Document, Content, Knowledge: Part 1, Document Management

Information is every organisation’s most valuable asset and managing this information is essential. The amount of data and information within an organisation is growing dramatically. Efficient management of information can result in better customer service, improved internal communication, better decision making and enhanced productivity.Information management systems provide the foundations to turn corporate data into intelligent, shared information by providing a central information source accessible to all. These systems have changed over time and evolved to meet various business requirements, such as remote working.Document Management Definition: “Document Management is the process of managing documents through their lifecycle. From inception through creation, review, storage and dissemination all the way to their destruction” (Document Management Avenue).Document management systems started to appear in the mid 1980′s. The original aim was to develop a system to enable the paperless office. Scanning all paper documents and retrieving them electronically was about as complex as it got. These early file and find systems were simply electronic filing cabinets.The document management market has been revolutionised over the past 10 years by technological advances. Now document management systems capture almost any type of document not just paper but electronic documents, HTML, e-mails, EDI, XML, etc. They still allow you to store, search and retrieve documents, but the retrieval is now instant from anywhere and the search options much wider.Another major enhancement to document management was the introduction of workflow. Workflow is defined as “an IT technology which uses electronic systems to manage and monitor business processes. It allows the flow of work between individuals and/or departments to be defined and tracked” (Document Management Avenue). It has become an integral part of many document management solutions and meant that it was possible to progress from simple file and find systems to a solution that could ‘manage’ documents; tracking the process of distributing documents, and monitoring and controlling work. The Internet is transforming the way that workflow is used and has led to a new term: eProcess. Research group Ovum defines eProcess as “workflow for the e-business. e-Process extends the concept of process automation to include a company’s partners, suppliers and customers”. Instead of monitoring organisation-wide processes, eProcess is extended to include any external organisations. For document management this means it is possible to effectively integrate documents with their partners, suppliers and customers. This increases collaboration between organisations and improves the efficiency of the supply chain.Version ControlThe definition of document management includes the ability to manage a document through its life cycle from creation to archive. While a document is live it may need to be worked on and altered by any number of people. Version control ensures you do not have clashing versions of documents. Version control gives “control over exactly who can edit documents and enter new documents into the system and avoids any update conflicts” (Cimtech). This involves checking out any documents that are being edited and locking them, allowing users to either save as newer versions or over-write old versions.”In the future, document management will become established as a vital business tool for all organisations looking to share information on an enterprise basis” (Document Management Update)
Summary of document management:
Manage all types of document
Workflow and eProcess
Version Control
An evolved technology that forms the basis for content and knowledge management
Fast becoming a must-have for competitive businessContent management and knowledge management systems are basically extensions of the document management concept and this is where a lot of the confusion arises.Content ManagementDefinition: “a set of tasks and processes for managing content explicitly targeted for publication on the Web throughout its life from creation to archive” (Ovum).Content management solutions are essentially an extension of document management that includes managing web content. Some vendors simply re-badged their products without actually adding any functionality, but the true vendors of content management have added valuable capabilities that continue the scope of document management, beyond the confines of one organisation.An area of much discussion in the market currently is personalisation of content. The prolific use of the Internet and the growth of customer relationship management (CRM) have made it much easier for companies to offer a personal service to customers. Content management systems often incorporate personalisation capabilities although the degree of personalisation can vary greatly, from referring to every user by name to offering the same content to a specific group of users. The technology involved today makes it possible for organisations to replicate the dialogue that a local shop owner might have with its customers, even though they may have many millions. A content management system can also be used like a document management system for capture, distribution and retrieval of information. Enterprise Content Management is a new term that is applied to a system that includes both content and document management capabilities. Content management solutions collect data or information from all required sources, organise it for ease of retrieval and deliver it using a web-compliant system. This can either be over the Internet or Intranet.A content management solution is commonly used to keep a website up-to-date; it is likely to include web-based publishing, format management, revision control, indexing, search, and retrieval. A content management solution captures paper, media, graphic images, email, voice, video etc, and although it is usually associated with managing for the web it can be extended to include any structured and unstructured content for any channel.Another vital difference between document management and content management is the way in which documents are classified. Document management is concerned with the external classification of a document, the index fields and keywords used to refer to it. Content management however, is concerned with internal classification methods such as author, date and time of creation and context.Content management systems have become an essential part of a company’s IT infrastructure and this looks set to continue:”Content management growth is slowed, not halted by the IT recession, while much of the IT industry is in recession, Strategy Partners analysis shows the CM market as continuing to display strong growth of 34.5% for software and services in Europe 1999-2003 after accounting for September 11th and current recessionary factors. This is faster than the worldwide market (29.5%)” (Strategy Partners, 2001).Summary of content management:
Manages all content but usually focuses on managing web content
Web-publishing
Personalisation
A growing market that is becoming more establishedKnowledge Management Definition: “The process of capturing value, knowledge and understanding of corporate information, using IT systems, in order to maintain, re-use and re-deploy that knowledge” (Document Management Avenue).Knowledge management aims to capture all the knowledge in an organisation, from paper documents, web information, electronic reports, employee knowledge or knowledge gained from informal meetings and discussions. Content or document management systems are often the backbone of knowledge management but there is a vast difference in the scope of information captured.Knowledge management allows employees access to intelligent information and includes features such as collaboration, business intelligence, just-in-time e-learning and CRM. On an enterprise-level, knowledge management carries the largest change to the working practises of an organisation. IT solutions of this nature almost invariably require a change to the working environment. Knowledge management, is highly complex and Implementing a knowledge management solution brings about a large culture change at all levels within an organisation.Interest in knowledge management has grown recently for several reasons; the Internet has raised users’ expectations of immediate access to relevant information; organisations are realising the value of their corporate knowledge; the shift in employment patterns, with people spending much less time in a company increases the chance of losing knowledge with an employee – it has been said that NASA wouldn’t be able to put a man on the moon now, as the knowledge was not captured at the time.Knowledge management has a strong link with CRM, (customer relationship management) and a knowledge management system that contains all customer data can be used as a CRM system. This has made these systems especially popular in call centres. The ability to answer a customer query on the initial call not only saves time and the cost of a call back, but also improves customer relations.Knowledge management systems are expensive and notoriously difficult to cost justify. The main reason for this is that a lot of the benefits are intangible. Improving efficiency, productivity, employee access to information and customer satisfaction are difficult to calculate. The benefits can be vast but the financial outlay and cultural change can be off-putting and hence the market is growing slowly:”The KM market is projected to be worth between $1,500 and $4,000 millions in one to two years’ time, based on in-depth user surveys” (Strategy Partners).Apart from the very largest of organisations, there has not been the take-up of knowledge management systems to match the hype.Summary of knowledge management:
Manages all knowledge in an organisation
Often thought of more as a concept then a system
Strong links with CRM
Difficult to cost justify
A new market that is growing but slowlySummary of Document, Content, Knowledge ManagementDocument management systems are now the definitive answer for efficient management of documents. The introduction of content management systems provided the ability to manage web content. Whereas knowledge management extends this concept to manage all knowledge existing in an organisation. So while all three manage information using similar methods, the scope and purposes remain quite distinct.

Alternative Financing Vs. Venture Capital: Which Option Is Best for Boosting Working Capital?

There are several potential financing options available to cash-strapped businesses that need a healthy dose of working capital. A bank loan or line of credit is often the first option that owners think of – and for businesses that qualify, this may be the best option.

In today’s uncertain business, economic and regulatory environment, qualifying for a bank loan can be difficult – especially for start-up companies and those that have experienced any type of financial difficulty. Sometimes, owners of businesses that don’t qualify for a bank loan decide that seeking venture capital or bringing on equity investors are other viable options.

But are they really? While there are some potential benefits to bringing venture capital and so-called “angel” investors into your business, there are drawbacks as well. Unfortunately, owners sometimes don’t think about these drawbacks until the ink has dried on a contract with a venture capitalist or angel investor – and it’s too late to back out of the deal.

Different Types of Financing

One problem with bringing in equity investors to help provide a working capital boost is that working capital and equity are really two different types of financing.

Working capital – or the money that is used to pay business expenses incurred during the time lag until cash from sales (or accounts receivable) is collected – is short-term in nature, so it should be financed via a short-term financing tool. Equity, however, should generally be used to finance rapid growth, business expansion, acquisitions or the purchase of long-term assets, which are defined as assets that are repaid over more than one 12-month business cycle.

But the biggest drawback to bringing equity investors into your business is a potential loss of control. When you sell equity (or shares) in your business to venture capitalists or angels, you are giving up a percentage of ownership in your business, and you may be doing so at an inopportune time. With this dilution of ownership most often comes a loss of control over some or all of the most important business decisions that must be made.

Sometimes, owners are enticed to sell equity by the fact that there is little (if any) out-of-pocket expense. Unlike debt financing, you don’t usually pay interest with equity financing. The equity investor gains its return via the ownership stake gained in your business. But the long-term “cost” of selling equity is always much higher than the short-term cost of debt, in terms of both actual cash cost as well as soft costs like the loss of control and stewardship of your company and the potential future value of the ownership shares that are sold.

Alternative Financing Solutions

But what if your business needs working capital and you don’t qualify for a bank loan or line of credit? Alternative financing solutions are often appropriate for injecting working capital into businesses in this situation. Three of the most common types of alternative financing used by such businesses are:

1. Full-Service Factoring – Businesses sell outstanding accounts receivable on an ongoing basis to a commercial finance (or factoring) company at a discount. The factoring company then manages the receivable until it is paid. Factoring is a well-established and accepted method of temporary alternative finance that is especially well-suited for rapidly growing companies and those with customer concentrations.

2. Accounts Receivable (A/R) Financing – A/R financing is an ideal solution for companies that are not yet bankable but have a stable financial condition and a more diverse customer base. Here, the business provides details on all accounts receivable and pledges those assets as collateral. The proceeds of those receivables are sent to a lockbox while the finance company calculates a borrowing base to determine the amount the company can borrow. When the borrower needs money, it makes an advance request and the finance company advances money using a percentage of the accounts receivable.

3. Asset-Based Lending (ABL) – This is a credit facility secured by all of a company’s assets, which may include A/R, equipment and inventory. Unlike with factoring, the business continues to manage and collect its own receivables and submits collateral reports on an ongoing basis to the finance company, which will review and periodically audit the reports.

In addition to providing working capital and enabling owners to maintain business control, alternative financing may provide other benefits as well:

It’s easy to determine the exact cost of financing and obtain an increase.
Professional collateral management can be included depending on the facility type and the lender.
Real-time, online interactive reporting is often available.
It may provide the business with access to more capital.
It’s flexible – financing ebbs and flows with the business’ needs.
It’s important to note that there are some circumstances in which equity is a viable and attractive financing solution. This is especially true in cases of business expansion and acquisition and new product launches – these are capital needs that are not generally well suited to debt financing. However, equity is not usually the appropriate financing solution to solve a working capital problem or help plug a cash-flow gap.

A Precious Commodity

Remember that business equity is a precious commodity that should only be considered under the right circumstances and at the right time. When equity financing is sought, ideally this should be done at a time when the company has good growth prospects and a significant cash need for this growth. Ideally, majority ownership (and thus, absolute control) should remain with the company founder(s).

Alternative financing solutions like factoring, A/R financing and ABL can provide the working capital boost many cash-strapped businesses that don’t qualify for bank financing need – without diluting ownership and possibly giving up business control at an inopportune time for the owner. If and when these companies become bankable later, it’s often an easy transition to a traditional bank line of credit. Your banker may be able to refer you to a commercial finance company that can offer the right type of alternative financing solution for your particular situation.

Taking the time to understand all the different financing options available to your business, and the pros and cons of each, is the best way to make sure you choose the best option for your business. The use of alternative financing can help your company grow without diluting your ownership. After all, it’s your business – shouldn’t you keep as much of it as possible?

Why The Best Movie Theatre Near Me Should Also Serve Dinner

At a time when I find myself trying to have it all without compromising a single thing, it would seem this attitude should involve all parts of my life, including my leisure time. As such, I’m going to say it out loud without fear of reprimand – I think that the best movie theatre near me should also serve dinner.There. I said it. Now, many of you may be wondering how in the world I could have the nerve to demand a full meal while also taking in a new, first-run movie. It all comes down to the basic idea of trying to adapt to the maniacal pace we live life at nowadays.You hear it all the time from friends, family, and co-workers. Day in and day out, there just doesn’t seem to be enough time to do anything. Whether you still use an old-school day planning calendar or are partial to the digital version on your smart phone, it feels as though we have to schedule every part of our lives so that we can dedicate some time to the endeavor at hand. It seems that even the simple pleasure of eating & watching a movie isn’t beyond the reach of our greedy schedules.So, yes, I think that the best movie theatre that I have close to me should be able to provide options for not only watching a great movie but also having an actual meal beyond the usual theatre fare. Convenience is certainly at the top of the list for this demand. I’d like to believe that being able to go two places wouldn’t be hard to do, but I also know I feel like I’m wasting time. For example, if I go have dinner, I’d say I may take an hour from start to finish. I’ll drive to the local theatre for a movie, and if I’m able to start watching fairly soon, I’m looking at about a two-hour investment. My little “dinner & a movie” just zapped about four hours of my evening. That’s a “no-go” for a busy person.I believe that being able to parlay my dinner & movie into one is also a way for the theatre to actually provide a more family-friendly environment. It may feel like a bit of generalization, but the usual theatre chain only offers snacks, which aren’t an option for a family with young kids. When it comes to the lobby & arcade area, it can create an environment that caters to more people being there and not for any reason related to checking out a movie or playing video games. By having a movie theatre that offers dinner, or rather actual food items worthy of a meal, moms & dads feel a bit more at ease in terms of what they’re serving their children. Moreover, because the lobby is more of a social area/restaurant/meeting space, there is more turnover of patrons & movement of folks coming in for a bite. One bonus item to consider is that for theatre chains choosing to go the dine-in route, some of them serve alcohol, which also contributes a bit to more regulated spaces.So, yes, I do want the best movie theatre near me to serve dinner, but it’s not because I’m trying to be difficult. When you consider the convenience it brings to the table, as well as the family-friendly atmosphere it would help foster, you, too, will wonder why this isn’t a ‘thing’ already.