Today we are clearly experiencing a widespread economic downturn: food, energy and raw material prices are causing fears of inflation; unemployment rates are increasing; and oil continues to be two to three times the price of a year ago. Typically, when the economy falters or shows signs of slowing, businesses have a tendency to retrench. And yet making strategic investments in technology and finding more ways to leverage the capabilities of existing technologies can lead to a competitive edge during uncertain economic times.
Tough conditions are affecting much of the U.S. and world economy today, and many companies are reacting to them by trying to reduce their risk. For example, while attempting to lower costs and reduce overhead, some organizations will slash budgets across departments and kill initiatives that were considered keys to success just a year ago. These firms clearly have not prepared a plan for tough times, thereby forcing them to react with short-term tactics that will, at best, help them weather the storm for one more quarter. But if they were to take a step back, these businesses might recognize that the budgets typically affected first are often the areas where they should continue making investments (or at least leverage existing ones) in order to ensure long-term success.
Some of the key business drivers dictating the current behavior of manufacturers include, but are not limited to, the following:
- A strong need to streamline core processes to achieve production efficiencies;
- Compliance pressures for regulated industries, such as pharmaceutical, food and biotechnology, as well as companies facing any type of internal or external audit;
- The understanding that managing critical documents and documenting workflows cannot be overlooked in a successful operation; li>A requirement to bring more functions together, connected to core operations and the key performance indicators (KPIs) produced. Visibility into key processes will enable changes and adjustments to increase output, efficiency, customer satisfaction and the bottom line.
Managing Critical Documents
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