Information Management, BPM and Integration: Achieving Cost Efficiency in the Financial Sector

Information Management, BPM and Integration: Achieving Cost Efficiency in the Financial Sector

by Laurel Sanders
October 28, 2009, 12:01 PM — docfinity.com —

For financial institutions to be viable, they must be cost efficient. Even high-profile giants aren’t immune to closures, mergers, and takeovers if they neglect to control costs. Competition today is fierce; only the fittest survive.

If you read industry literature, you’ve noticed the plethora of information about streamlining and automation, from banking journals highlighting productivity tools to technologies that enhance credit unions’ member services, or the benefits of going paperless for tax preparers and accounting firms. Yet despite the focus on streamlining and automation, many financial institutions continue to overlook the fundamental barrier to cost efficiency: cumbersome access to the information they need. Why? Because they lack an integrated approach to the digital workplace.

Digital capture and storage make information easily retrievable and useful, but don’t necessarily enable enterprise-wide efficiency. Data housed in customer relationship management (CRM) software, accounting, human resources, and other applications has limited value if it’s not reused efficiently everywhere it’s needed. The solution? Instant, secure, central access to all of your digital content. A work management system that systematically drives work forward, drawing on your business systems for pertinent documents and information. Electronic document management (EDM) and business process management (BPM) do both and more, unleashing great power by connecting people with information and transforming both service and institutional performance.