Paper is both costly, inefficient and with the quality of laser printers improving annually, it’s much easier to create fraudulent documents. According to the Treasury Department it costs $0.92 more to issue a paper check than it does to issue a direct-deposit check. According to the Association for Financial Professionals paper checks are also a magnet for fraud and theft. Organizations that were victims of different kinds of payment fraud were more likely to experience check fraud (85%) than ACH (28%) or wire fraud (5%). In addition, almost half a million Social Security checks are reported lost or stolen each year, according to the Treasury Department. Paper is also detrimental to the environment. The Electronic Payments Association estimates that if 20% of households eliminated paper checks, they would avoid using more than 100 million gallons of gas required to transport mailed payments not to mention the amount of trees it takes to create the paper file.
In recent years, a variety of other electronic payment innovations have been introduced to help governments and financial institutions overcome their reliance on paper and eliminate needless expense. A key area of focus is the accounts-payable function. Today, about 77% of incoming invoices are paper leading to completely manual receipt, approval and payment processes for most organizations, according to the IT research and analysis company Aberdeen Group.
Let’s look at one small facet of the banking world as an illustration. Virpack released a remarkable study in 2014 on the number of pages in a residential mortgage application. A “low risk” mortgage application file weighs SIX POUNDS! They went on to say that 85% of all conventional loans files contained between 400 and 2,000 pages. The following three categories contained between Continue reading →
I have received both public and private comments about this blog series, and I encourage you to continue adding to this discussion. For each of us, how we think about documents, content consumption patterns, and today, legislation ruling information use, could prompt further innovation throughout our content management endeavors.
Today I want to share perspectives about the impact of information laws and country regulations.
Most prominently, there’s growing concern about privacy, and since the last financial crisis, new legislation across the globe is driving demand for new solutions. An interesting aspect of addressing such concern is the need to understand the context of the end-user, as described in Part 2 of this series. Here’s an example of the importance of context:
You probably don’t want to give just any medic access to your patient record. However, if you are involved in an accident and need immediate help from a specific medic at that point in time, then you are probably very much ok with such information sharing. That means that content authorization models need to become Continue reading →
For decades, the IT mantra has been ROI – how much bang do you get for your buck? But out in the field I find that more and more people are talking about TtV (Time to Value). Since technological change comes so fast, the big issue facing many CIOs has become “How quickly can I expect to see business value so I can keep moving forward, keep my users happy, and not get left behind?”
Marc Wolf, AEROW
Marc Wolff of AEROW, a longtime IIG partner, brought this up to me in a recent, and very frank, conversation we had about changes in the channel. Marc has been in the ECM industry for 14 years: he founded AEROW in 2004, and focused on EMC Documentum services and add-ons. These days he’s in charge of strategy and international business development.
“It’s a major change in attitude,” said Marc. “Even the largest enterprise customers are looking at immediate solutions to their problems. They’ve grown impatient with the old-fashioned way: you invest, you wait a long time—and finally everything is solved. Nowadays, if Accounting or Finance or Marketing has a problem, you propose a solution that quickly solves 80% of the problem. They want that 80% now, instead of waiting one or two years to solve 100% of the problem.”
There is no doubt that Big Data is one of the major trends in the IT industry that has developed and matured over the last few years.
Financial Services, Healthcare and Energy are just few examples of industries where enterprises are identifying ways to implement new technologies in a profitable way allowing them to make more money, save money or meet compliance.
By providing the ability to collect and store enormous quantities of heterogeneous data, Big Data technologies offer the opportunity for companies to perform near real-time analysis that were unthinkable just few years ago.
But forward-looking predictive analytics alone will not be enough to face the challenges that the 3rd era of IT is presenting.
Big Data powered analytics today can provide a good navigation system that CIOs and CEOs can refer to in order to make wiser decisions on where to go and how to get there, outperforming their competitors. They will not necessarily provide the vehicle that Continue reading →
In life sciences, our future is heavily governed by the actions of the major regulatory agencies in the world. To get a better view into the future of 2015, we carefully listened to the information heard at conferences, published in official channels on the web and gleaned from our colleagues within the life sciences community. I’d like to share with you the important topics that may have a critical impact on your business. These topics should be on your radar for 2015.
Let’s start with what I mean by “radar.” Radar was a term that was invented in the beginning of World War II (1940) by the US Navy and it stands for the detection of objects using radio waves. Early on, the military was interested in ships and planes. More so, they were interested in whose ships and planes were in motion and where are they going. They wanted to know if these objects were a threat.
A more current use of the metaphor can be found in the tremendous complexity of airport traffic control and the vast number of objects in motion. In Life Sciences, we not only need to listen to government agencies and standards organizations that govern this regulated business but we also pay attention to what experiences sponsors are having and what the vendors are seeing as well. Timelines for implementation are considered for priority. Conditions of non-compliance are the threat. As in times of war, not all threats can be considered equal.
One of the regulatory initiatives that has emerged from Europe over the past several years is IDMP, and its predecessor XEVMPD. IDMP stands for Identification of Medicinal Products, and is a set of standards whereby safety events can be consistently linked to a particular product anywhere in the world. On the surface, the association of an Adverse Event to a product is elementary. But it’s not so simple. The company identifies its products differently in different markets of the world. Implied within these standards is a requirement to correlate all Continue reading →