copies distributed.  Information, including documents, can still go undetected and unknown.  Surprises still happen and decisions based on incomplete information are still made, but it doesn’t have to be that way.

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