Picture perfect

eCopy's Justin Bailey discusses the need for financial organisations to implement document imaging solutions and the benefits that come from using electronic workflow systems.

FST. With a huge focus on compliance, what role can document imaging solutions play in preventing lapses and failures in compliance policies?
Justin Bailey. There is increased pressure on financial organisations to comply with stringent controls and legal requirements such as FSA regulations and data protection – and to maintain audit trails to demonstrate this. By incorporating paper documents into an electronic workflow, organisations can easily and efficiently track and present this information when needed.

To help prevent lapses and failures in compliance policies, organisations need to classify their data. Company leadership should be advised to make smart investments in solutions that are easily incorporated into an employee’s day-to-day activities as well as deliver a proven ROI. 

Document imaging solutions extend the capabilities of existing applications and have an ease of use that is critical to staff adoption. When these solutions introduce paper-based data into an electronic workflow, information is classified at the point of entry, minimising possible failures to follow the business process. Intelligent document routing, allowing scanned documents to be forwarded via email or collaboration tools, initiates this process and automatically generates an audit trail.      

FST. A huge amount of information flows into financial institutions on a daily basis. How can document imaging solutions help make sense of this huge volume of data?
JB. Document imaging is a great equaliser of today’s information explosion – transforming paper to actionable and dynamic data, levelling the playing field for organisations struggling with data overload.

Financial institutions have increased the amount of documents in electronic format, but much is still paper based and not incorporated into the company’s business processes. By incorporating paper documents into an electronic workflow, document imaging solutions allow data to be managed in the same way and its value realised by employees.

Once scanned, documents can be routed directly to the right people and easily used in automated processes and business applications. Document imaging solutions can provide a complete and controlled workflow, turning paper into data as it is scanned.

FST. As budgets are tightened across the industry, many companies are being forced to do more with less. How can document imaging help overcome this challenge?
JB. Document imaging has a proven record of ROI and companies unable to provide audit trails and suffering employee inefficiencies should be asking why they have waited this long to make this type of investment.

For managers tasked with getting a higher return on current investments, eCopy provides a low-cost, easy-to-use ‘paper information’ distribution and management solution. Document capture is no longer considered as a technology running in a silo location; it is an integral part of a business process that can be leveraged and used by many business areas within an organisation.

Not only does a document imaging solution help to justify investment in existing infrastructure, it can also increase productivity by improving business processes. Automating the capture and workflow process can cut the average cost of document management by up to 80 percent by reducing manual document handling by knowledge workers, meeting compliance criteria through auditable business processes and providing fast ROI through quick deployment.  

FST. Considering the damage the loss of customer data can do, what measures exist to protect paper-based sensitive data, before it is stored on company systems?
JB. Research shows that 88 percent of IT administrators would steal sensitive company information if dismissed – so loss or theft of data is clearly an issue that organisations, particularly in the financial sector, need to address. By integrating the information into a document management solution at the point of entry to the business, the original can either be destroyed or held offsite to comply with regulatory requirements.

But even data in an electronic workflow can be lost or stolen, so security and access controls must be set at entry point, restricting permissions as to who may view, edit, print or forward the document. Document imaging solutions can generate and enforce a detailed audit trail, including authentication details to improve compliance procedures and guarantee the security of information.

Justin Bailey brought over 22 years experience in solutions sales to eCopy when he joined in 2002. As vice president of sales for EMEA, he heads eCopy’s extensive sales and channel management organization in these regions. Prior to joining eCopy, he built his expansive knowledge and deep experience at Canon UK Limited, having held various sales and sales management positions.