President elect Obama announced parts of his economic recovery plan in his weekly "radio" address. There are a lot of good pieces to it that should help America's down economy, and some that will be a huge boon for the Enterprise Content Management industry:
In addition to connecting our libraries and schools to the internet, we must also ensure that our hospitals are connected to each other through the internet. That is why the economic recovery plan I’m proposing will help modernize our health care system – and that won’t just save jobs, it will save lives. We will make sure that every doctor’s office and hospital in this country is using cutting edge technology and electronic medical records so that we can cut red tape, prevent medical mistakes, and help save billions of dollars each year.
Gee... Obama says medical records should all be electronic to help save the economy? I agree! And there's nothing like a presidential endorsement to boost your industry, eh?
Many ECM experts have been preaching this for years... in fact, a lot of them have recently reminded folks about how much hard cash you save with a coherent, electronic, information management system. Just recently, over on the AIIM Blog, John Mancini's most popular posts are all about using ECM to cut costs. Oracle recently started their Survive Or Thrive with ECM web conferences, which give hard data from customers about how ECM made them more efficient. There should be one or two per month for a while... The presentation by Emerson Process has some especially useful statistics for Return On Investment.
Aside: I know some free-market fundamentalists hate the idea of government spending, but this kind of initiative is necessary. The economy is in the early stages of a deflationary spiral... which makes banks are scared to loan cash, consumers hesitant to spend cash, and debtors without cash will find themselves deeper in debt. Deflation may be a good thing for gas and house prices... but the spiral soon forces business to sell products for less than the costs of production. In order to stay in business, they are usually forced to lay off workers...The best way to stabilize deflation is for the government to purchase a wide range of commodities.
This month, there is a great article in Forbes about deflation... what are its risks, and how to we stop it? Instead of throwing money at banks and wall street, the best option is for the government to purchase glass, steel, concrete, computers, light bulbs, and stuff like that. This drives up overall demand, which reduces supply, which stabilizes prices, and ensures businesses don't have to lay off workers.
The Forbes article questioned whether Obama could launch an initiative of sufficient size and usefulness in time... but I'm hopeful, because everything Obama proposed -- make government building more energy efficient, launch a large-scale broadband initiative, repair broken school buildings and bridges, and force municipalities to "use or lose" their federal grants -- all sound practical and swift. The government will soon be buying up a bunch of commodities, and using them to make America more efficient. This will create new jobs, stabilize prices, and get the economy going again. More projects are needed, but this is a promising start.
The potential extra business for my industry is just an added bonus ;-)