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Technology companies include software, semiconductors and telecommunication companies. Changes and development in these companies take place much faster compared to other industries and technologies in this companies become obsolete very quickly. These companies are faced with the constant challenge to innovate, improve quality, and reduce production cycles and costs in order to stay competitive.
Additionally, technology companies are required to adhere to regulatory compliances like ISO 9000 quality management standards and ISO 14000 environmental management standards for greater acceptance in the international market. Publicly traded companies also need to comply with the Sarbanes-Oxley Act (SOX).
The ultimate challenge for a technology company is to manufacture high-quality and reliable products. To achieve this goal, they need to address the following challenges:
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High Costs:
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Technology manufacturers with multiple facilities in different geographical locations might find it cheaper to maintain separate document management systems for different locations. However, the inefficiency of paper-based or stand alone systems becomes counterproductive and costs a lot of money in terms of man hours.
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Due to lack of collaboration and centralized knowledge repository, same documents have to be recreated over and over again costing a lot of money
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Storage and Search Issues:
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It is extremely difficult to search for paper documents and costs a lot in terms of time and man hours
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Paper documents require a lot of expensive storage space
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Communication Issues:
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In a paper-based systems, the document review process can be long and cumbersome. It requires a lot of meetings to discuss changes and obtain approval and signatures. When a change is rejected, more meetings are called for resulting in loss of time and man hours.
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- Poor Turnaround Issues:
- The lack of a centralized document, knowledge and workflow management system is likely to cause a poor turnaround in product development and marketing plans
How can LuitDox Platinum help Technology companies?
LuitDox Platinum can help technology companies in streamlining
their document filing and records management processes. The following
are the "before" and "after" effects of implementing
LuitDox Platinum:
| "Before"
using LuitDox Platinum |
"After"
using LuitDox Platinum |
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| Document
Management Challenges |
LuitDox
Platinum DMS Solution |
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Inefficient
paper-based Document Management System |
Efficient Document Management System | |||
Lack of document revision
control |
Automated document
revision control |
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Disconnected document
management processes |
Centralized document
management |
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Loss of knowledge and
organizational memory represented by knowledge and experiences |
Centralized knowledge
management repository for storing business critical documents
and knowledge for future reference and use |
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High costs of storage
and searching paper documents |
Advanced search functionality
makes searching documents very fast. Documents are stored in your
servers instead of filling hundreds of square feet of prime space
with file cabinets. |
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Lack
of oversight due to absence of a centralized reporting facility
on the document activities |
Increased visibility
due to document usage reports that can help in maintaining a record
of the document related activities performed by the different
employees |
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Inability to track if
a user has viewed a document. |
Whenever a user takes a look at the document,
LuitDox Platinum captures the document viewing event |
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Inefficient Workflow
Process - A paper-based system is plagued by bottlenecks, lack
of follow up and inadequate response. All of these can result
in delayed approval of documents. |
Efficient Workflow
Process - the easy to configure workflow process of LuitDox Platinum
helps high-tech companies in streamlining document approval processes |
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Loss of knowledge assets
and duplication of work |
Protect knowledge assets
to reduce the duplication of work and to enable organizations
to identify knowledge gaps using a easy-to-use system |
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| Expensive
employee training processes due to lack of training materials
in a centralized and searchable repository |
Reduce
training costs, improve learning and foster innovation by streamlining
information access and retrieval, putting content in context |
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Lack of a single system to reconfigure, recombine,
and integrate knowledge from distinct and disparate sources and
foster team working in environment |
LuitDox Platinum provides an adequate media
to reconfigure, recombine, and integrate knowledge from distinct
and disparate sources and supports effective team-working in environments
where teams are located physically together in the same office,
as well as virtual teams who do not necessarily meet face-to-face
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| Poor Follow-up - Assigning
team members and following up tasks via e-mail or phone is a time-consuming
process that could easily fall through the cracks |
Efficient Follow-up
- Automates review task assignment and follow-up via alerts for
any task not completed by deadline |
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Lack of Connectivity - Documents created
using disparate tools (Excel, Microsoft Word, Visio, audit applications,
etc.) in multiple facilities are hard to collect, collate, retrieve,
and are easily misplaced |
Connected - LuitDox Platinum connects all
documents under a single secure, centralized system that can be
accessed by users with access privileges from virtually anywhere |
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Unwarranted legal exposure
- Sensitive documents need to be expunged immediately after the
required retention period , a difficult task in a manual system. |
Controlled legal exposure
- With LuitDox Platinum a company doesn't have to keep sensitive
records longer than it needs to. Records can be retained according
to company policy. |
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