Johannesburg, 04 Oct 2012
Your home is in chaos, the finance house needs your latest bank statements and FICA documents before paying for the dream car you bought and are attempting to finance. But your bank statements have not yet arrived via post and your online statements have just accidentally been viewed by your mother-in-law.
Your wife complains and has that “I told you so” look, as she reminds you of her recommendation (or was it a command?) to take the option of receiving your bank statements via e-mail. But you just know that if your bank statements are somewhere in the ether, a hacker will get hold of them and empty out your bank account.
You walk into your office and, lo and behold, your secretary's face mirrors that of your wife. She cannot give the correct data to a supplier asking for sales forecasts in order to shorten cycle times according to your requirements. Why? Because she cannot find the necessary documentation or the company bank statement to evaluate how much was spent with the supplier over the last few months.
These are the types of decisions and document requirements that entrepreneurs and business managers are faced with on a daily basis. Parker and Van Praag stated that sound business decision-making is essential to ensure entrepreneurial success, and that the consequences of incorrect decisions can be costly in terms of financial investment, time and opportunity. Webb (2007: 49) warns that a successful manager is somebody who takes action, makes quick and efficient decisions and handles crises in an assertive manner. However, this is an impossible task if relevant, accessible and accurate data is not available.
Business decisions are often made in unchartered territory and in unstable conditions. Research concluded by Tasa and Whyte (2005) showed that higher decision-making efficiency leads to higher levels of performance, but that the correct data has to be available and evaluated in an unbiased manner and according to a paper trail. Data is required to develop the ability to generate alternative scenarios as part of the problem-solving and decision-making process. A decision-making process should include: defining the problem, collecting and analysing all relevant data, identifying and weighing criteria, generating alternatives and deciding on the optimal scenario that will best affect business success. Where such a process is followed, business decisions should contribute towards business success, but can only be effective if the data is accurate and up to date.
In the banking industry, highly confidential documents are distributed to a wide target market. Data, such as each client's bank statements, has to be fetched from the server and sent out to customers in a personalised format. Such information cannot hang around in space, but has to be archived in a secure destination where only the customer can access it. The banking scenario clearly defines the complexity of the software required and the need for such a service. Not only to provide the relevant documents online in a secure and accessible manner, but also keeping the necessary confidentiality intact.
Technology greatly assists with these issues. One such product, HammerEDD (supplied by ACTNET), does not only ensure that data is securely stored, but also that it will deliver documents accurately and efficiently. A hosted solution with built-in security and vault storage ensures that data remains confidential and that backups are done regularly. Storing data in a trusted third party facility is the ideal business continuity solution, especially as documents are digitally signed with biometric protection being a possibility. The fact that the data is stored in pdf format further ensures accessibility and prevents tampering. Viewing history is kept and reports can be drawn on the history of each individual file.
When decisions need to be made or data needs to be distributed to a target population, encrypted documents can be distributed via e-mail, fax, sms or via the Internet. When choosing a technology solution, it is important to ensure that document distribution meets international compliance regulations, such as the Electronic Communications and Transactions Act, and that the system is user-friendly.
While security and compliance measures should be in place, there is a fine balance required so as not to lose the accessibility of the data or use tools that require system integration. Tools should collect business data, convert this data into electronic format and deliver it to the target in a user-friendly, accessible and accurate format, at the right time and place. Reporting should be customisable and tiered access should be enabled so that only the relevant people can draw the data.
In banking, the receipt of a bank statement via e-mail is convenient, but when such a document is not encrypted and unwanted guests (such as a nosey mother-in-law) can gain access, it could have disastrous effects. A more severe scenario is when a hacker can access the documents. However, the fears of many a customer when cloud computing is considered can mainly be attributed to a misunderstanding of how the system works. When the correct technology is utilised, data is secure, accessible, accurate, reportable and analysable and sound personal and business decisions can be made. Most importantly, only those people who should have access to the data will be able to open the documents. Sound document management enhances business decision-making power, provides peace of mind and maintains quality of life... it also maintain family and professional relationships.
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