Recent AIIM research indicates that many in the financial, banking, and insurance industries (FBII) operate highly-sophisticated in-house scanning and capture operations. This would appear to make sense, given the fact that these industries were among the first to embrace sophisticated information technologies, dating back to the early 1960s and beyond.
The overall demand for going paperless in this sector, however, is unambiguous, as was sharply articulated in a 2008 interview with John Chickering of Fidelity Investments, one of the largest financial houses: “(Our) storage volumes are growing by leaps and bounds. The research data I’ve seen quote 30 percent annually. That means we’re doubling faster than every three years.
“The more volume we have to manage, the harder it is for us to find what’s important, and so I think we as an industry need to address the volume issue.” A best practice, adds Chickening, “is to embed in the capture of documents (and their use in running a process), the things you need to manage the documents throughout their lifecycles.”
Traditionally, scanning and capture has been considered technically challenging. Achieving high throughput at minimum cost has required specialized machinery and skilled staff, hence the prevalence of service bureaus and outsourcers.
As a result there has been reluctance in various sectors to invest in onsite capture technology, relying instead on low offshore labor rates and cheaper communications, enabling a combination of onshore scanning, with offshore remote keying into corporate legacy systems. But that is changing, as revealed in the AIIM data below.
- 67 percent of respondents do not outsource any scanning or capture services.
- 72 percent of all respondents have a centralized scanning and capture facility.
- 72 percent also use distributed capture within their organizations (multifunction peripherals, desk-top scanners, branch-office and field-office scanning).
- The strongest drivers for scanning and capture are “Improve process throughput (efficiency)” 64 percent; “Records security and accessibility (compliance)” 56 percent; “Improve speed of access (customer service)” 52 percent; and, finally, “Improve searchability/findability of business documents (knowledge management)” 46 percent.
- The three largest “barriers to greater strategic adoption of scanning and capture” were “Justifying the investment – demonstrating ROI,” 44 percent; “Resistance to change,” 40 percent; and “Still thought of as scan-to-archive, not scan-to-process” 40 percent.
- 51 percent of respondents reported return on investment (ROI) on scanning and capture investments within 12 months or less, with an additional 18 percent reporting ROI within 18 months.
- 66 percent index and store scanned images and electronically generated files in the same system.
- 80 percent of respondents do not store “significant numbers of scanned images” in SharePoint.
How do you feel your organization measures up when it comes to efficiencies gained through document management? Ask Portford today to discuss best practices in your industry and identify how your business process can be improved.
Contact info@portfordsolutions.com to learn more how to expand the value of your investment in document management.
DocuNECT Desktop Analyzer
/in DocuNECT, News, Software /by Bruce BoltonDocuNECT’s powerful desktop tools makes it easy to organize any local content. DocuNECT’s Desktop Analyzer is a useful tools for preparing to migrate file shares and use Desktop Capture to index and upload documents to your ApplicationXtender or Documentum repository. In just minutes you can use the Desktop Analyzer to:
Whether you are trying to reduce the time required to back up files or preparing to migrate your file share into Microsoft SharePoint, the DocuNECT Desktop Analyzer is an easy first step to organizing your content.
Contact info@portfordsolutions.com to learn more about the Desktop Analyzer
Automated AP Solutions Made Affordable
/in DocuNECT, Software /by Bruce BoltonForm many customers, initiatives around advanced capture and automated accounts payable can be cost prohibitive. While software licensing costs might fit within budget often times the cost of configuring and administrating the solution is not. The decision to replace a manually intensive AP process typically depends on just how high of an investment will be required to achieve the following benefits:
One of biggest reasons why traditional automated AP solutions require extensive implementation services is that most solutions rely on form recognition so that index values will be correctly located and read using zonal OCR technology. Each time a new vendor signs up, a new template needs to be created so that the software knows what that vendor’s invoices look like and where to look for fields such as invoice number, amount, date, ect.
Portford’s DocuNECT capture platform relies on contextual information from invoices rather than form layout and recognition. A CSV file with vendor information can be used to automatically load DocuNECT’s rules engine with which vendor invoices to expect and what data to extract. The result is a more accurate solution which also provides the flexibility to capture invoices from MFPs, emails, virtual print driver, desktop capture, and sFTPs. Since DocuNECT is completely web based there are no client installations for reviewing and verifying invoices and data. Since DocuNECT has no volume restrictions and is affordably priced customers are able to achieve an immediate return on investment.
DocuNECT is tightly integrated with ApplicationXtender, Documentum, and most of the devices and email systems your organization is using today. Call Portford today to discuss why DocuNECT is one of the most cost effective investments your business can make.
Contact: mailto:minfo@portfordsolutions.com to find out just how affordable implementing an automated AP solution can be for your organization.
Finance Industry Setting Trends in Document Imaging
/in News /by Bruce BoltonRecent AIIM research indicates that many in the financial, banking, and insurance industries (FBII) operate highly-sophisticated in-house scanning and capture operations. This would appear to make sense, given the fact that these industries were among the first to embrace sophisticated information technologies, dating back to the early 1960s and beyond.
The overall demand for going paperless in this sector, however, is unambiguous, as was sharply articulated in a 2008 interview with John Chickering of Fidelity Investments, one of the largest financial houses: “(Our) storage volumes are growing by leaps and bounds. The research data I’ve seen quote 30 percent annually. That means we’re doubling faster than every three years.
“The more volume we have to manage, the harder it is for us to find what’s important, and so I think we as an industry need to address the volume issue.” A best practice, adds Chickening, “is to embed in the capture of documents (and their use in running a process), the things you need to manage the documents throughout their lifecycles.”
Traditionally, scanning and capture has been considered technically challenging. Achieving high throughput at minimum cost has required specialized machinery and skilled staff, hence the prevalence of service bureaus and outsourcers.
As a result there has been reluctance in various sectors to invest in onsite capture technology, relying instead on low offshore labor rates and cheaper communications, enabling a combination of onshore scanning, with offshore remote keying into corporate legacy systems. But that is changing, as revealed in the AIIM data below.
How do you feel your organization measures up when it comes to efficiencies gained through document management? Ask Portford today to discuss best practices in your industry and identify how your business process can be improved.
Contact info@portfordsolutions.com to learn more how to expand the value of your investment in document management.