Does Your Company Have Documentum?

Are you lost in the mess of documents that get passed around your company, never knowing what the latest version is and which one you should work on without worrying if someone else has already made the same editions that you are making? Perhaps you have heard of collaboration software solutions such as Documentum to help your company manage its documents that are passed around. Documentum is a very good solution to this problem but is it the only one? In this article you will be presented with some basic information about the differences in collaboration software from Documentum and NextPage.

What is collaboration software?

Collaboration software allows business professionals to work directly with other business professionals by allowing them to work together to create business documents, presentations, and budgets. Most collaboration software is centralized. This allows business professionals to work on the same documents at the same time from different locations. Some centralized collaboration software solutions include Groove Network, Microsoft SharePoint, Documentum, and Filenet.

Why use Documentum?

There are a few advantages to using centralized collaboration software such as Documentum. The main advantage being that they work very well for team collaboration. Documentum’s software keeps all files, projects, and data in one centralized location that everyone who is working on the project can access. This allows them to review and update the same document that everyone else has used, which essentially keeps everyone working on the same page.

Are there any drawbacks to Documentum?

While the collaboration software solution provided by Documentum is very useful and beneficial, there are a few drawbacks to using it. The main disadvantage being that Documentum’s software requires the use of an IT infrastructure. Another potential drawback is that it requires an extensive amount of installation time. This can be a major inconvenience to those business professionals who are always busy and on the go.

Other collaboration software options out there also require everyone you work with to have the same software in order to share information. All of these drawbacks to centralized collaboration software can be very expensive and inconvenient.

What else will work for my company?

NextPage provides an alternative solution to the centralized collaboration software. NextPage 1.5 Collaboration Software tracks documents with Digital Thread technology. Say, for instance, that you are working on your company’s budget. You want to make sure that your facts and figures are correct so you send your spreadsheet to several of your co-workers for review. They look over the spreadsheet and make the necessary changes. They then return their spreadsheet version to you, and with NextPage 1.5, you simply merge the document versions together into one. NextPage 1.5 lets you see all of this visually via a graphical version history. With the graphical version history, you would always know where the various versions of your spreadsheet are stored, what changes have been made, who has reviewed your spreadsheet, when the revisions were made, and how the revisions fit together. NextPage makes it easy to see where the document has been and what revisions have been made, eliminating the confusion of who did what and when it was done.

What advantages does NextPage have?

The major advantages to using NextPage’s collaboration software include the following:

Do NOT need a centralized server
Do NOT need an IT infrastructure
Installation can be done in a matter of minutes
Will work with associates who are NOT NextPage subscribers
Solves document management problems where they originate
If your company is getting lost in the mess of documents then you can benefit greatly by implementing a collaboration software solution. Solutions from Documentum or NextPage will enhance your overall organization and productivity. In this article I have got the ball rolling for you. All you need to do now is to see what solution will best fit your company. So get out there and get your company documents organized!

Digital Documents, LLC Announces Quality Audit Results

Results from an independent quality audit performed demonstrated that through the use of their dDSpeedScan® technology and processes, Digital Documents, LLC created a database that had an accuracy level of 99.995%.

Version 4.0 of dDSpeedScan ® document scanning, indexing software and processes can output images and data into over 240 formats with a 17% improvement in document scanning throughput rates over the previous version. In addition to the enhanced image, data validation and quality assurances, the largest and most complex projects can be processed with quick turnaround and higher than industry standard image and data quality. Clients that use their services are able to demonstrate tangible and measurable benefits, and often realize increased profits and revenue with dramatically reduced document management costs and expenses. In addition, their scanning services allow organizations to unlock the true value of the information trapped in their documents.

“This particular project involved a mixed document collection relating to patent infringement litigation. Not only were there a very large number of documents that had to be processed in a very short period of time, the coding was very complex as the documents contained a lot of scientific and numeric data. Through the use of a number of manual and automated processes, we coded over 1.72 million characters with independent audit revealing that there were 14 coded characters that were suspect. After further review, the accuracy of some of these characters could still not be determined as there were instances where a Zero looked like an “O” and a Five looked like the letter “S”. On one document, the corner of the page was ripped and half the letters were missing. However, to create a database that has an accuracy level of 99.995% from an unstructured document collection is a fantastic testament to our staff, technology, and our document scanning and indexing processes and quality controls and assurances. This accuracy level exceeds traditional approaches of double-key entry and verification utilized by off shore coding vendors, and considerably higher than our current industry standard of 90% to 95%. Clients that have used our services and taken advantage of our sizable investment in technology like dDSpeedScan® 4.0, are able to demonstrate tangible and measurable benefits, and often realize increased profits and revenue with dramatically reduced document management costs and expenses” stated James M. Eglin, Jr., Executive Vice President of Sales & Marketing in making this announcement.

Aiming for a Greener Financial System

In the year 2015, being a person who likes to stay abreast of the various political and economic activities, I was often confused with the term ‘Green Finance’. Moreover, the excessive use of this term in G20 pushed me to learn more about it and provide an understanding to you as well.

Green finance can be described as an umbrella term which refers to the changes in financial flows that are required to support projects that not only help the environment but also the society. Pollution, air quality, water quality, greenhouse gas emissions, energy efficiency and renewable energies are certain genres that are covered under green finance.

To meet the aspiring goal of the Paris treaty, it is important to align the green growth and financial sector. If we talk about green finance in the long-term, we should be happy to know that it has ample opportunities for profitable investments in developed and developing economies. Investing in green economy will set the course for carbon footprints. The only need at the minute is a step change in greening the financial system. There is a rising awareness in the financial system related to sustainability risks, commercial opportunities and changing customer preferences. The government has smoothened these developments through national roadmaps, sectoral guidelines and policy signaling. The economy is witnessing a competitive urge between financial centers and companies for green finance leadership.

An accepted green finance will always constitute a right proportion of policy action and market. Below are certain actions which can be helpful for an effective market action:

Connecting environmental risks analysis with core business activities
Feeding back into the policy process
Driving the environmental risk analysis
Anchoring sustainability, and
Controlling financial technology to strengthen retail demand.

The authorities should be able to shape effective policies to minimize market failures and create conditions which help in the growth of green finance. Apart from using policy packages with fiscal policy and environmental reforms, there should be an involvement to support the greening of financial markets with options such as:

Supporting data provisions and capacity building
Using the limited public means effectively, and
Creating a smart and well-organized incentive system.

After the government, multilateral development banks and international financial banks have also an important role to play, with options like:

Streamlining governance structures and portfolios according to the Paris agreement
Using methods to strengthen environmental guidelines, and
Promoting financial market development and filling project pipelines.

Since the Paris treaty, businesses have initiated that streak of competitiveness at various levels of the financial system. The global financial centers such as London, Shanghai, or Paris are preparing themselves as global green finance centers – this and many more to lure specialized companies. Designing smart market systems and policies, in order to maximize the positive effects in the long-term can be a strong approach towards scaling-up the green finance.

Developing countries encounter major investment gaps and receive a small share of the green financial flow. This is the case when these developing economies offer huge opportunities for long-term green investment in areas such as transport, agriculture, infrastructure and energy. There are a number of developing countries which are advertising green bond roadmaps, highlighting the potential for green finance. Though, the various effects of an updated version of environmental risk analysis need to be understood to manage possible development policy implications. The UN environment is developing a range of options to make the most of the combined activities of green finance and sustainable development.

Financial Skills – Opening a Bank Account

I was surprised when I asked parents to tell me the life skills they wish their kids knew, and there was a resounding request for kids to learn how to open a bank account.

Similarly, there was a huge call out for:

How to budget & balance accounts
How to write checks and pay bills
And how to start saving for retirement
It seems some of the things we take for granted are, as a result, missing from what we teach kids.
This article is the first article in the four-part series and will discuss the best and simplest way to get started with opening a bank account.

It seems easy, but there are several questions many people never think of that we’ll address in this article:

Which bank?
Checking or savings account?
Are there fees or minimum balances?
Should I get a Debit Card too?
Should I have my name on the account with my kid?
1. Choosing a Bank

When you choose a bank, there are a few criteria you’ll want to look at:

Location
Number of branches
Ease of access
The location should be convenient to your home, but also have enough branches so that – in the case of an emergency – you can get to your bank.
I opened an account with Elevations Credit Union when I was attending CU Boulder. It was convenient and credit unions are really great to bank with. However, after I graduated and moved, there were no branches around me, which made things very inconvenient. I ended up opening an account with US Bank since they are in about every King Soopers, where I do my grocery shopping.

This is especially important with kids because you don’t want them to have to drive too far just to bank.

Similarly, ease of access into the branch is important. I remember having a Norwest (now Wells Fargo) account, and getting in and out of the bank’s parking lot was terrible. I had several near-miss car accidents and dreaded even going to the bank.

2. Checking or Savings Account

As you’ll learn in the future article about saving and budgeting, there should be an account that is used for saving and investing.

That means it’s important to have BOTH a checking and savings account.

The reason a checking account is important, is so that kids can learn how to write checks, and have a designated spending account aside from a designated savings account.

Checking accounts are important for paying bills (be it online or via mail) and will give kids the opportunity to learn how to write checks. Even if check writing isn’t as prevalent as it once was, it’s still important.

I was shopping one day and realized I forgot my wallet, which had my credit cards and cash. I started to panic because I needed some food. Fortunately, I keep a couple of checks in the car and was able to save myself by writing a check… they still come in handy!

3. Fees & Minimum Balances

Some banks have fees to have an account and others don’t. Obviously get the one that doesn’t since your kid shouldn’t have a huge account. Likewise make sure there isn’t a minimum balance or a very small ($10 or less) minimum balance.

Just as important is how overdrafts are handled!

When I was in college, it never failed: my peers (who hadn’t learned how to balance an account) would routinely trigger their overdraft protection and the hefty fees that went along with it.

They would look at their balance online and it would show $10. Then they’d check it again a few days later and it was at $30.

It was the magical growing bank account; and they never wondered where the extra money came from. Until the end of the month when they had over $200 in overdraft protection fees!

I would suggest NOT getting overdraft protection and instead making darn sure they can balance their account (which we’ll cover in a future article).

4. What About a Debit Card?

Here’s my thoughts on kids having debit cards: it makes it much, much harder to balance the bank account while making it much easier to overspend and run into trouble.

Are ATM machines convenient? Yes, but I have never once used one in my entire life. Part of teaching kids life skills is to teach them to be prepared. I keep an extra $10 in cash plus a few checks in my car. It wouldn’t bother me if it got stolen.

If you’re determined that your kid gets a debit card, wait at least six months after opening their account so they can learn “the old fashioned way” and understand how the debit card affects their account when they actually start using it.

5. Should I Be On The Account Too?

I think it’s a very good idea for you to be on your kid’s first account so you can monitor their spending and make sure they don’t cause a train wreck.

It’s good to get statements so that you can use that as a learning experience to go over them with your kid and teach them how to properly dispose of them (in a shredder) so that they decrease their risk of identity theft.

Come up with a time frame or benchmarks until you pull yourself off the account and let your kid take on the responsibility of an individual account.

Opening a bank account is a huge step into a new world for kids and it should be a great experience. Walk your kids through the setup and look for the learning opportunities along the way.