With the emergence of advanced document imaging technologies, there is no longer a reason to rely on inefficient paper-based processes, which waste considerable resources, drain budgets and cause delays in decision-making. Enterprises are finally realizing the benefits that come with these tools, and turning to best-of-breed conversion services to go completely paperless.
SharedServicesLink reported that the financial industry in particular has leveraged digitization and automation solutions to transform banking processes and capabilities. According to the source, many financial institutions are making significant investments in upgrading their infrastructure to allow for real-time online and mobile performance. Previously, document imaging was simply used for scanning paper into a digital business workflow. Now, these technologies combine capture, image repository and powerful analytics.
The source noted that loan origination, a traditionally paper-intensive and expensive process, is one banking aspect in particular that could benefit from a digital transition. Digital imaging can eliminate printing and shipping costs and administrative overhead by using intelligent capture to automatically classify each loan and streamline back-office management for more efficient performance. Additionally, SharedServicesLink pointed out that documentation for a typical mortgage loan can amount to redundant copies of hundreds of pages. Additionally, loan officers, underwriters and other personnel are then required to ship these stacks of paper back and forth. This not only wastes time from manual data entry and money from shipping, but also causes a multitude of issues regarding data quality and errors. However, according to SharedServicesLink, intelligent imaging can scan and digitize documents at the point of origin for easy integration with all devices and more centralized bank operations.
Improved information management
In addition to the financial sector, local governments around the U.S. are embracing electronic document management technologies to experience these advantages. The Daily Leader reported that Democratic City Clerk Candidate Maxine McCoy Jones has been pushing for a paperless workflow in Brookhaven, Mississippi. She explained that recording, managing and maintaining records pertaining to the city government's actions is a main priority.
"The need to align our 'record keeping' processes with 21st century methods to more adequately preserve our history while at the same time preparing for the future is one of the top issues," Jones explained, according to the source. "In partnership with the Mayor, Alderman and other City Departments, we will expand accessibility by implementing document imaging technology for records management."
As more agencies look for strategies and solutions to modernize workflows and drive efficient processes and decisions, document imaging tools are an increasingly viable solution for enabling these capabilities.
Brought to you by Image One Corporation providing complete information governance since 1994.