More businesses will be allocating funds toward electronic document management, automation and archiving due to growing volumes of data. As firms also face tightening regulations on information governance and compliance, digital technologies will be imperative.
GCN reported that a recent MeriTalk survey highlighted growing challenges among federal agencies in dealing with an influx of records, causing these organizations to be proactive in resolving inefficiencies. According to the source, organizations can better manage more records and support collaboration across departments with electronic software, particularly in conjunction with cloud solutions. For example, Oregon's Secretary of State office improved the accessibility of information as well as processing times by implementing an electronic document management system. GCN explained that the solution is now being expanded state-wide, allowing city and county agencies to better manage records in a consistent manner while reducing spending on storage and litigation.
Insurance & Technology highlighted how digital tools can ease litigation management, which can prove to be a challenge for insurance companies in particular. New consolidated solutions allow these firms to cut costs by streamlining and automating workflows and reinforcing best practices for compliance. The source asserted that the most advanced technologies can empower businesses to gain greater insight into information and metrics, which can lead to better capital management and strategic planning.
By automating claim and expense processes, companies fuel operational efficiency, according to Insurance & Technology. For example, electronic solutions can provide alerts that allow for more informed budgeting and monitor adherence to particular regulations or limits. The news source stressed that it is imperative for organizations to allow for shared, organized access to data, and a consolidated platform can help insurers make better decisions in the face of rising budgetary and compliance pressures.
These tools are also useful in accelerating collaboration during litigation, Insurance & Technology reported. Overseeing documents and communications is more effective when information is centrally stored and accessible with intelligent archival and retrieval. By utilizing a management solution that allows users to quickly create, transfer and update records from within the same system, employees can easily navigate tasks, enhancing the overall business' efficiency.
Automated workflows give organizations in all sectors the capability to eliminate time-consuming manual tasks while offering greater visibility into all business processes. By streamlining requests, approvals, claims and other components, firms can improve decision-making for insurance and client relations benefits.
Brought to you by Image One Corporation providing complete information governance since 1994.