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These 9 suggestions are meant to help your company come out of this pandemic with a fresh, invigorated attitude and a platform ready to take advantage of the opportunities that come your way. And, if your company has a document management system, substitute “network drive” with the name of that document management system. Good luck and can’t wait to see you on the other side of this.
Normally we don’t do a blog post on a Friday, but since this is Friday the 13th it seems like a good time to remind everyone that document disasters can happen any day. The cause of these disasters is usually us and we can screw up today or any day. So be careful, be diligent and try to be organized.
What are the typical disasters that can happen? Accidental deletion of a document, a file dragged and dropped into the abyss, version nightmares ie. V1, V2, V998 and counting, files that are too large to email or upload or download, and on and on.
For 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.
Records 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 A business doesn’t necessarily want the burden of securing confidential, but outdated information for ever – ie.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.
Form Follows Function. This is a quote from famed Chicago architect Louis Sullivan. Sullivan designed buildings to be functional first and then worked on building aesthetics. For software implementation, you might say Function Follows Security.
For any software, especially document management software, it is extremely important to understand the capabilities of the software’s security model before you begin to work out the configuration and hierarchy of your data. That is unless you don’t mind having users who need multiple user names and passwords to create the access they need?
I heard a story about how there is a push to bring the “Hipster” crowd to Eau Claire Wisconsin, a family oriented, affordable, city of 150,000+ in Northern Wisconsin. My first response was that with current technology, people can choose to live wherever they want, so why not Eau Claire. Having this opportunity is not a new concept and in fact, people working remotely is very commonplace already.
However, what it brought to mind was that it’s not just your remote employees that you need to plan for these days. Today some portion of your business process may be outsourced and you need to plan for those workers as well. Where are those workers and how will they be included in the process? How does your technology support this new conglomeration?
The tie in between the current media focus on the political conventions and several recent projects involving 
file naming conventions, was too good to pass up. The political conventions are all about delivering a consistent, patterned message. Naming conventions are all about consistent, patterned file names.
A technology issue that companies deal with on a regular basis is using one application for managing active or working documents and a separate application for the archived or final documents. Active being defined as documents in the creation or working stage and final being final or executed.
This situation exists because of how and why these documents are created, accessed and shared. Certain employees are document Creators and others are document Users and their needs are very different. The Holy Grail is one application to manage both. The reality is you need two applications. Let us explain why that is not a bad thing.
IRS Publication 4837, otherwise known as “Achieving Quality Examinations through Effective Planning, Execution and Resolution” published by the IRS Large Business and International Division, indicates that it would be wise to have supporting documents readily available when audited. Because you want to defend your position and you really don’t want the cost of responding to the audit to be greater than the potential tax impact.
The IRS will make Information Document Requests (“IDRs”) to support claims made on any entities tax return involved in an audit. Various types of documentation support revenue recognition and expense claims. It is highly recommended that this documentation being organized, accessible and easily reproduced – sounds like a perfect scenario to justify an electronic document management system (“EDMS”).
There are plenty of references in our daily lives to the future and yet, somehow, we don’t always spend time to really consider the future. Songs refer to the future, books refer to the future, so do TV shows and movies, the news and much more. Even the Government is now talking about a Secretary of the Future.
In fact, it may be very useful for all of us to spend a little time each week to consider the future. Not the dreamy type future, but the realistic future that is occurring right before our eyes. For instance, will you need a pen ten years from now or will every contract be signed digitally? Amazing how a simple thought like that can set a process of critical thinking in motion.