Page 7 - Business Insights Technology Industry

5 KEY CONTROL ISSUES FACING TECHNOLOGY COMPANIES 5 KEY CONTROL ISSUES FACING TECHNOLOGY COMPANIES

3: STAFF ACQUISITION 4: DIGITIZATION OF 5: CLOUD-BASED
AND RETENTION PROCESSES SERVICES

► How do you validate the quality of the Because for all of us, time is finite, you In the past, systems, and cycles, including Data is moving to the cloud at unprecedented
data collected? Have procedures been need to leverage the work you perform manufacturing processes, while automated, levels. Nearly one-third of all corporate
designed and implemented to ensure through others. The goal is to focus your still had a significant level of low-tech labor data currently resides on the cloud, as
validity, reliability, completeness, energy on the areas where you can create involved. This created significant risks by more and more companies shift from
timeliness, integrity, and confidentiality the most benefit for your company, but this way of safety, quality, and slowdowns in licensed software to software as a service
of the data accumulated? This can means trusting others to help you in other the production cycle. Progress only moved applications (SaaS apps) through cloud-
include staff communication and facets of your operations. When bringing as fast as the slowest man or woman on based alternatives.Controls surrounding
training, systems checks, and built-in on staff members, you need to create the line. Today, with new developments in cloud alternatives are not as strong as most
quality assurance protocols. good open communication and develop intelligent machines, 3-D printing, modeling people believe. Popular sanctioned SaaS
an appropriate culture, but you also need and simulation, plant and floor analytics, apps like Office 365, Salesforce.com, and
► How do you accumulate the data for to develop appropriate documentation and and big data; processes have become much Workday are just beginning to recognize
meaningful reporting? It is great to structure, so everyone understands what is more automated, and the production floor the need to bring necessary transparency
have data, but data without the ability appropriate in the workforce. Developing has gotten smarter and more efficient. New with regard to user activity. Employers
to manipulate and use it is useless. You organizational charts, job descriptions, concepts can be brought to the production utilize SaaS apps because of the: flexibility
need to have the ability to filter the data employee handbooks, human resource/ floor so much faster. With that, however, to access, built-in innovation, automatic
and pull it into meaningful reporting that benefits policies, performance reviews, come new challenges. Just like the auto maintenance and updates, and the cost,
can be a tool for management decisions. conflict of interest policies, covenants not mechanic today needs to understand the as they tend to be cheaper than traditional
Reporting should be used to help drive to compete, confidentiality policies, and the complexity of the core processing that licensed software solutions.Unfortunately,
positive results in the areas you chose to like, are helpful in setting an appropriate runs today’s smart cars, manufacturers according to some studies, only about 6%
measure. tone for the workforce. This doesn’t need to need to ensure that staff understands the of SaaS apps are considered enterprise-
squash creativity; it instead should provide complexities of today’s production cycle. ready, meaning they have mitigated the
When collecting data, it is important to a framework for your company and its The concepts have not changed, the level of high level of security and compliance risk
understand which aspects of your business personnel, which for many companies sophistication has. Ensuring equipment is associated with SaaS apps. Unique cloud
drive results, such as faster throughput, is its most valuable resource. For many in working order, with regular maintenance risks include certifications and standards,
higher customer loyalty, and satisfaction, new technology companies, salaries are schedules, review of production outputs, data protection, access control, auditability,
meaningful searches, etc. and these are not always competitive. In order to attract and routine diagnostics, can help ensure business continuity, legal, and privacy
the areas where you want to focus your and retain a quality staff, you need to find that a system failure will not wipe out a issues, and vulnerabilities and exploits.
resources. Remember that this is not a static a way to blend compensation with other month’s worth of profits. In addition, with For example, a popular SaaS app that many
process; you should constantly rethink the work-related factors such as a collaborative the speed of new product development people use instead of PowerPoint states in
data you are collecting for appropriate and relaxed work environment, learning and bringing those products to market, the fine print of its user agreement, that
decision-making. experiences, extra time off, and maybe even companies need to make sure that they it owns any of the data uploaded to the
bonuses for reaching production milestones are doing their due diligence to protect site.That should be a red flag to anyone
or sales levels. The cost of hiring and their research and development pipelines concerned about safeguarding sensitive
retraining new staff gets expensive, so the through comprehensive development information. Good housekeeping in the
goal of retention is crucial. policies and employment contracts, as well cloud requires you to identify, assess risks,
as progressive patent practices, to ensure control, and optimize the use of cloud-
that as products are developed, they can based services.
securely get to market in a timely manner.

These are just some of the risk areas faced by technology-based companies. With new
employment law regulations, pension requirements, cash management concerns, and
general issues with the safeguarding of assets, companies need to ensure they are investing
in proper infrastructure, not just to handle their business operations today, but are also
scalable to be able to handle future growth.

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