Energy & Utility Management

Driving Data & Decisions

Your Enterprise Needs Intelligent Content Services. Here’s Why

Traditional ways of managing content are now passe. The burgeoning amount of content being generated today is forcing enterprises to look beyond traditional ECM systems. Enterprises are now looking towards pervasive utilization of content. And this has spurred the need for artificial intelligence (AI) and machine learning (ML) based technologies in-built into content services platforms. With the pace at which the content services space is evolving, AI/ML and other modern technologies have long shifted from being “areas of interest” to the actual “roadmap items.”

Decoding Intelligent Content Services

Intelligent content services are about utilizing modern technologies to help analyze, organize, and deliver content at a larger scale. It provides opportunities like automated categorization and classification of documents, extraction of data, sentiment analysis, identification of sensitive content, and more.

Modern technologies like advanced OCR, NLP, AI/ML, and others have transformed the way content is handled. Enterprises now expect data to lead them in the right direction. For example, visual recognition services can now detect a missing signature on a contract seconds after it is uploaded, rather than waiting for days for a human to inspect its quality.

Intelligent Content Services Capabilities That You Can Leverage

  • Automated categorization and indexing of documents for eliminating redundant tasks
  • Identification of sensitive content and masking it for meeting compliance and governance goals
  • Extraction of entities from content for providing insights and automating business processes
  • Execution of sentiment analysis on customer communications for quick identification and solution of customer requirements and more

All the above capabilities can help your employees by making them more productive, more effective, and more compliant. This ultimately translates to delivering the best customer experience possible.

And There’s More…

While intelligent content services have a host of advantages which can help employees in a multitude of ways, its benefits can percolate and amaze your end customers too! For instance, through self-service web portals, your customers can verify their identity and documents through intelligent video recognition capabilities. Another very real and tangible benefit would be prompting your customers at a document collection portal to ensure that the correct set of documents are uploaded.

With intelligent content services, the opportunities are endless! Newgen’s contextual content services platform has comprehensive intelligent content services capabilities that can help you boost your employee productivity and offer a superior customer experience. Recently our content services platform has received the highest possible rating for its intelligent content services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

Source: https://newgensoft.com/blog/your-enterprise-needs-intelligent-content-services-heres-why/

Productive Processes and Profit Begins at Home!

In this age of 24/7 Client focus, it is easy for Practice Management to lose sight of the fundamentally important job of looking for internal systematic operating process bottlenecks.

In many cases hidden away in the business, there are functions that remain supported primarily by a mixture of seemingly permanent ‘temporary Shadow Systems” such as spreadsheets and shared drives, all supported by manually driven processes.

Quite often, due to budget prioritization, resource focus or simply not allocating “your own business review time”, opportunities to introduce robust, low-risk digital solutions to help improve productivity and bottom-line profitability are missed.

Typical questions that need to be asked include:

  • Can we ensure our compliance and governance processes are adhered to?
  • Are our data sources secure and controlled?
  • Are we maximizing the value of our data?
  • Do our processes work seamlessly across the Practice and externally to our Clients?
  • Can we guarantee that the GDPR request can be answered?
  • Am I sure that my KPI’s are based upon fact?
  • How can we work smarter?

Many organizations do not have an accurate accounting of their own IT estate. How many and what types of servers? How many and what types of applications? How well utilized is the IT estate? Are there redundancies in application licenses and maintenance? How much of the estate is at the end of service life (EOSL)? Can the estate be consolidated based on newer infrastructure?

Regular analysis of the costs and performance of your legacy applications identifies the gaps, performance degradation, outages, and service interruptions that inevitably arise.  The resulting analytics highlight areas that need to be modernized to improve the performance, availability, and support of your systems.

Importantly, the benefits of process optimization have a wider reach than just the business processes. The operational knowledge and experience needed to manage and oversee people-dependent processes tend to be concentrated in the heads of a few key individuals. This results in greater risk to the business.

Ironically, fewer people with complete knowledge of key processes, also complicate succession planning, making transitions prone to disruptions, relationships with partners strained, and general discontent within the organization.

Ultimately, a more structured, stress-free working environment that enables your teams to function effectively, enhances well-being, and can contribute to staff retention, will enhance productivity, increase customer satisfaction and contribute to greater profitability.

Source: https://resources.m-files.com/blog/productive-processes-and-profit-begins-at-home

Harnessing Metadata to Leverage Context in Content

Understanding Metadata

Your enterprise content—structured and unstructured—is the most important resource in the organization. And content without context has limited business value. With the explosion of data volume in recent times, it has become a necessity to have a holistic content management strategy to better leverage, manage, and harness the information residing in multiple systems. And metadata lies at the core of content management strategy.

A metadata-driven approach to managing enterprise content has game-changing potential. It allows organizations to add context to their content, which further helps in making insightful decisions and driving meaningful engagements with customers, partners, and all stakeholders.

In simple terms, metadata describes data and enriches the content with information. This makes it easier to discover, use, and manage enterprise-wide content. It is the essential glue that helps bridge content silos across multiple lines of business, drives processes, enables meaningful content associations, and ensures faster access to precise content sprawled across repositories.

Why Do You Need to Rethink Your Metadata Strategy?

  • Metadata is the building block of any content management system. With the content management market moving towards decoupled content services, the use of metadata is also gaining prominence
  • Enterprise content without context doesn’t hold any business value. Metadata classifies, organizes, labels, tags, and understands your data. This makes information consumption by users much easier
  • Enterprises, like yours, are looking towards metadata services that can be system-generated, user-defined, or intelligently extracted from the content. They want their metadata models to help drive processes, content lifecycles, and other policies and business rules
  • Metadata can help to secure your data by intelligently extracting critical information from documents and restricting access to it based on the metadata value. For instance, in the HR department, only members of the HR team can view employee files; in government offices, only security-cleared employees can read and respond to incoming citizen correspondence
  • Almost every business process is based on or around content. To achieve complete automation, content must behave as an enabler rather than an inhibitor. This can only be done through metadata, which provides context and acts as a driver for your content-based enterprise applications
  • File analytics—one of the most sought-after capabilities these days—needs the help of metadata to uncover hidden insights and identify dark data

There are innumerable use-cases and benefits of metadata. And enterprises can realize its full potential through a structured approach.

Newgen can help you realize the full potential of your content by transforming your metadata usage through our contextual content services platform. Newgen’s platform has received the highest possible rating for its metadata services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

source: https://newgensoft.com/blog/harnessing-metadata-to-leverage-context-in-content/

Risk Management Transformation

Risk managers are facing possibly their biggest challenge in these pandemics hit times. Increasing regulatory pressures, complex demand from remote worker management, aligned with previously unseen volumes of data. This perfect storm of circumstances is driven by the complexity and demands of risk management, each with their own unique compliance and regulatory challenges. Across all sectors, radical transformation is required to address increasing internal and external challenges. The need for creative solutions that offer agility, empower growth and profitability, whilst enabling a comprehensive approach to tackling risk management.

The challenges

The risk management community are required to identify and address risk and issue challenges, often driven by:
  • Environmental and technical Inter-program dependencies
  • Internal political pressure
  • Cross-organisational initiatives, such as third-party suppliers
  • External factors, such as political, economic, social, and legislative
To address the above challenges, Risk Managers need clarity of information, quality, and certainty of data and above all, a 360 view. In addition, they are looking for analytics and insights from the data to support decision-making processes. Identification typically includes:
  • Sources of risk to the business
  • Define specific risks and issues
  • Identify and create a working risk framework
  • Analyse and describe the steps in risk management
  • Identify threat and opportunity responses
  • Identity and create process flow of information flow
  • Identify, create (where required) risk and issue documentation
  • Obtain full buy-in and continuous support from the C-Level team
Not uncommonly, identification presents a series of further challenges, mainly from the sheer amount of information available across an organisation. In many circumstances, critical information resides in non-integrated silos across a technology estate. Legacy systems, files in local shared drives and non-protected “shadow systems such as Spreadsheets or databases.

Digital Transformation enables the risk management function to be smarter, more agile, and more strategic

Half of all organisations were unprepared for the COVID-19 pandemic with updated crisis management plans. Many organisations acknowledge a pandemic or similar global crisis risk event was not on their radar of potential threats. With many acknowledging that data resided in multiple sources and needed to be pulled together manually resulting in:
  • Critical information missing negating faster or smarter actions?
  • None or limited connectivity across systems
  • Data, systems, or processes that could have helped confident decisions making were not in place
The first step in transforming risk function is to identify where to improve. Where can improvements be found. What gaps in current mission -critical processes surfaced during the pandemic crisis? The pandemic provided risk professionals with critical, real-life insight into how current processes held up in mission-critical situations.

Wealth of Data

Most sectors rely heavily on access to a very broad range of information. This wealth of information can help risk management in becoming a more strategic area for organisations. Data such as climate change, social unrest, or legislation, is critical when investing in new business opportunities, such as geographical locations. With this enhanced visibility, the risk manager can play a far greater strategic role in the company, ensuring that adherence to localised compliance rules such as environmental, technical, or logistical, will prevent a loss in the first place. Corporations now need qualified data to add greater value in better decision-making. Risk managers have moved on from simply taking a financial view on risk, they are expected to also support the business goals of their companies in a much more holistic management sense. And it is here that technology can provide the support and the means to make this happen.

The way forward

Emergent digital technologies are providing huge benefits and support to risk managers facing today’s challenges. From integration via application programming interface (API) to comprehensive use of both structured and unstructured Metadata, enabling intelligent search to extract the full value from data held. Developing a 360 view of risks, how they interrelate, and the potential impact on the organisation is essential for building resiliency. Consolidation into a fully searchable environment, enabling risk managers and other stakeholders to securely analyse data, share information, and collaborate on business exposure.

Use of Risk Hubs

The frequency and severity of disruptive risk events are undeniably increasing. Risk teams need to have the ability to plan, run scenarios and respond to future events effectively, safe in the knowledge that the data they are using or providing, is as factual and near real-time as possible The use of portals “Risk Hubs” to securely share data, offers an excellent approach in ensuring the right information is available at the right time. These have the benefit of enabling both internal and external co-operation, along with information updates, real-time exchange, and knowledge share. Digital transformation of risk management, enhances the traditional business model, transforming it into an aligned, collaborative, and interconnected digital environment. By adopting the correct processes, procedures and by using the most appropriate tools, the capability to confidently lead an organisation through a crisis, swings heavily in favour of the risk practitioner. Source: https://resources.m-files.com/blog/risk-management-transformation

Taking a ‘narrow’ view of artificial intelligence

Artificial intelligence is a term that’s risen to become one of the most talked-about topics across many technology and business fields. Just look at LinkedIn, for example – #artificialintelligence has nearly 2.5 million followers! By comparison, #digitalforensics has only just under 6,000 followers, which says something about just how interested people are in artificial intelligence.

I think it’s important to have an honest and realistic understanding of what artificial intelligence is (and isn’t), the effects it will have on the world as it advances and how it has already transformed many of the business practices we take for granted today.

Over the next few months, I’d like to dive into the many facets of artificial intelligence that apply directly to digital forensics and investigations. While I’m looking at the subject from one perspective, many of these views can easily apply to other functions, technologies and industries. To begin the conversation, I think it’s important to look at some of the overlooked distinctions in the types of artificial intelligence to understand where we are today and where we’re headed in the future.

ARTIFICIAL INTELLIGENCE: ANI, AGI AND ASI

According to IBM, a leader in AI development, artificial intelligence “leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.” Discussions about AI range from the futuristically mundane (self-driving cars, a reality even today) to the downright dystopian (who hasn’t seen The Matrix?). I think it’s safe to say that self-driving vehicles aren’t going to take the world over tomorrow and enslave mankind, yet the same label is applied.

There must be some distinction under the broader umbrella of artificial intelligence. This is where the terms artificial narrow intelligence (ANI), artificial general intelligence (AGI) and artificial superintelligence (ASI) come into play.

Artificial Narrow Intelligence

ANI, which also goes by the term “weak AI” is where we’re mostly at today. This form of AI is programmed to perform a specific task, and as far back as 1996 we saw this with the famous set of chess matches between Gary Kasparov and Deep Blue. Not only does ANI operate on a specific task, it also uses a specific set of data to base its decision-making on.

With the advent of the internet and so much data available so readily, ANI can foster the illusion of broader intelligence, but realistically speaking ANI lives up to its name of ‘narrow’ intelligence, what many of us today regard as machine learning. The differences between true artificial intelligence and machine learning deserve their own article (or several!).

Artificial General Intelligence

AGI, “strong AI,” moves into the realm of exhibiting the flexibility of actual human intelligence. Probably the best example of this at present is IBM’s Project Debater, which by some estimates can debate topics at the level of a high school sophomore. This kind of intelligence, which lacks what we would consider sentience, is difficult to produce in computers despite the advances made to date in processing power and speed.

Artificial Superintelligence

ASI raises the bar another level, surpassing human intelligence. This is likely not something we’ll need to worry about until much farther into the future; I’ll potentially touch on ASI in an article down the road.

WHAT DOES ANI MEAN RIGHT NOW FOR INVESTIGATIONS?

There’s always a conversation about whether artificial intelligence will someday replace examiners, which I think is unlikely. There is simply still too much value in the human perspective and decision-making process to expect computers to take over completely given the state of the technology.

What is true, however, is that ANI has changed the face of investigations. Gone are the days of heavy manual file carving or hex review; there’s simply no need to get that technical anymore inside of every investigation. And while I’d rather not think too much about it, artificial intelligence has done wonders by limiting the amount of time examiners need to spend looking at the disturbing images and videos that make up CP/CSAM cases.

Artificial intelligence, even at the ANI level, has come a long way in its ability to automatically identify things like skin tone, body parts, drugs, weapons and other common artifacts that can lead investigators to the truth in a case.

It’s interesting, as I considered this topic, just how far technology has progressed. It’s possible to do so much more in an accelerated window of time as an examiner. I’m not a computer ‘nerd’ in the traditional sense – a fact that I’m sure many IT departments I’ve worked with can attest to – but I get genuinely excited as a forensic examiner thinking about the possibilities that exist by combining the Nuix Engine with existing artificial intelligence capabilities.

And I’m looking forward to exploring the topic of artificial intelligence, along with other investigations subjects, in the articles to come!

Source: https://www.nuix.com/blog/taking-narrow-view-artificial-intelligence

Our Take: Gartner Peer Insights and Our Amazing Customers

At M-Files, our goal is to provide knowledge workers with the connected content and intelligent automation they need to empower a smarter way to work. However, we wouldn’t be who we are today without our amazing customers. Our customers are our guiding “why” — and as of today*, we are proud to share that because of them, we have achieved a 4.4 out of 5-star rating in the Content Services category on  Gartner Peer Insights[1], which documents customer experience through verified ratings and peer reviews from enterprise IT professionals.
The satisfaction of our customers has, and always will be, our number one priority. We’re humbled that as of August 1, 2021, 88% of Gartner Peer Insights respondents would recommend M-Files as a Content Services Platform, based on 78 reviews over the past twelve months. We believe achieving such a reputable Gartner Peer Insights rating showcases our on-going commitment to providing customers with new, innovative ways to manage, secure and collaborate around content.
The reviews speak for themselves, and we couldn’t be more humbled our customers think so highly of us:
  • “It is a mastermind software to have when it comes to managing data. I have used M-Files for a long time and I am completely satisfied with the breadth of functionalities it offers.” – Consultant, Services [read full review]
  • “One of the best document management system available in market. Easy to store and manage large files in this application. Collaboration made easy with this application.” – Senior Analyst, Services [read full review]
  • “M-Files is one of the best content management software which lets users to create, manage and store the data. The product is very easy to use and implement.” – Analyst, Services [read full review]
  • “M-Files is a document management software where users can firstly and quickly manage and organize electronic documents. The user interface is very good and the user can perform the multi-task at one time directly from the central dashboard.” – Software Engineer, Services [read full review]
We strive to provide a modern approach to information management that increases the productivity of knowledge workers, ensures a seamless digital experience, strengthens collaboration, enables business continuity, and reduces business risk. Over this past year, it has been our greatest pleasure helping organizations navigate, control, and manage overwhelming amounts of data brought on by digital transformation and the pandemic. We are humbled our customers see the value in our metadata-driven approach and look forward to helping our customers continue to see greater productivity and ROIs across their organizations. *August 1, 2021, based on 78 reviews [1]  Gartner Peer Insights reviews constitute the subjective opinions of individual end users based on their own experiences and do not represent the views of Gartner or its affiliates. Source: https://resources.m-files.com/blog/our-take-gartner-peer-insights-and-our-amazing-customers

10 insanely useful metrics to improve your maintenance analysis

Maintenance analysis has changed a lot over the last decade or so. New tools and technology have increased our ability to collect and interpret data. It’s enabled us to make informed decisions that wouldn’t have been possible 10 years ago.

But if our understanding of maintenance analysis has changed, why do we still rely on the same handful of metrics we did 40 or 50 years ago?

Metrics like overall equipment effectiveness (OEE) and mean time to repair (MTTR) dominate almost every list of go-to industry measurements. But experts agree that they’re flawed. Not only are these traditional metrics prone to bias and inaccuracy, but they also often don’t have a purpose. And when data doesn’t have a purpose, you can’t use it to make key decisions, like whether to hire an extra technician or increase the frequency of a task.

That’s why we’ve put together 10 useful metrics you won’t see on any other list and some tips for how to use them to improve your maintenance program.

10 maintenance metrics for better maintenance analysis

#1 – Time spent supporting production

What is it?: The total time that the maintenance team spends on production-focused activities. Usually measured weekly, monthly, or quarterly.

How can you use it?: Everyone has to pitch in to complete a big order once in a while. But when once in a while turns into every day, maintenance suffers. This metric helps you catch an unhealthy backlog before it happens and reallocate resources to prevent it. It also helps you advocate for a higher headcount on your team or an increased training budget to help production staff learn minor maintenance tasks.

#2 – Follow-up work created after inspections

What is it?: The number of corrective work orders created from routine inspections. Usually measured monthly, quarterly, or annually.

How can you use it?: There are many different ways you can use this metric for maintenance analysis. You can sort it by machine, shift, or site to get insights into how your assets or team are performing. But the most useful is by task.

It’s a good sign when regular preventive maintenance includes follow-up repairs. It means your schedule is accurate and that you’re preventing bigger problems. It allows you to flag common repairs and build processes to make them more efficient. For example, you can create parts kits for quicker access.

If the failed inspection percentage is low, you can increase preventive maintenance intervals. This will reduce the amount of time and money spent on tasks without increasing risk.

#3 – Cost of follow-up maintenance vs expected cost of total failure

What is it?: A comparison between the cost of corrective maintenance (i.e. labor and parts) and the cost of asset failure if maintenance is not done (i.e. lost production, labor, and parts).

How can you use it?: Use this type of maintenance analysis to plan your maintenance strategy. For example, if regular inspections cost you more than failure, you can likely go with a run-to-failure approach for an asset over a preventive one.

You can also use this metric to prioritize tasks and backlog, and figure out how to allocate your budget.

How to decide if you should invest in regular PMs on an asset

#4 – Cost by maintenance type

What is it?: The total cost of maintenance (i.e. labor and parts) by maintenance type (ie. preventive, emergency, follow-up). Usually measured monthly, quarterly, and/or annually.

How can you use it?: Higher costs are usually the result of broken processes. This view allows you to find out which processes need work so you can increase efficiency.

For example, are work orders unclear and leading to increased repair times and labor costs? Try clarifying instructions.

Are you bringing outside contractors in to do emergency repairs? You could invest in more training for your team or hire a specialist.

#5 – Clean start-ups after maintenance

What is it?: The number of times a production line starts without stoppages or waste after completed maintenance. This is measured monthly, quarterly, and annually.

How can you use it?: Include this metric in your maintenance analysis to draw a direct line between your team’s work and increased output.

If clean start-ups are low, it gives you another chance to spot problems in your processes. For example, you might find that the specs for a production line may be out of date. This will lead technicians to rebuild components incorrectly and the line to stall. Updating the specs is a simple tweak that could lead to higher output.

#6 – Size of backlog

What is it?: The total number of hours of overdue and scheduled maintenance tasks. Track this metric weekly and monthly.

How can you use it?: This metric can be a godsend when it comes to getting your team some much-needed relief. Quantify the gap between available labor hours and your total backlog hours. You might find that the amount of backlog far outpaces how much your team can do. Use that to make a case for more budget to spend on extra overtime, hiring another technician, or bringing in more contractors.

#7 – Top 10 assets by downtime

What is it?: This is your heavy hitters list—the equipment that breaks down most often or takes the longest to repair. Keep tabs on these assets weekly, monthly, and quarterly.

How can you use it?: This metric keeps your biggest problems visible. You might raise an eyebrow at that, but highly visible problems get solved the fastest. This kind of maintenance analysis can help you prioritize your problem-solving efforts, make decisions quickly, and measure their impact.

For example, if you know asset A is at the top of your downtime list, you can start by isolating the reason why. Is it because repairs take longer on that asset? Is work being delayed? Does that piece of equipment break down again and again?

The answer to these questions will give you an idea of how to prevent failure in the future. You might get rid of obsolete parts that keep breaking. Or put an extra technician on a job. Or clarify how much lubrication should be used on a bearing. If all else fails, conducting this type of maintenance analysis helps justify a capital expenditure on new equipment.

#8 – Planned maintenance percentage (last 90 days)

What is it?: The ratio of planned maintenance to all other types of maintenance over the last 90 days.

How can you use it?: This is a measure of progress. Going from reactive to planned maintenance doesn’t happen overnight. The time frame allows you to make a clear connection between action and results. You can draw a line between what happened and its impact on your end goals.

For example, if your percentage has dropped, you can look at what happened in the last 90 days to cause that drop. That could be a massive, unexpected breakdown. Or an increase in production support during the busy season. If you want to increase the percentage, try creating a better work request process to uncover problems earlier. Or shorten inspection intervals on assets with the highest instances of unexpected downtime.

#9 – Wrench time (last 90 days)

What is it?: The amount of time technicians spend working on a piece of equipment as part of the total time it takes to complete a job. This is usually measured by job or as a weekly, monthly, and quarterly average.

How can you use it?: Wrench time is a common tool for maintenance analysis, but it’s often used the wrong way. Technicians usually (and unfairly) get the blame for low-wrench time. It leads to wrench time inflation as technicians fudge the numbers to avoid trouble.

Low wrench time usually has its roots in broken processes, not the ability of the technician. That leads to bigger backlogs, more reactive maintenance, and avoidable labor costs.

To use wrench time in your maintenance analysis, start with the jobs that have the lowest scores. Review these jobs step-by-step with technicians. Work together to find out where unclear or incomplete processes cause delays. You’ll spot bottlenecks easier when breaking the task down into smaller pieces. The result is more value for your team’s time and money.

Common reasons wrench time is low and how to fix them

#10 – Health and safety work orders completed

What is it?: The number of work orders completed for health and safety or compliance purposes. This is usually tracked monthly, quarterly, and annually.

How can you use it?: Some metrics are quantitative. Others are qualitative. This one is the latter. And it’s essential for measuring the performance of your maintenance team and the impact it has on your business. A safe workplace keeps accidents low, and productivity and morale high. Passing audits and remaining compliant is crucial to staff safety and avoiding fines.

Three big goals you can accomplish by combining these metrics

All the metrics mentioned above are powerful in their own right. But when combined, they supercharge your maintenance analysis and help you achieve three common goals:

Get a bigger budget and more time for maintenance

Metrics to combine:

  • Cost by maintenance type
  • Clean start-ups after maintenance
  • Top 10 assets by downtime

Getting more money and time for maintenance means winning over whoever divvies up the budget, and whoever leads production. The quickest way to get them on board is to align your plan with their goals. The three metrics above will help you get there.

First, highlight the cost-benefit of preventive maintenance. Regular preventive maintenance might seem expensive. But just one instance of emergency maintenance can cost up to $250,000. If you’re tracking cost by maintenance type, you can highlight how much the company is losing with reactive maintenance, and how much it can save you by investing in preventive maintenance.

Next, it’s time to sway the production team. Use clean start-ups after maintenance to show production that you have their best interests in mind. It emphasizes what is good for maintenance is often good for production.

No one is going to give you more resources without a plan. Your list of bad actors is a blueprint for how you’re going to make the most of your extra time and money. It quantifies the problem and makes it very clear where you’ll focus your efforts.

Get your maintenance team to buy into change

Metrics to combine:

  • Planned maintenance percentage (90 days)
  • Wrench time (last 90 days)
  • Follow-up work created after inspections

Change sucks. And that makes it hard for your team to get on board with a new system or process. The best way to change the mind of naysayers is to show them how your plan is eliminating their biggest pains. Tracking the metrics above is one way to do this.

These data points give you a chance to compare how you operated before a change (i.e. lots of reactive maintenance and frustration over guesswork) and what you’ve accomplished since implementing a new system or process. Seeing the pay-off first-hand makes it easier to convert any critics and expand your project, whether it’s setting up a CMMS or allowing machine operators to do routine maintenance.

Build a preventive maintenance program that would make most other companies jealous

Metrics to combine:

  • Cost by maintenance type
  • Follow-up work created after inspections
  • Cost of follow-up maintenance vs expected cost of total failure

The best preventive maintenance programs don’t have the most PMs. Instead, they have the most efficient PMs. That means doing the right work at the right time. These metrics will help you achieve this balance.

Measuring cost by maintenance type helps you allocate resources to preventive tasks and gauge the efficiency of your PMs. You can track if cost-cutting strategies are working and make sure they’re not leading to reactive costs down the line.

Keeping tabs on follow-up work is one way to optimize PM frequencies. If an inspection isn’t leading to corrective work, you can increase inspection intervals. That means you can use fewer labor hours and parts, and spend that money and time elsewhere. Similarly, comparing the costs of corrective maintenance and total failure ensures you’re not spending money on proactive tasks that aren’t worth it.

The best maintenance analysis is constantly evolving

The best maintenance metrics have a purpose. They are collected and used consistently. They guide decisions and inform you on how to run your maintenance program on a daily basis. This is the backbone of successful maintenance analysis.

On the flip side, all maintenance analysis is a work in progress. Revisit your metrics on a regular basis to make sure they’re still relevant to your goals and the way your maintenance team works. Some of the metrics listed above might work for you now, but you might find others are more effective in six months. Or maybe five years.

Lastly, the best maintenance analysis incorporates data that other departments find useful. If you can connect the metrics above to solve the challenges of other business units, you’ll be well on your way to creating a world-class maintenance program.

Source: https://www.fiixsoftware.com/blog/10-metrics-for-better-maintenance-analysis/

The 3 Main Types of Content Services: Collaborative, Archival and Transactional

Over the past few years, content services have fallen into one of two different categories: transactional or collaborative. Transactional content, as the name suggests, directly relates to the case management content that businesses are working with on a daily basis. Collaborative content, on the other hand, has to do with all of those project-related documents that people are tracking to actively do their jobs.

In the past, both of these would have been handled by way of an enterprise content management system, otherwise known as an ECM for short. Unfortunately, this had led people to attempt to divide up their workflows based on which technologies help to solve their content problems. In reality, things would be much more productive if efforts were divided up based on the content type they were working with.

To that end, there are three main content types that any modern enterprise needs to be aware of: collaborative content, archival content and transactional content.

The Building Blocks of Collaborative Content

As stated, the first main type of content that most enterprises work with has to do with collaborative content. That is, the type of content that exists in the types of systems that people use to more efficiently work with one another on projects. Examples of these systems include but are not limited to ones like Slack, Teams and even “old school” email collaboration.

The purpose of these systems is clear: they’re supposed to optimize the way people work together.

The issue is that especially in the fast-paced modern era we’re currently living through, collaborative content is the type that is most likely to get “lost” over time. People are collaborating on so many different documents across so many systems that organizations don’t really have a sense of what they have – let alone where it happens to be.

Their collaborative content is growing faster than they realize and, coupled with a lack of efficient storage and effective categorization, means that most businesses are soon left with a large stockpile of content and no real way to make sense of it all.

Archival (Read: Old) Content

This segues directly into the next most common type of content: archival content. This refers to those documents or other materials that may not have a pressing short-term need, but that businesses still don’t want to just get rid of.

Usually, archival content is either that which has been retired from an ECM solution or that which has been gleaned from file shares, collaborative solutions, and other areas where people just get overloaded with content.

To successfully manage an archival system, people need to be able to identify and categorize content, all so that they can determine when it is best to permanently dispose of it. Automatic metadata classification tools are essential to that end, as they not only help sort high-quality data from its low-quality counterparts, but they can also help remove duplicate content and solve other challenges.

The Era of Transactional Content

Finally, we arrive at the idea of transactional content: that is, content services that are built to support all of these different content systems. Solutions like M-Files bring the best of CRM, ERP, and even custom case management systems together, all in a way that breaks down data silos and makes sure that businesses have complete visibility over their enterprise at all times.

The main benefit here is that employees can work within just a single system and have access to all of the critical data they need, regardless of where that data is housed. Not only do you still maintain the benefit of allowing people to better work together, but they can do so remotely from literally any device on Earth with an active Internet connection. Here, data is stored externally from the moment of its creation – meaning that anytime, anywhere access to key insights and other important documents is all but a forgone conclusion.

In the end, it’s important to understand your options when picking the right content services and solutions to meet the ever-changing needs of your business. When executed properly, most employees shouldn’t be interacting with content services directly. They shouldn’t have to use seven different systems just to get work done on a single file.

They should have access to a single point that gives them everything they need to interact with their content and conduct business, all while staying in sync with the rest of the enterprise as well. That’s why solutions like M-Files are so essential: they go a long way towards guaranteeing precisely that.

Source: https://resources.m-files.com/blog/the-three-main-types-of-content-services-collaborative-archival-and-transactional

M-Files and Hubshare: Delivering a Best-in-Class Digital Client Experience

A key component of most successful organizations is truly seamless collaboration. Oftentimes, there is a tendency to think about collaboration with an internal focus – is everyone at my company able to collaborate? While that is certainly an important part of the equation, of equal or greater importance is the ability for companies to effectively collaborate with their customers and clients. Within the bounds of a single organization, it is possible to deploy a standard set of tools and processes that help aid in fostering a collaborative environment that is efficient, secure, and controlled. Outside those “walls”? Well, that’s another story. A confusing mix of email attachments, various file sync and share solutions, SharePoint repositories, and collaboration apps like Teams and Slack can create more complications than valuable connections. Relying on a hodgepodge mix of point solutions to share files, manage electronic signatures, or review project documents limit productivity and can increase business risk. Things can be simpler, intuitive, and more secure. M-Files’ mission is to profoundly improve how companies do business in the digital, work-from-anywhere world. We feel like we’ve made great strides to meet that mission head-on and integrating Hubshare into our product portfolio is a key component of fully realizing our mission. Getting the right documents and information to the right people, when they need it, no matter where they are. With Hubshare, we are expanding that reach to include external parties and clients. Hubshare offers a secure digital workplace portal that enhances user and client engagement through collaborative working, secure file sharing, and project management. Businesses can quickly and easily customize each portal to their client or project needs and provide users and external parties access to documents, processes, people, discussions, and more. The environment for Professional Services and client-facing companies is fraught with challenges. Meeting and exceeding client expectations in an ever-evolving business landscape while ensuring workforce productivity is no small feat. Over the last year, we’ve all learned how important is to remain flexible and agile. The good news is that there are powerful solutions that can help your organization and your clients’ businesses thrive, no matter what lies ahead. Contact us to learn more about how M-Files and Hubshare can strengthen your external content sharing capabilities and help you deliver best-in-class digital client experiences. Source: https://resources.m-files.com/blog/m-files-and-hubshare-delivering-a-best-in-class-digital-client-experience

M-Files Acquires Hubshare to Strengthen External Content Sharing and Collaboration, Deliver Best-in-Class Digital Client Experiences

M-Files, the intelligent information management company, today announced the acquisition of Hubshare to bolster external content sharing and collaboration and deliver an improved digital client experience. Hubshare offers a secure digital workplace portal that enhances user and client engagement through collaborative working, secure file sharing, and project management.

Now part of the M-Files product portfolio, Hubshare provides a secure information exchange platform where companies can be forerunners in driving digitalization and improving the customer experience using branded, customizable client portals. The portals can be quickly and easily tailored to meet individual client needs which drive collaboration and productivity.

“The Hubshare acquisition helps us deliver a unique digital client experience and better serve knowledge worker industries such as Professional Services, where information sharing and external collaboration are critical requirements,” said Antti Nivala, founder, and CEO at M‑Files. “Our integrated offering takes M‑Files from the back office to the frontline of our customer’s business, helping provide a digital window for our customer’s clients as they drive digitization across the organizations they serve.”

Unlike typical file sync-based document portal solutions where information is copied from an enterprise content repository, M-Files now offers a secure and integrated solution for internal and external collaboration without data duplication. While the M-Files user experience is optimized for streamlining internal document management processes, the new Hubshare hub in M-Files provides key information such as documents, people, processes, discussions, and more to external users, such as clients, via a branded portal that is optimized for an improved external user experience. This helps strengthen customer satisfaction with a better and more compliant collaboration experience.

“Today, with the announcement of our acquisition, we celebrate our common vision and goal of making work smarter and collaboration more efficient for our clients,” said Nicholas Child, CEO, Hubshare. “Our combined offering will undoubtedly benefit organizations across the globe seeking a more secure and integrated solution for internal and external collaboration. We are delighted to be an integral part of the M-Files journey, delivering our digital client experience and collaborative workspace solution alongside the visionary M-Files intelligent information management platform.”

M-Files’ mission is to profoundly improve how companies do business in the digital, work-from-anywhere world. M-Files connects siloed systems, applications, and repositories and provides a full view of all relevant information across an organization. Delivering connected content and intelligent automation, M-Files increases the productivity of knowledge workers, ensures a seamless digital experience, enables business continuity, and reduces business risk.

About M-Files Corporation

M-Files’ AI-powered intelligent information management solution connects all documents and information, across every platform and repository, then analyzes them to place them in context. This makes it possible to serve up the right information to the right people right when they need it—and automate information-driven business processes—while maintaining complete control and compliance. Thousands of organizations in more than 100 countries (including NBC Universal, OMV, SAS Institute, and ThyssenKrupp) use M-Files to manage their business information and processes—and give their employees A Smarter Way to Work. For more information, visit http://www.m-files.com.

M-Files is a registered trademark of M-Files Corporation. All other registered trademarks belong to their respective owners.

About Hubshare

Hubshare enhances user and client engagement through collaborative working, secure file-sharing, and project management. The solution provides an all-in-one, flexible, and customizable digital workspace that allows unlimited customer-specific portals, each one unique to each customer’s requirements. Hubshare helps its worldwide users boost their productivity and facilitate external and internal collaboration. Hubshare has offices in France and distributors in the UK, Hong Kong, Australia, and North America, and resellers in numerous other countries.

source: https://resources.m-files.com/blog/m-files-acquires-hubshare-to-strengthen-external-content-sharing-and-collaboration-deliver-best-in-class-digital-client-experiences-2