Organizations across many industries are tasked with documenting their adherence to various regulatory requirements. From data protection laws like GDPR to industry-specific regulations, the compliance effort can be significant. In this blog post, we highlight some of the challenges and strategies for effectively documenting compliance with regulatory bodies. Read on…
Over the last 28 years, our company has consistently centered its mission on enhancing access to critical documents. Initially, this involved the conversion of paper documents into digital formats. Fast forward to the present, our commitment to facilitating better access remains unwavering. This dedication has manifested through the development and operation of FileStar, our proprietary software solution.
Our evolution has been marked by simplicity and effectiveness. Transitioning from a predominantly service-oriented business to a software-centric model, our core focus on improving document access has remained constant. We’ve navigated the adoption of emerging technologies judiciously, avoiding the lure of hype while maintaining a measured pace of growth.
Artificial Intelligence (AI) and Large Learning Models (LLMs) are widely recognized in the business world for their transformative potential. What stands out in the numerous reports about these technologies is the diversity of models being developed. These models come in various forms, such as socially conscious models, math-oriented ones, those specializing in science, and even models with a sense of humor.
The existence of different models implies that there are influencers or factors shaping their distinctions. These influencers can be human, affecting the way algorithms are designed or the inclusion of certain guidelines. These influences often reflect the values and ideals of the model’s developers. While it’s important to filter out hateful or unsafe content, the definitions of what constitutes hatefulness or danger can…
According to the Bureau of Labor Statistics Report of Tenure in 2022, the average tenure of all workers is 4 years. That number goes down to an average of 3 years for 25-34 year olds. If average tenure is 4 years, then a company of 200 has 50 employees turning over each year. Since your corporate human assets are replaced every 4 years, it makes sense why successful companies use process and process documentation where-ever possible. Otherwise, 1 in 4 employees could be making questionable decisions based on whatever limited information and spotty business records that they found.
However, a business process doesn’t provide new employees with answers, it provides the path to find the answers. But what if the process is only loosely followed. …
I’ve been in the working world for long enough to have some credentials – 38 years to be exact. If I was advising my children, I would strongly suggest that they get back into the office as many days a week as possible and especially on Friday. As a father, I believe that is good advice for younger workers.
As a business owner whose company provides a cloud workflow and critical document archive solution, that could be shooting myself in the foot. The more people who work remotely, the more demand there is for businesses to have great solutions for remote workers to be productive. But I think my fatherly advice is the correct advice overall and here’s why.
The internet is amazing and it seems will shortly be even more amazing when Bing and Google fully deploy their AI powered search engines. Finding information quickly is already simple and fast, especially if you have a pretty good idea of what it is you are looking for. When AI enters the picture, the picture literally could be significantly better.
Simple and fast search is great. But the degree of trust in the search result is based on the effort you make to get comfortable with the answer. A few clicks to alternative information maybe or just some level of trust in the source website. As the level of sophistication and depth of the questions…
Everyone does a top ten best or ten most list, especially at the beginning of the year. Top ten this or top ten that. But what about the bottom? What would that look like if we had the bottom five; five lowest played songs of 2022, five business ideas that fizzled by mid-year, five worst investments of 2022. That last one is real.
Can it help us to understand the five worst of something? Yes, absolutely that can be very helpful if for no other reason than to raise awareness. So here is a hypothetical list of five worst business operation decisions of 2022:
What’s your company’s superpower? It could be a technology, a marketing edge, engineering talent, or exceptional service. Whatever your secret sauce is, it’s important in generating your revenue. What could be its kryptonite? Obviously, whatever could harm or stop your superpower would logically be your kryptonite.
It’s also obvious that you want to prevent kryptonite situations from occurring. You visit important customers frequently, pay a lot for marketing and engineering talent and invest in your technology and operations. But somebody always wants to see proof. You do have the critical documentation, right?
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We love to dig into our client’s business processes and help them overachieve their stated goals of improved efficiency or compliance. It’s a mentally challenging and stimulating exercise that we really enjoy. However, we have learned that part of the challenge is the fact that there’s a real bias to under-divulge information about what the current process consists of.
This bias is not intentional by any means. It’s a function of unconscious acceptance of exception management as part of the job. Put more simply, most employees just handle the issues that come up when there is an exception, and it doesn’t register as a “step” in the process. However, it is exactly these exceptions that take the most time and…
It’s difficult to claim that you are compliant with internal or external rules and regulations if you don’t have a good base to start with. Take the concept of the accurate value of your customer contracts for instance or exposure due to vendor contracts, both part of any Sarbanes Oxley regulations (SOX). It’s hard to imagine having complete confidence in those values or exposures, defined as no more than 5% deviation by SOX, if you don’t have confidence in the collection of supporting documentation.
The focus on customer contracts should take precedence and probably does already in terms of recording the contract terms in your billing system. But the effort for the most part is still a manual…
When two people seem very happy together, it’s “a match made in heaven.” When something just works exactly as you expect it to, you will hear someone say “bingo” or “the stars aligned.” More recent versions of this would include “life is good.” They are all just sayings that express the fact that something went right.
We won’t provide examples of common sayings when things go wrong. That could be humorous, or it might offend some people. Your employees should have “life is good” moments daily to the point where its just the way it is. They should quickly find a document that someone requested at the very end of the day. They should pull a collection of documents together that support an important…
As a follow up to our last post about having a system of record to make audits seem like a walk in the park, there is more to it. Recall that a system of record document management solution holds the confirmed supporting documentation for your critical company data, such as, transactions, client accounts, vendor contracts, etc. If your current file storage solution is not working and you want to convert it to a system of record there are a few things that are required.
Like all good things, it will take some effort on the front end. But as we stated in the last post, it is well worth it. And the value is more…
Try to remember the days of all files being on a shared network drive or all data in spreadsheets. Try to remember creating and sharing the responsibility of managing a spreadsheet. What was the largest group of cohorts that you worked with to create a spreadsheet? Is that easier now than before? If you need to go back and find the final version of that file, is it easy to do? Is it easy to share internally and externally? Do you even need to create spreadsheets anymore?
Is your world any better now that you have implemented that all-encompassing, do all solution be it ERP, contract management, collaboration, or document management solution? Is it easier to create, collaborate on, find and share information? Is there better…
There was a time when all important company information was on a shelf or in a file cabinet. Well organized companies could be fairly satisfied that people could find legal documents in the legal department and accounting files in the accounting department. And with photocopiers and overnight delivery services, documents could even be shared. When the department appointed a czar to manage their stash of documents, it all seemed to work even better.
But we all know how the story ends. The czar retired, the company bought four other companies, people forgot the alphabet and this new-fangled computer thing arrived. Then people weren’t so happy. Documents weren’t easy to find. However, with email and the internet, documents did become easier to create and…
Business is full of risk and yes, I CAN live with it. In fact, having a risk management approach to your business can be hugely beneficial. Once you have identified the risk and calculated the amount of risk, you can either assume or avoid the risk. If you assume the risk, then it is imperative to navigate or manage that risk.
Most businesses manage a variety of risks usually around customer, vendor, market or government. Lately that has expanded to include environmental and social media risk. It turns out that beyond being excellent tools for improving efficiency and enabling remote work, document management and workflow are risk management tools as well. Here are some thoughts on how the two work together and how these tools will…
