CIOReview
CIOREVIEW >> GDPR >>

Profiting From Information

Ray Zwiefelhofer, President, World Software Corporation (Worldox)
Ray Zwiefelhofer, President, World Software Corporation (Worldox)

Ray Zwiefelhofer, President, World Software Corporation (Worldox)

Challenges compliance officers face

By far the largest concerns among technology heads and compliance officers are the large amounts of unmanaged emails and documents that are flooding their organizations daily. Sometimes these officers know what to do, but they have no way of finding and managing this data so that they can apply proper rules needed for being compliant. With an enterprise content management solution like Worldox, all data including emails, documents and scanned images are uniquely numbered and have associated metadata. All knowledge workers must save emails and documents into this repository with the same methods.

The Technology/Compliance department can then utilize our built-in tools to build ethical security walls surrounding sensitive files, set auto retention and destruction dates, and even mark final client records as permanent and read-only as part of the 17a SEC requirements.

Vision

For 25 years we have been known for our outstanding content management solutions, and have won many awards and recognition for the best Customer Service. We believe a key advantage is the cost and scalability of our software. Worldox can be used in a company or department with just a few people, or it can be scalable to thousands, while maintaining low initial and ongoing costs compared to our competitors.

Our vision continues to deliver the best document/ content management solution to meet our clients’ changing needs. An example of this is our continued focus in mobile and remote content access solutions such as our new Cloud product, mobile apps, and recently a native Mac Worldox client for those non-Windows users.

Our customers

Approximately 4000 customers or 80 percent are in the legal/financial sectors. The remaining 1000 customers are mid-large corporations. Very typically these corporate customers utilize our software in their legal and back office environments as a critical tool in management content security and compliance.

Customer value proposition

Content such as emails, documents and scanned images are certainly out of control in most organizations. This content is not properly managed, difficult to find, and usually has no security or associated retention schedule. We find CIO’s struggling to cope with how to best deal with this information, and professional staff being frustrated trying to find historical content. Worldox addresses these issues with forcing a consistent, searchable metadata wrapper around this content. This content is then organized for easy retrieval by meta field or full text search, and allows the IT and Compliance teams to properly assign security & retention/deletion schedules.

Customers’ benefit

One large top-five bank customer had concerns about an upcoming regulatory audit and the state of their content.

Worldox’s ethical wall feature was deployed with integration with Microsoft Active Directory. Each private equity department now has finite rules of what can be seen and edited. Automatic rules are in place to archive into read-only (WORM) appropriate documents, as well as proper deletion schedules for other documents.

A large public manufacturing company utilizes Worldox for all content management and has deployed our auto retention feature that integrates into their accounting system to automatically archive/delete appropriate content. Among other modules utilized is the litigation hold module. Upon receiving an order form to produce or ‘hold’ data from a legal body, this company can find and produce relevant data within minutes or hours instead of the days or weeks in the past.

Competitive landscape

First you should know that there are only a handful of premium document/content management solutions. The rest fall into more of a “content organization” category.

A recent Hyperion DMS solutions report reviewed over 25 solutions and named Worldox in the top five of what it calls “the premium providers.” These solutions include advanced features such as ethical wall Active Directory integrated security, full version control, audit trail on all content activity, integration with company’s workflow and other products, and much more. I believe continued focus on the following areas will ensure our competitive advantage: providing outstanding customer service, customer-focused innovative solution development, and maintaining a fair price point.

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