Every pore of operations in today’s business world sweats data and documents. The beginning of the online era in the 1990s accelerated a practical revolution in how organizations managed the massive amounts of data they produce daily and turned what was a major filing headache into a major asset for the board, the C-suite and senior management in leadership activities.
The full positive impact of this asset, however, is only available to those firms that have established best and cutting-edge practices in entity data management. While we’ve previously covered the crucial assist data and document management software can give to your business model, this post aims to cover broadly the three most important aspects of optimizing entity data overall: the data repository, the methods of data collection and presentation, and better governance strategy.
1) Creating a single, authoritative data repository
In previous posts, we’ve introduced several different aspects of data management systems. The beginning of effective data optimization is the central system of document management, often called a repository, or vault. Software organizes these documents, and the data within them, for the most effective utility.
Generally, there are two kinds of data management software: self-hosted and Cloud-based. Self-hosted data systems are installed in a single stroke on the organization’s own separate computer servers and can be a reliable solution for more security-conscious firms. Cloud-based data storage outsources the repository to a contracted provider for a monthly usage fee, making the data readily accessible from different devices by the many parties that need it.
Some of the functionality of a data repository you should be looking for includes:
- Check-in/check-out document creation and editing
- Easy adding and editing of permissions
- Locking documents and folders to allow simultaneous editing
- Visibility and control over the various previous iterations of a file
- Tracking creation and editing/document auditing
2) Analyzing and presenting data for maximum effectiveness
Reliable data management systems put together all the various moving pieces of documents as they are created by each department. This allows for the extraction of qualitative and quantitative data, sorts it effectively, and presents it in ways that can provide invaluable assistance to your leadership.
Say, for example, you’re working in a multinational organization trying to compare the profit/expense ratios of different subsidiary entities. Effective data collection can sort the relevant documents, extract the data relevant to the task, and give you a breakdown or printout of the results at the click of a button.
In several different previous posts, we have covered various aspects of entity relationship diagramming. This is another form of data management that underlies many specific tasks. It allows for effective visual presentation — in charts, graphs and pictures — to make a massive amount of information easily digestible and actionable by Boards, the C-suite, corporate secretaries and so on.
3) Streamlining governance of data management
Data optimization through the repository/vault and methods of analysis and presentation allow best practices governance of the reams of data produced by modern organizations to be implemented.
At different levels of an organization, staff members are constantly trying to stay up to date on the composition and responsibilities of different entities, to advise the leadership on effective corporate governance, and to maintain the records for all transactions, reports, filings and audits.
In performing these tasks day-in, day-out, it’s common for management, boards, auditors, and legal and other departments to make frequent requests for entity information. Instant, real-time access to the data and documents needed to perform these entity management tasks is not only more effective, but compulsory to handling these responsibilities.
An effective platform for document management is increasingly essential for modern enterprise. Blueprint OneWorld’s platform offers a number of secure, elegant and affordable solutions to some of the problems discussed above.
Our document management system helps optimize data through the functions described above. It also attaches files to different entities and departments, stores them by a unique serial number, and performs check-in and check-out processing, with edit-only and read-only rights for various users.
Our data management system tracks all of your firm’s data and accurately records the changes to it for auditing and reporting purposes. Our system can relieve you of many of the headaches of management through automated creation, checking and filing of statutory forms in a number of different frameworks.
We hope to be your organization’s first entry point into a reliable and effective strategy of data optimization. Please call or email us today to discuss these and other solutions.