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.
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:
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?
From finance to banking to healthcare to day care, industry regulatory compliance is part of the business of doing business. Part of compliance – a big part – is records management, and many of those records are in paper form. Paper has a long and noble history, but it is a very labor-intensive medium, especially when a compliance audit demands supporting documents for your operations. If your paper documents haven’t been converted into searchable e-documents by a document conversion expert, your mission-related productivity will suffer while your team rummages through files.
OCR adds searchability
Locating a specific piece of information, even if a document has been scanned and filed in an electronic archive, is an arduous and time-consuming task unless the document was scanned via OCR (optical character reader) software. A standard PDF conversion is not readily searchable; to make a PDF searchable, it must be re-scanned through OCR software. Often the OCR software must be custom-formatted to understand certain areas within the document (account numbers, signatures, etc.), a task requiring expertise that may not be part of an in-house administrator’s skill set.
Metadata categorizes and adds history
Auditors may also inquire about a document’s origins: when a document was created, who created it, who scanned it and when, what kind of document it is, and whether it has any related documents or transactions. Tracking down a document’s history is quite time-consuming if there is no metadata. Most documents created on a computer have at least some form of metadata tags (date, file type, and creator, at a minimum), but scanned documents have almost no metadata tags. Metadata tagging can be speeded up through automation, but like OCR scanning, expert customization is needed to make the automation effective and accurate.
Clearly, in any regulated business, it makes good sense to build a searchable, categorized document database that supports compliance. But it’s complicated. And a less-than-expertly created database is unreliable, and often unnecessarily expensive. Follow the advice of Inc. Magazine to find a skilled, experienced vendor to take your enterprise through the document conversion process:
Talk to a vendor’s former employees
Talk to a vendor’s customers who have provided testimonials
Look at employee reviews
Think like a journalist doing investigative research
With a well-designed and compliant digital document database in place, you can spend your time making your business productive and profitable.
Ten years and $2.5 billion – that’s what it takes to bring a new drug to market these days, says the Tufts Center for the Study of Drug Development. Time is money, and drug companies are starting to design their labs with speed in mind. As Mitchell Weitz of Bristol-Myers Squibb states in LabDesignNews.com, the goal is to “break the physical and logical barriers to getting work done.”
Technology is part of the picture, of course. At Johnson & Johnson, employees are provided with an array of supportive technology, from laptop docking stations and virtual collaboration rooms to walk-up tech-support kiosks. Employees are encouraged to choose workspaces that suit them and the work they are doing. And because employees are empowered to define their work areas, formerly-distributed teams can now collaborate in the same physical space, and quick face-to-face decision-making can speed the work along.
Giving individuals and teams this kind of autonomy and mobility means lab spaces must be able to turn on a dime, changing form and function as quickly as the teams using them make decisions. Solid walls and built-in casework take time to remove, and even more time and expense to re-build, and designers are turning to modular casework to speed up the reconfiguration of labs. These “building blocks” of cabinetry can be assembled in an almost infinite variety of combinations. Wall units can be repurposed as work benches; fixed work benches can transform into mobile workstations; large runs of cabinetry can be divided and re-used in a number of small rooms. And not only does modular casework save time, it saves the cost of re-building casework from scratch.
Agility-driven design choices of this type can be seen everywhere in the new pharma labs. Designers have calculated walk times from one building to another, analyzed the speed of new-technology adoption, and included such holistic elements as stairways and lounges to encourage serendipitous exercise and face time. As labs get faster, and incremental time savings add up to cost savings, the benefit of speed is readily apparent: new remedies, produced efficiently and profitably, and delivered affordably to improve everyone’s health.
The new year is almost here, full of exciting possibilities and the fruition of well-executed plans. It’s also a great opportunity to consider the knowledge gained in the previous 365 days. With that in mind, here’s a selection of our most popular posts of 2016.
Ten years ago, Stanford University opened the doors of a new interdisciplinary research facility, the Clark Center. This research lab was intended to break down barriers between various academic disciplines, encouraging investigational cross-pollination. Has the university’s effort paid off? Tully Shelley and Seth Meisler analyzed the results for American Laboratory, and reported their findings here.
At the heart of this collaborative effort was the design of the facility – open, flexible, interactive. Labs featured walls of windows where anyone could observe research in progress. The large lab spaces allowed experimenters to co-locate and support each other’s work. Resources could easily be shared, and chance encounters helped researchers come together to solve problems.
Without adaptive modular lab furnishings, the university’s innovative design would have been hard to achieve. Shelley and Meisler discuss how mobile “kit of parts” casework workstations allowed quick reconfigurations when researchers wished to collaborate, or when a research project came to an end. This video shows an example of similar reconfigurable casework:
Shelley and Meisler concluded that the Clark Center’s design has had a positive long-term effect on collaborative research, building a sense of community that supports interdisciplinary investigations. In their words, “With the proper stewardship, along with a well-designed building, collaborative science can flourish.”