The benefits of digital asset management (DAM), including RFID, are a hot topic these days. RFID applications are available for any sort of business. But owners and managers of organizations in the service sectors, from finance and law to healthcare and education, may think RFID is just an inventory tool for the retail and logistics sectors.
If you think your enterprise couldn’t benefit from RFID, think again.
- Asset Tracking – Ever notice how there are never enough chairs in the conference room? Furniture, laptops, and other work tools have a way of wandering from their assigned locations. RFID tags keep tabs on the location of these peripatetic items, as well as providing information on their age and condition. Office and facility managers can easily identify aging furnishings that need repairs or replacement, and pinpoint the location of every physical asset. Plus when inventory time comes, the RFID system can deliver a document listing the assigned value of each item currently in the facility, making financial reporting quicker and simpler. What is does it cost your business to update capital inventory records by hand?
- Personnel Tracking – In busy public settings like hospitals or schools, knowing the location of key personnel can save time, or even save a life. RFID-enabled personnel badges keep track of people’s movements and current whereabouts so no time is wasted when someone is urgently needed. RFID personnel badges work with an institution’s security system to manage access to restricted areas and maintain safety. And in emergency situations, an RFID system can tell first responders who is inside and where they are. What is the dollar value of RFID-managed security and safety?
- Document Tracking – We always advocate converting paper documents to digital documents via a well-planned imaging program; imaged documents are secure, shareable with teams, and save the real estate costs of large file rooms. But in many offices there are documents that need to be retained as paper even if they have been imaged. Paper files are easy to lose or misplace (one of the advantages of imaging), but with the addition of small, inconspicuous RFID tags, the location of a file can be tracked throughout an office. Doorway RFID readers monitor the movement of files from one room to another, and files can be located with a quick look at the tracking record. PricewaterhouseCoopers estimates an average of 25 extra hours to recreate a lost document; how much would that cost your business?
Keep in mind that RFID, unlike bar codes, doesn’t require direct sight lines to record and track business assets carrying RFID tags. Once items or personnel are assigned their unique RFID tag, doorway readers track their movements automatically as they pass from one room to another. And inventory updates can be as simple as walking into a room and pressing a button on an RFID reader. You’ll instantly collect data on all the capital assets the room contains; no need to look through cabinets and underneath furniture to read bar code IDs. RFID is a timesaver, and like its other benefits, that translates into money.
RFID systems come in many shapes and sizes, and can be scaled up or down to suit your organization’s needs. When you start adding up the costs of lost documents, lost equipment, and lost time, it’s clear that you shouldn’t miss out on the benefits of RFID.
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The IRS is acting like Oprah, and small businesses across the U.S. are benefiting. Thanks to Section 179, the IRS is handing out a $1,000,000 deduction to every small business that puts qualifying equipment and/or software into use before the end of the year. Rather than depreciating equipment over the course of several years, Section 179 allows businesses to deduct the full price of equipment in Year 1, up to $1,000,000. That’s an enormous tax benefit.
And it gets better: Even if you finance the equipment rather than paying for it up front, you still qualify for the deduction. Leases as well as purchases are included in this rule. You don’t have to hand over a pile of cash in order to reap the Sec. 179 benefit.
Almost any tangible business-related product qualifies for the deduction, including:
- Equipment purchased for business use
- Computers and off-the-shelf software
- Data hardware (essential for imaged-document storage and access)
- Office furnishings and fixtures, including high density mobile storage and lockers
- Office equipment
- Certain business vehicles, including fork lifts and 9-passenger vans
- Property attached to your building that is not part of the building structure (casework and industrial shelving, for example)
- Tangible personal property used in the business, or equipment with a partial business use
- Some improvements to existing business-only buildings, including security systems, HVAC, and roofing
There’s one small but essential thing to remember: The new equipment must be placed into service by December 31.
With only a few weeks left in the year, that deadline may seem like an insurmountable scheduling problem. Luckily, many business-equipment vendors offer quick-ship programs for their clients who want to take advantage of the Sec. 179 deduction. If you’re planning an equipment acquisition in the first quarter of next year, why not buy it now, put it into use before the end of this year, and get the money the IRS put under your seat?
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A deadline is looming for government agencies: By December 31, 2019, they must be able to manage all their records in an electronic format. In the private sector, too, businesses and professional practices have been changing over to electronic record keeping. When your organization’s leaders mandate a move to digital operations, what will that mean for your area of responsibility?
Last year, the director of records management and outreach of NARA (National Archives and Records Administration) issued a useful cost-benefit breakdown that the private sector, as well as the public sector, can utilize for planning a document conversion program. Now that this multi-year conversion effort is nearing its deadline, the same office has published criteria for the successful management of electronic records. And like the cost-benefit analysis, the NARA success guidelines can be applied to private-sector organizations as well.
Among the key benefits of imaging are security, searchability, retrievability, and audit trails. A successful document conversion program will produce these benefits. While the NARA success guidelines are intended for records that originate electronically, a number of the success criteria are applicable to enterprises making the transition from paper to digital documents via an imaging program, including:
- Well-designed access controls that let your organization perform its business functions without additional productivity roadblocks.
- Imaged documents that comply with NARA format and metadata requirements, as well as Sec. 508 regulations, for those enterprises doing business with the federal government.
- Policies that support digital document management, especially organization-wide communication, stakeholder involvement, and personnel training.
When the document conversion mandate comes from your private-sector business’s C-suite, there won’t be an agency like NARA to help guide your transition to electronic records management. But that doesn’t mean you can’t achieve the same document-conversion success that the federal agencies have. Reach out to a specialty vendor or consultant working in the imaging field to have them develop a custom conversion program designed for your specific needs.
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Coworking space is a hot topic in commercial real estate. Companies like WeWork and Regus continue to lease more and more office space for the temporary use of their subscribing members. Even the GSA is looking at coworking space as a way to meet some of its space needs. However, coworking spaces can create process challenges for distributed teams and their managers. Imaging is the solution.
Statistics compiled by real estate service company JLL show the proliferation of coworking space, particularly in the past two years. The benefits of coworking office space are well-documented: few or no build-out costs, no long-term lease, tax benefits, and simplified telework. From a facilities management standpoint, coworking office space is an ideal solution to the need for temporary space.
For the occupants, too, the quality of coworking space has improved considerably since the early days when complaints about privacy and noise were common. Many coworking space providers are now reconfiguring their spaces to offer privacy pods and noise abatement.
One problem most coworking spaces can’t solve is document storage and information accessibility. Coworking offices are in the business of offering working space, not paper-document storage space. Document-dependent organizations struggle with their work processes if their teams are distributed in several widespread co-working spaces, without access to the paper documents they need.
Fortunately, there’s a solution for that: Imaging. Converting paper documents to digital documents makes those documents shareable. Distributed teams can have full access to all the information they need. Further, the converted documents are even easier to use than paper documents, since the conversion process makes them searchable – a key word or phrase can be delivered with electronic speed.
Converted documents offer a level of security and safety that paper documents can’t match, especially in a coworking environment where outsiders might have unauthorized access to confidential papers. With a database of imaged documents, managers can ensure information integrity by setting access permissions and tracking document usage.
Judging from the results of JLL’s study, coworking is going to be a significant part of many organizations’ real estate choices. If your enterprise is considering adding coworking spaces to your real estate mix, now is the time to put an imaging plan into action and add speed, security, and information accessibility to the other benefits of coworking.
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Google, Bing, and all the other online search engines have raised the bar for information accessibility. We have come to expect, in mere seconds, the answers to queries that used to take many man-hours of research and compilation. Such easy access to data is a great time-saver for any business operation, and as we all know, time is money. But if your business operations rely on paper documents, you may feel there’s a lot of staff time spent hunting down data stored on paper, whether it’s a single document in a file folder, or a single sentence buried within that document. If you think it’s reducing your profitability to operate this way, you’re right.
Findability is the key to speeding up your document searches, and the best way to improve findability is to convert your paper documents to digital documents.
Imaging, also known as document conversion, is much more than creating a simple PDF. Digital e-documents are searchable and sortable. They are essentially “smart” documents, and because they are stored on a server, your data’s findability rate is as fast as a search engine. Instead of having to go look for data in a file cabinet, the data comes to you. It’s like having your own internal Google for your documents. And while Google’s documents are public, your imaged documents are accessible only to your authorized users.
Information is an asset. Likewise, your team’s time is an asset. When you improve document findability, you maximize the value of your informational assets. Your team is able to get vital information quickly, and everyone remains focused on your organization’s primary mission, with all the assets – information and time – working together to increase throughput. And as economists tell us, increased throughput will lead to increased profitability.
Findability could be your success tool to improving productivity and profitability. A document organization specialist will help point you to the right system for your enterprise.
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It’s never easy being an HR recruiter. Whether the job market is tight or wide open, the competition for top talent is ever-present. One of the proven strategies for attracting the very best recruits is a visible, well-integrated corporate value system.
Prospective employees want to see their own values reflected in the workplace, especially when it comes to corporate social responsibility. From millennials to Gen Z, recruits view sustainability as an expression of corporate social responsibility. They’re not going to be satisfied with a token paper-and-plastic recycling bin. They want to see sustainability infused throughout the company’s operations.
Your business storage systems may not be the first things that spring to mind when you’re looking for ways to increase sustainability. Nevertheless, there are storage solutions that give your enterprise a definite sustainability advantage. These include:
- Electronic records – When you reduce the quantity of paper business records stored in file cabinets, you reduce your storage footprint. Less storage space means less overall space and lower utility consumption. Further, converted documents become digitally accessible to everyone who needs to work with them, eliminating multiple redundant copies and thereby reducing paper consumption.
- Modular casework – Unlike traditional casework, the “building block” modules of high-quality casework can be reconfigured as operational needs change.Yesterday’s credenza is today’s wall cabinet. It’s recycling at its finest.
- High density shelving – These space-saving cabinets slide along floor-mounted tracks, eliminating aisles between shelving units and reducing your storage footprint by as much as 50%. In tandem with an electronic records conversion program, your paper document storage will take up far less space than previously, and you’ll reduce your overall space utilization.
There’s a bonus to these sustainability-friendly storage solutions: lower operating costs, including real estate costs, office supplies and utility expenses, and build-out costs.
When you choose storage systems like these, you’re telling recruits that your business takes sustainability seriously. Your corporate values increase employee loyalty and retention, which in turn improve productivity and profits. Further, customers prefer to do business with socially-responsible companies.
When you can both do good and do well, it’s a win for everyone, including your HR department. Sustainability is a really good look for your brand, and your storage systems are part of the picture.
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