Finance is full of procedures, processes, forms, records, and paper. In other words, it is a prime area for document management and workflow. The options for where to begin, and how to manage this information is nearly endless.
Document management solutions come in many varieties. Some are designed to handle general document management and are not specific to finance, while others are built specifically for finance with built-in processes that readily handle typical financial paperwork and procedures. This month's In-Focus takes a look at solutions that are designed to make procecesses in finance easier.
As mentioned above, finance is both paper heavy and process intensive. Utilizing technology to both reduce paper and/or improve how a process is handled leads to immediate gains in efficiency and savings that effect the bottom line. Doing this properly in finance requires finesse. Compliance and records concerns affect many procedures as does privacy concerns. This is one major area where document management solutions that specialize in financial processes excel.
Solutions may cover general financial processes, or be highly specififed to one particular process or aspect of finance. General processes can be areas like records management and compliance - issues that span multiple divisions in the financial industry. Solutions can also target particular departments like accounts payable or handle specific tasks like mortgage forms.
A practical approach to adding document management and/or automation into finance is to look at the big picture in order to prepare for future integration, but initially start at a departmental level. After having success in one department, gradually automate other departments always keeping an eye that each area automated still has the ability to integrate with each other. Try to avoid 'stove-piping' your document management - having a good flow of all corporate information through the company is a strategic advantage.
I have compiled a list of a couple companies, products and articles that offer solutions and insights about document management in finance and have listed them here for your consideration. Enjoy!
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