A survey conducted by Xerox Corp. found that 83 percent of manufacturing and engineering professionals say they spend too much time looking for information. The results underscore the importance of an effective document management strategy, the company reports. Nearly 90 percent of the respondents said that the retiring work force—and the information that leaves with them—would have a moderate to serious affect on business over the next five years. Survey results also showed that vital information isn’t often contained in electronic formats, which are easier to find, update and share. A total of 63 percent of engineering documentation remains in hard copy format, according to the survey.

“Companies focusing on growth should view these findings as a business opportunity and take steps to implement a document management strategy,” says Dave Fazekas, Xerox Global Services vice president for manufacturing and energy. “With an approach in place, business-critical information can be managed effectively, accessed easily and shared instantly—decreasing a firm’s downtime and increasing productivity.”

The survey also found that 43 percent of respondents have implemented lean or Six Sigma methodologies to reduce costs across their engineering and maintenance processes.

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