In part one of this series, we explored how banishing the waste is critical for the future of today’s financial institutions. In part two we looked at how ECM enables financial institutions to get back to basics and banish the waste. Now it’s time to take the final step and banish waste from your processes.
How do we do that? Do I have a magic wand?
In a way I do. It is magical. It is powerful. It’s electronic workflow.
All of the top tier ECM solutions have an electronic workflow component. It is an automation engine and electronic routing system that enables organizations to process work faster and more efficiently.
If your organization is still relying on paper or has issues with slow processes, here are some key benefits of leveraging the workflow component of an ECM solution:
- Streamlines Processes
Workflows begin with an event, such as a new document being ingested into the archive. To initiate a workflow, the system can capture keyword values, document properties or something simpler like data contained in COLD reports .Workflow ensures information is complete and accurate before automatically forwarding it through the applicable process.
- Reduces Costs
Workflow automation frees labor from tasks such as manually verifying the existence of all required documents and data across the enterprise – from lending departments to contracts management and accounts payable.
- Supports Compliance Initiatives
Tightly defined processes manage document security and create detailed audit trails that provide historical data, saving time and energy when preparing for audits. You can even grant auditors online access to the documentation they need, decreasing on-site visits and speeding the process.
- Speeds Revenue Recognition and Improves Service
With workflows automatically forwarding documentation through processes, your organization is more efficient than those relying on manual processes. Faster turnaround and higher quality processes lead to improved interaction with customers and members. Because in a world of instant access to information, customers and members don’t want to wait for answers while your staff searches through file cabinets full of paper.
Organizations are filled with processes. Think about one process in your organization that is time consuming and needs to be re-engineered. Mortgage payoff requests? Wire transfers? Fiduciary account audits? Time off requests?
Wave your magical workflow wand!
Regardless of the process, by using automated workflows, efficiency is maximized and quality is improved because the process is performed consistently every time. Decisions are made faster – without process inaccuracies that are caused by human error. The waste is gone and your organization is empowered to really change the way you work.