Avoiding Corporate Risks and Hazards With Web Document Management Software

The loss of potential profitability is the horror of all3 This increase is attributed to the combined
horrors and the regret of all regrets---at least foreffects of increased regulation in the industry and
business owners and other stake holders in theinefficiencies that exist throughout the product
life science industries.development process in areas like clinical
Wouldn't they do something?development, manufacturing, supply chain, and
The casual observer might disagree. After all, if asales and marketing. Technologies exist today
loss of potential profitability was imminent wouldn'tthat can eliminate unnecessary delays in literally all
any business professional immediately address theof these areas and more."1 When referring
issue?"specifically to documentation control, The Gartner
The answer is that no he or she would not.Group estimates the following: "...that about 80%
Why?of a company's documents reside on users'
In many cases pertinent profitability issues are notdesktops and that about 25% of those
addressed--not because life science professionalsdocuments are subject to regulatory compliance.
aren't aware of the issues themselves but4 Due largely to a lack of adequate document
because 1) there are various pertinent issues tomanagement technology, these documents are
juggle simultaneously and the race of prioritiesfrequently lost, stolen, incorrectly approved, and
becomes confusing OR 2) the issues are haplesslyor experience revision control problems - all of
underestimated. Either way, the territory ofwhich cause needless delays and added costs."2
potential profit loss is obviously a dangerous fieldCompanies that consider these facts should also
to breach and will hopefully provide enoughconsider the incredible ROI benefits and
stimulus for future managerial action.advantages that web document management
A Contributing Factor: Lack of Web Documentsoftware can provide. Consider the following: "...in
Management?the Fall 2004 issue of Pharmaceutical
Document management has long been a topic onManufacturing, Novartis claims that using electronic
the corporate table and the automation ofsolutions cut the company's costs by 40 percent
documentation control with web documentand improved cycle times by 70 percent at its
management software is an attractive solution.site in Suffern, New York. Novartis further claims
However, many life science companies staythat one of the keys to their success involved
surprisingly loyal to frustrating manualincorporating the solution into many aspects of
documentation processes. Some venture a bitthe organization, including the direct labor areas,
further with centralized or hybrid documentquality, IT, and maintenance."3
management solutions but still remain disappointedConclusion: Is web document management for
when connectivity between departments andeveryone?
other satellite offices remains at ground zero.It would seem that the research unhesitatingly
What's the Return on Investment?points toward web document management
According to an online article which quotes asoftware but every company will have to weigh
revealing statement from a Tufts study it seemsthe pros and cons of investment. Some may find
that these inefficiencies (likely related tothat web document management software is the
documentation control in many cases) areperfect way to further the mastery of quality
certainly not saving companies money but areand compliance in a highly regulated work
instead costing significant amounts of revenue:environment.
"According to an ongoing study at Tufts, the costReferences
and time of bringing a drug to market jumped1-3 Adopting Technology in the Life Science
from $231 million and 8-10 years in 1990, to $802Industry: Why is it Taking so Long?
million and 10-12 years in 2001, to the current(mastercontrol.com/newsletter/feature
estimate of more than $1 billion and 12-14 years.adopting_technology_1007.