Document Management Industry Overview

Document Management for Economic Development Professionals

Document management and business support software systems like misra prove to be of growing importance in the economic and financial service industries. With more businesses now turning to a cost-effective paperless system in favor of digital solutions the time has come to change along with today’s innovation – ensuring your organization stays abreast of current trends.

Most companies have already turned away from time-consuming and storage guzzling traditional methods of document management. You can also use https://www.sodapdf.com/pdf-editor/ to easily back up your content to cloud services such as OneDrive, Google Drive, and Dropbox. The rise of modern document management methods attest to the importance of optimizing use of time, space and budget.

Technological revolution

In 2012 statistics reveal that people are becoming more technologically savvy. More than 2 billion are getting connected with the rest of the world using the internet. This is twice the number of internet users in 2007.

Momentum has continued to gain pace with the introduction of tablet and smartphones. This further invigorated the use of internet. In fact recent reports say that mobile users surpass the number of those who access the internet via desktop computers. Internet platforms prove to be vital portals for interactive exchange of social and industry information. With the push of a button documents can be circulated around a larger marketplace. With the aid of technology, this task became easier to do and it became less costly at the same time.

Software solutions and the financial sector

The Dodd Frank Wall Street Reform and Consumer Protection Act mandate many industries, including the financial sector, to rethink their approaches to document management as well as their auditing and data handling systems. As a result, explorations into fresh and more efficient document management practices were initiated.

A recent survey revealed that around 62 percent of financial companies aim to extend and customize their data management strategy. They are all raring to boost data quality, increase customer satisfaction and reduce exposure to developing regulatory compliance mandates.

According to Fred Cohen, group Vice President and Global Head of the Capital Markets & Investment Banking Practice at iGATE Patni, many financial organizations tend to spend a large chunk of their budget in purchasing reference materials. What companies tend to overlook is allocating more money to assure quality, timeliness and consistency of their company data. Andy Hayler, president and CEO of The Information Difference Ltd, explained that of the industries heavily occupied with data management and financial services are better trusted. This leads to further regulatory pressure.

Experts suggest that those who don’t acknowledge regulatory compliance mandates such as industries highlighted in the Dodd-Frank Wall Street Reform and Consumer Protection Act may find themselves experiencing expensive data management difficulties.

Software Guides tend to have many effects on corporate administration, data and organization. But before looking at how to implement technical strategies into the daily running of financial and economic industries it is essential to examine the main benefits of doing so. These include:

  • Document management software advantages, such as editing, distribution and organization of essential data, currently sitting within cumbersome office cabinets.
  • Document control software thatenables swift scanning and the creation of a central location into which files & folders can be transferred – within a standard format.
  • Document tracking saves endless hours searching for valuable documents as up-to-the-minute software ensures files are found in minutes via simple keywords and text scanning solutions. 

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Effects of technology to the industry in general

The Hong Kong Polytechnic University carried out a study of the implementation of CRM and Software in the financial sector. Results suggest that when integrating new systems into the industry it is essential to look into different aspects.

Essential issues include cost-effectiveness, time sensitivity, high investment return and minimum disruption to overall business. It was found that around 70 percent of companies opted to try smaller pilot schemes initially and eight out of eleven firms chose external assistance with the transition into fresh techniques when new systems were introduced. Overall the common factor was the effective introduction of management software and at the same time keeping the risk factors involved to a minimum.

Staying relevant – minding effectiveness and efficiency

Technology is definitely not static. Neither should you or your business. When it comes to the competitive industry of finance, everything should be dynamic. Moore’s Law reinforces the instrumental power of technological advancement in the growth of the industry. In addition it highlights the increase in automated systems and best-of-breed innovation.

It is not surprising that staying ahead technologically is pivotal if you aim to be at the top of the game. Can you really afford to be left behind? And more importantly when it comes to document management can you afford to leave your essential data stored using prehistoric means? Surely customers demand the ultimate in security, the optimum in information handling and the utmost peace of mind that their details are in safe hands.

 

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