6 Ways the Right Records Management Solution Can Streamline Financial Services Operations

By Joman Kwong, Strategic Solutions Manager at Laserfiche

With various regulations in place that stipulate how and when financial institutions collect, keep and dispose of customer data, back-office employees are often left to manually manage large volumes of records. Complex and tedious tasks of this nature can bog down staff and take away time that should be dedicated to more valuable activities. Fortunately, leading records management solutions can address regulatory requirements while also supporting streamlined experiences for both staff and customers.

Pinning Down the Pain Points

Every customer account includes large amounts of sensitive data and information. Many financial institutions struggle to manage costs and regulations while maintaining that level of data accessibility and security. But when it comes to record handling, any breakdown within these categories could be costly in both the monetary and reputational sense.

Data shows that financial institutions experience the second-highest average cost per data breach. The average $5.97 million loss would be detrimental to any business, and for organizations in the financial sector — which are built on the foundation of customer trust — the added reputational damage would be even more devastating. Record disorganization and misuse can lead to fines as well as put institutions at operational and regulatory risk when the next audit comes around.

Additionally, not only will dispersed information frustrate employees who are tasked with locating records, it will also have an adverse effect on the customer experience, where confidence and trust are paramount. With advanced and easy-to-use records management solutions available, there’s no reason to risk penalties or overburden your employees with scattered records and stacks of paper.

Leveraging the Power of Records Management

An excellent records management solution is a key part of this modernization journey. Content services technology is highly beneficial, streamlining operations across business units and simplifying larger strategies.

Here are six key advantages of converting paper or digitized records to an improved centralized information and records management platform:
  • Reduce operational costs. There’s only so much space to store physical records — when information is instead kept and protected in digital vaults made specifically to house sensitive information, organizations can eliminate space as well as storage costs.
  • Improve data accessibility. Having enhanced visibility into recordkeeping significantly reduces the time spent searching for and requesting access to information across core business applications. Records management solutions allow organizations to sort folders and files in the hierarchies and groups that work best for their needs, thus optimizing productivity. Integrations can further improve visibility and streamline information sharing across the organization.
  • Support business continuity. To reduce friction for employees, records must be easily accessible at any time and from any location, especially given today’s distributed workforce. However, convenience must not come at the expense of security. Records management solutions offer security tools in a scalable, resilient database.
  • Address compliance requirements. Industry compliance rules can often shift unpredictably — records management solutions empower pivotal adjustments to address emerging regulations.
  • Support audits. Audits are huge undertakings. Records management systems offer robust features like audit trails, tagging, document history, and system activity, which help simplify the process.
  • Improve customer experience and drive faster revenue generation. Today, customers expect seamless, digital, and quick services. The faster customer service representatives can access the information they need, the quicker customers can do business with the institution, ultimately accelerating revenue generation.

Cleaning Up the Digital Realm

Investing in centralized content services technologies should improve experiences for both employees and customers while boosting the bottom line. A single source of truth eliminates pesky guesswork and makes it easier for back-office employees, legal personnel, and customer service representatives to leverage information across business systems.

Digitized records have, for the most part, replaced paper documentation. However, the old disorganization habits have transferred to the digital realm. Luckily, records management technology is a breeze to set up, use and maintain, empowering financial institutions to focus on what matters most: customers. For more information about records management and to see it in action, check out the webinar “Streamlining Records Management for Banks and Credit Unions with Laserfiche” and more curated resources on our financial solutions page.

Enhancing Public Service: A Look at Rancho Cucamonga’s Streamlined Public Record Requests

The city clerk’s office for Rancho Cucamonga, California at one point was facing significant challenges when it came to records requests, with looming deadlines to fulfill requests and documents that could be anywhere – a physical file scanned into Laserfiche, a digital record buried in the Accela platform or lost altogether. However, the city’s situation changed thanks to a clever IT solution that transformed their public record request process.

In this post we’ll dive deep into the story of Kramer Sanders, an IT Applications Analyst for Rancho Cucamonga, and his team’s journey to streamline public record requests.

From paper to digital: a data management challenge

In 2014, Rancho Cucamonga embraced the digital age by launching Accela, a program that revolutionized building permit generation by leveraging GIS technology (built on Esri’s ArcGIS platform) and public data. This was a significant leap forward from their paper-based system, but it wasn’t without its challenges.

In the initial rush of excitement, the city made a crucial decision – they’d accept both physical and digital documents. While this seemed convenient at first, it created a hidden time bomb. Physical documents found their way into Laserfiche, a document management system, but digital documents remained scattered within Accela’s platform.

Fast forward a few years, and the city started facing the consequences. Public record requests became an administrative nightmare. Whenever a tight deadline was looming, clerks had to search through two separate systems, unsure where the requested documents resided. This inefficiency wasted valuable time and resources, creating frustration for both city employees and the public.

“Imagine getting a request that you have 10 days to figure out…where these records are coming from,” explains Kramer Sanders. “You’re not gonna be familiar with it. You’re probably gonna pull someone that is and it ends up taking a lot more time.”

Enter Velosimo and the power of automation

Kramer Sanders and his team knew they needed a solution. Their goal: consolidate all building permit documents into a single, easily searchable location. The answer came in the form of Velosimo, an integrated software as a service (iPaaS) platform. Because both Accela and Laserfiche offer compatibility with iPaaS platforms, Sanders was able to enable seamless communication between these applications through Velosimo.

With these integrations in place, an inspector could complete a final building inspection using the Accela mobile app, that triggers a pre-programmed workflow. This workflow then utilizes Accela scripting (powered by JavaScript) to automatically copy all associated digital documents from Accela.

These documents are then routed to a designated folder within Laserfiche. Every night, another automated workflow starts. It meticulously sorts the documents based on a logical system – street address and number.

Even more impressive is that the workflow doesn’t just move documents, it enriches them. By pulling metadata, or descriptive information about the content, from Accela, the system adds valuable context to each document within Laserfiche. This metadata becomes a powerful tool for future searches, making it significantly easier to locate specific documents.

Accomplishing goals in finding new efficiencies

The impact of integrating Velosimo was nothing short of transformative. It wasn’t just about convenience; it was about a fundamental shift in how the city handled public records.

After a successful implementation, the team embarked on a massive project. It migrated all remaining digital documents from Accela, dating back to 2014 — approximately 600GB of data, both compressed and uncompressed. This mammoth undertaking ensured all building permit documents resided in one central location – Laserfiche.

The payoff was immediate and measurable. City clerks and building administrators could now locate documents with ease. Gone were the days of frantic searches through two separate systems. This translated to a dramatic 50% reduction in processing time for public record requests.

“After talking through with many of them, it’s actually cut their time to serve public records requests in half,” says Sanders. “Huge for us.”

This efficiency boost not only saved the city valuable time and resources, but it also improved public service. Residents could now receive timely responses to their requests, fostering a sense of trust and transparency between the city and its constituents.

Beyond Rancho Cucamonga: lessons learned and the benefits of Collaboration

Kramer Sanders’ story is more than just a success story for Rancho Cucamonga. It’s a powerful case study showcasing the transformative potential of technology in streamlining government processes. The key takeaways are clear:
  1. Embrace automation: Repetitive tasks are ripe for automation. By leveraging tools like Velosimo and scripting, cities can free up valuable employee time for more strategic endeavors.
  1. Consolidate and centralize: Fragmented data storage creates chaos. Centralizing documents in a single, searchable location like Laserfiche empowers employees and fosters transparency, as Sanders highlights: “So now the city clerk and building admins can actually easily go through and find all these documents.”

  2. Metadata matters: Enriching documents with metadata makes them significantly more valuable. This allows for efficient searching and retrieval, saving time and effort in the long run.

The story of Rancho Cucamonga is also a testament to the power of collaboration. Kramer Sanders’ team, along with Accela and Velosimo, worked together to find a solution. This collaborative spirit extends beyond the immediate project. By sharing their experience, Sanders and his team are sparking a conversation within the broader municipal IT community. Their story serves as an inspiration for other cities facing similar challenges with document management and public record requests.

Here are some ways other municipalities can learn from Rancho Cucamonga’s experience:
  • Conduct a thorough needs assessment: Before diving into solutions, take stock of your current document management landscape. Identify pain points and areas ripe for improvement. This will help guide your search for the right technology and approach.
  • Evaluate existing technology: Don’t underestimate the power of existing systems. Explore integration possibilities between your current document management system and other relevant platforms, like building permit software. You might be surprised at the hidden potential within your existing infrastructure.
  • Embrace open standards: When choosing new technologies, consider solutions that leverage open standards. This allows for greater flexibility and future-proofing, fostering easier integration with existing systems.
  • Seek out partnerships: Collaboration is key. Look for technology vendors and partners who are willing to work with you to find a solution that meets your specific needs. Don’t be afraid to explore open-source options as well.

Kramer Sanders’ message is clear: there’s no need to fully reinvent the wheel. By learning from Rancho Cucamonga’s journey and adopting a strategic approach, other cities can achieve similar success stories.

Inspiring government to be future-forward

The story of Rancho Cucamonga clearly demonstrates how technology can empower governments to serve their citizens more effectively. By embracing automation, data centralization, and collaboration, cities can transform the public record request process from a frustrating chore to a seamless experience. This, in turn, fosters transparency, builds trust, and paves the way for a more efficient and responsive government for all.

Further reading

Eager to learn more about how Laserfiche can improve the everyday operations of government agencies and organizations? Visit our government solutions page.

Interested in learning more about Velosimo as an integration solution? Explore integrations powered by Velosimo and other solutions on the Laserfiche Solution Marketplace. Want to see Laserfiche in action? Schedule a consultation for a personalized demo of our leading enterprise content management platform.

Transforming Corrections: How Idaho Department of Correction Leverages Laserfiche for Efficiency and Security

The Idaho Department of Correction (IDOC) is responsible for supervising individuals sentenced to their jurisdiction. This includes providing programs and support during incarceration and ensuring a smooth transition back into the community upon release. To streamline operations, enhance security and improve efficiency, IDOC implemented Laserfiche as its document management system (DMS).

We sat down with project manager for IDOC, Cassandra Lint, to take a deep dive into how Laserfiche helped IDOC meet the challenges it faces both as a corrections department and more generally as a government agency, by transforming how it manages information.

Streamlined processes and increased efficiency

“One of the major benefits that we see with Laserfiche is the flexibility of the automation and being able to work between the different business needs of our work groups,” Lint explained.

Since being implemented, Laserfiche has replaced paper-based forms and workflows with electronic processes, leading to significant improvements in efficiency. IDOC can now manage various forms, including project requests for Laserfiche access, through a centralized system. This eliminates the need for manual routing and filing, reducing processing times and the risk of documents getting lost.

Enhanced collaboration and data sharing

A critical aspect of IDOC’s operations is collaboration between internal staff and external providers. Laserfiche integrates seamlessly with IDOC’s internal client management system through an API. “We use the API to communicate between forms that are [associated with] outside providers that don’t have access to our internal network,” explains Lint. “So they can submit data that then gets reviewed by our providers internally in our department that then get[s] input into our client management system.”

This integration eliminates the need for external providers to send data via email or fax, ensuring timely and secure information exchange. Additionally, standardized data entry through Laserfiche forms guarantees consistency and reduces the burden of manual data entry for IDOC staff.

Improved security and accessibility of records

Security and accessibility are paramount for any organization managing sensitive information. Laserfiche addresses these concerns by providing a secure repository for IDOC’s critical documents, including human resource files, investigation files, policies and SOPs.

Laserfiche ensures the security of these records through robust access controls and audit trails. Additionally, the system’s OCR capabilities allow for easy document retrieval based on keywords or phrases within the document content. This eliminates the time-consuming process of searching through physical files and reduces the risk of misplacing documents.

Embracing digital transformation: the case of medical records

IDOC is undergoing a significant digital transformation by transitioning from paper-based medical records to an electronic format. “We have a current project right now, where the last of our medical records are being digitized and imported into our Laserfiche repositories,” says Lint.

This initiative offers numerous advantages. Physical storage costs associated with paper records are eliminated. The risk of documents getting lost during transportation between facilities is mitigated. Importantly, OCR empowers staff to locate specific medical records efficiently, ensuring timely access to critical patient information.

Planning for the future: records management and integration

Looking ahead, IDOC plans to leverage Laserfiche’s records management features to ensure proper record retention and disposal in accordance with regulations. “One of our upcoming projects that we’ll be working on is implementing records management with our document repository systems,” Lint explains. This will streamline recordkeeping practices and ensure compliance with legal requirements.

Furthermore, IDOC is exploring the possibility of integrating their Laserfiche environment with other jurisdictions. This collaboration could significantly enhance efficiency by eliminating duplicate data entry and streamlining information exchange across different agencies. Additionally, IDOC plans to replace an in-house web application with a Laserfiche integrated process, further optimizing workflows and reducing reliance on custom-built solutions.

The power of user-friendliness

In today’s world, user-friendliness is paramount for any technology to gain widespread adoption. Laserfiche stands out in this regard, as Lint emphasizes: “One of the cool things about Laserfiche is the flexibility that the different applications have and the ease of use for end users who maybe aren’t technically inclined.”

The system’s intuitive interface and drag-and-drop functionality allow staff with varying technical skillsets to navigate Laserfiche effectively. This eliminates the need for extensive training and ensures that staff can focus on their core competencies.

Conclusion: a model for efficiency and security in corrections

The Idaho Department of Correction’s implementation of Laserfiche serves as a model for other correctional institutions striving to streamline operations, enhance security and improve efficiency. By leveraging Laserfiche’s automation capabilities, secure document repository and seamless integrations, IDOC has demonstrably improved its ability to manage information and serve the community.

Cassandra Lint’s experience as a Laserfiche Champion further exemplifies the value of collaboration between government agencies and technology providers. Open communication channels ensure that technology solutions continue to evolve and meet the ever-changing needs of the public sector.

As IDOC continues to explore the full potential of Laserfiche, other correctional institutions can learn from their success story. By embracing digital transformation and implementing user-friendly document management systems, correctional facilities can position themselves to deliver exceptional service while optimizing internal processes and ensuring the security of sensitive data.

Further reading

Eager to learn more about how Laserfiche can improve the everyday operations of government agencies and organizations? Visit our government solutions page.

Want to see Laserfiche in action? Schedule a consultation for a personalized demo of our leading enterprise content management platform.

Faster Permits, More Revenue and Better Public Access for the North Carolina DEQ

The North Carolina Department of Environmental Quality (DEQ) has undergone a significant digital transformation, replacing paper-based workflows with a centralized document management system. This shift, spearheaded by Chief Data Officer Miriam Patrocinio, has resulted in improved efficiency, data accessibility and environmental protection efforts.

Proper permit tracking, facilitated by the new system, ensures compliance with regulations, preventing pollution and safeguarding North Carolina’s environment. Additionally, the improved fee collection system allows the DEQ to hire more permit reviewers, further strengthening environmental oversight. We recently sat down with Patrocinio to discuss in detail the impact that Laserfiche, and the digital transformation initiatives it played a part in, has helped the agency be more effective.

From paperwork to digital workflows

Prior to the implementation, the DEQ relied heavily on physical documents for permit applications and associated fees. This manual process hampered both tracking and revenue collection. Recognizing the need for a more sustainable solution, the DEQ embarked on a comprehensive digitization initiative.

Laserfiche serves as the DEQ’s central repository for scanned documents. Beyond simply storing data, the system offers functionalities such as:
  • Automated workflows: Streamlined permit application processes with online forms and automated approvals.
  • Improved fee collection: Automated invoicing ensures timely collection of permit fees, generating revenue for the agency.
  • Federated search: Seamless search across Laserfiche repositories and SharePoint sites eliminates the need to search through multiple systems, saving time and effort.

A focus on existing infrastructure: expanding Laserfiche’s capabilities

Patrocinio emphasizes that maximizing the value of existing technology, as Laserfiche was in DEQ’s case, can be an effective strategy for addressing business challenges. “Upon joining the DEQ,” she states, “Laserfiche was already established. The agency possessed a team dedicated to developing workflows, forms, and overall digitalization efforts for the past half-decade.”

This existing foundation proved crucial, particularly during the challenges presented by COVID-19. “The pre-existing collaboration within the department was invaluable,” Patrocinio explains, “although it was somewhat siloed within a specific department.” Recognizing Laserfiche’s potential, its user-friendliness, and the availability of existing licenses, Patrocinio made a strategic decision.

“The initial step,” she elaborates, “was to designate Laserfiche as the official document repository for the DEQ. Every document and file generated by the agency would be housed there.” This critical action ensured a centralized location for all information. However, Patrocinio’s vision extended beyond mere storage.

Bridging information gaps: federated search for improved public access

Understanding the importance of accessibility, Patrocinio focused on leveraging Laserfiche’s Federated Search functionality. This powerful tool allows users to search across various repositories and SharePoint sites, eliminating information silos. “The DEQ frequently receives public data requests,” she explains. “Locating the precise information was a time-consuming process.”

The DEQ’s success with Federated Search highlights its broader applicability. This technology allows organizations to search across various data sources, eliminating information silos and streamlining access to critical information. This can be particularly beneficial for public record requests, where retrieving documents from multiple locations can be time-consuming.

Federated Search bridges this gap by empowering the public to find the information they need more efficiently. This fosters a more transparent and collaborative relationship between the DEQ and the communities it serves.

Laserfiche: a platform for continued growth

Looking ahead, the DEQ acknowledges the potential of AI to revolutionize information retrieval. The agency envisions a future where AI can analyze data within repositories, answer questions, and summarize documents, leading to a more intuitive and collaborative way to interact with information.

In addition, Patrocinio clearly sees Laserfiche’s potential as more than just a document management system. “We recognize the potential of the CRM module again,” she says, referring to Customer Relationship Management. “We already possess the platform and the internal expertise to develop it further. We are continuously building capacity in this area.”

The DEQ has also further integrated Laserfiche with its Microsoft Dynamics and GIS (Geographic Information System), creating a more robust digital ecosystem. “The potential is significant,” Patrocinio concludes. “…I encourage everyone to take a closer look [at Laserfiche] and explore its full potential.”

Conclusion: a sustainable future through digital transformation

The North Carolina DEQ’s journey with Laserfiche exemplifies the transformative power of digital transformation. By embracing innovative solutions and optimizing existing resources, the DEQ has streamlined operations, strengthened environmental protection efforts, and fostered a more open and collaborative relationship with the public.

Patrocinio’s leadership embodies the importance of strategic vision and a commitment to leveraging technology for positive change. As she concludes, “Our core mission is to safeguard the health and prosperity of all North Carolinians. Technology itself is not the focus; it’s about utilizing the tools at our disposal to make a genuine difference in the lives of the people we serve and the environment we all share.”

The DEQ’s success story serves as an inspiration for environmental agencies across the globe. It demonstrates that by embracing digital transformation and fostering a culture of innovation, environmental protection can become more efficient, effective, and accessible to all. By breathing new life into old data and empowering people with the right tools, we can collectively ensure a healthier planet for generations to come.

Further reading

Eager to learn more about how Laserfiche can improve the everyday operations of government agencies and organizations? Visit our government solutions page. Want to see Laserfiche in action? Schedule a consultation for a personalized demo of our leading enterprise content management platform.

Maximizing GenAI for Increased Productivity

Maximizing GenAI for Increased Productivity

Using GenAI to increase productivity is a journey of many steps – and we are just at the start. How can organizations be empowered to find use cases where GenAI makes an impact on enterprise business processes – while keeping data security top of mind?

Join this webinar where fellow business and IT leaders will learn how:

  • Document management combined with GenAI can power enterprise productivity.
  • Enterprises can secure their data when integrating document management with AI technologies.
  • GenAI supports decision-making through enterprise data summarization and analysis.
  • Document-centric process automation empowers organizations to drive business growth.

US Registrants: Register before Oct. 11, 5 p.m. PDT to get lunch on us! We’ll deliver a Domino’s® large cheese pizza to your doorstep to enjoy while you watch the webinar. Supplies are limited.

Disclaimer: This offer is available for US registrants only.

Each registrant will receive one large cheese pizza, which feeds 3-4 people. 

No customizations, topping changes or gluten-free options available.

Expecting a bigger party? Additional members of your organization will need to register and fill out a form for additional pizzas. One large pizza feeds 3-4 people.

Only corporate emails are accepted.

Supplies are limited.

Please join us:

Date: October 23, 2024

Time: 11:00 a.m. – 12:00 p.m. PT (America/Los Angeles)

Duration: 1 hour

Stonehage Fleming Integrations Drive Operational Excellence

SITUATION

• 19 offices spread across 14 geographies
• Needed a workflow engine to power automated processes for the company’s divisions that have diverse requirements and regulatory needs

RESULTS

• Saved time and money streamlining approval processes while freeing up resources to provide better client service
• Created better consistency, efficiency and collaboration by standardizing core processes
• Saved over $150,000 and 100,000 hours to date

Entrusted with the management, fiduciary oversight and administration of in excess of $170 billion of assets under administration, and $25 billion under management, Stonehage Fleming is serious about accuracy, security and service.

The firm has 19 offices spread across 14 geographies, and prides itself on all operations being in precise alignment with clients’ financial goals. This requires highly coordinated systems and teams — whether they are client-facing, in the middle office or back-office.
Stonehage Fleming

To achieve this level of efficiency, the Stonehage Fleming IT department is constantly optimizing business processes to ensure they stay ahead of staff, advisor and client needs. A big part of this optimization has been the adoption of Laserfiche as a process orchestration engine and backend information hub.

“We have over 800 staff who start Laserfiche Forms processes across three divisions of the company,” said Gert Bester, IT business systems manager at Stonehage Fleming. “These range from client onboarding to risk and compliance, to appointments and resignations. Everything we can think of — whether it involves integration, or it is a simple or complex solution — Laserfiche can do it.”

A Workflow Powerhouse

Prior to using Laserfiche to automate workflows, the IT team built many of its processes in Microsoft Dynamics Business Central but found it difficult to customize and maintain.

“Laserfiche is very user-friendly and easy to navigate, plus it gives us so many options when it comes to process design,” said David Knight, IT project manager and business analyst at Stonehage Fleming. “With Laserfiche, we simplified our forms templates as well, so we went from around 70 different templates down to three. That makes any changes and testing that needs to be done a lot simpler and faster.”

This discovery prompted the organization to move all automated workflows — which encompassed about 200 projects — to Laserfiche. While Stonehage Fleming’s Family Office and Investment Management divisions rely on Laserfiche for core processes, today, the company’s Group Services division is the heaviest Laserfiche user, as it supports all other parts of the company through core processes including:
  • Business development
  • New client onboarding
  • Risk rating
  • Client reviews
  • Appointments and resignations

With too many workflows to list, plus over 100 projects currently in production, Stonehage Fleming has been able to streamline operations that have direct impact on the bottom line, as well as the company’s ability to provide high quality client service.

To further cut down manual data entry, Knight, Bester and the IT team have built API integrations between Laserfiche and Microsoft Dynamics 365 Business Central, DocuSign, RiskScreen, Twilio, multiple third-party databases and the company’s website and proprietary data warehouse. The connections enable the automation of the creation of certain data, and eliminate the need for manual verification and other mundane, repetitive tasks.

Today, the team estimates that Laserfiche has saved over $150,000 and tens of thousands of hours, while they continue to collect data on efficiency gains in other areas.

“We are also replacing some built-in processes, which were slow and heavy to maintain, with modern, fully integrated and user-friendly Laserfiche Forms, improving back office and front office efficiency,” said Bester.

Breaking the Cycle of Mundane Tasks

Stonehage Fleming’s most successful Laserfiche digital transformation project to date has been the Business Development process, which involves the onboarding of clients or potentials client to any particular product offering. 

Onboarding is triggered by a client relationship manager and involves a number of automated tasks that are now managed by Laserfiche workflow, such as the creation of a bank account with Stonehage Fleming’s own treasury or an outside entity. Also required are a multitude of approvals, streamlined with Laserfiche as well. “The gains for us are in the templates that sit within the workflows,” Knight said. “Laserfiche pushes all data into those templates and it’s ready to be signed off very quickly.” 

“We have increased consistency, efficiency and collaboration by standardizing the main Business Development process across 11 offices,” Bester explained. “The result has been more visible and transparent results on Stonehage Fleming’s expected revenue stream.”

“We’ve seen over 8,000 of these processes run within the first few years of using the solution, and the amount is increasing year on year,” Knight added. Additionally, Annual Financial Statement Reviews and the Economic Substance process require complicated and lengthy approvals which were previously executed via email. These emails were manual reminders to staff to review sets of financial data and get back to an accountant within a certain amount of time.

“They were taking a lot of manual effort — from the emails to the signing and uploading of documents,” Knight said. “Today, there’s none of that. The whole process is truly automated; there’s no need to chase colleagues anymore, no lost emails or mixed-up versions. Even the storage process is automated.”

“Once all parties review the information, Laserfiche generates the resolution statements or minutes, which are uploaded with the workflow to DocuSign,” Bester said. “Then all documents are saved back into Laserfiche. Maintaining the custodian data (in Business Central) is done via APIs, so none of our users have to manually re-enter that information back into any system.”

Enhancing Security and Client Service

In addition to Laserfiche’s integration and workflow capabilities, Stonehage Fleming has benefited from the security tools that support the company’s strict information governance practices. “Due to regulatory requirements, client information in certain regions can only be viewed by specific offices — everything must be put in blocks or silos,” Bester said. “Oftentimes, compliance will need to see a user or investigate who has accessed that information, so Laserfiche Audit Trail has been quite handy. We have also built our own GDPR system module with Laserfiche workflow.”

Today, the team continues to optimize existing processes and develop new solutions to meet the needs of the business and its clients.

“We have an ever-growing list of business requirements coming in, for which we have also built an innovative solution with Laserfiche Forms that is used to gather requirements,” Bester said. “We have also accelerated the adoption of Laserfiche across the company by improving the workflows running in the background, while also making the business more independent by developing forms to manage metadata without any input from IT.”

Ultimately, the IT team aligns its work with Laserfiche with Stonehage Fleming’s values, which are focused on excellence, integrity and embracing the behaviors that make families harmonious and successful.

“Laserfiche enables us to provide better service,” Bester said. “When clients request information, we make it easier for our staff to retrieve that information. Instead of requiring the company to acquire more resources to do the work, we’re looking at ways to do more automation, so that the middle office can provide more support to the front-office team. In turn, our front office can better support our clients.”

Unlock Efficiency in Insurance with Data-Driven, Integrated Systems

 

Unlock Efficiency in Insurance with Data-Driven, Integrated Systems

Nearly 40% of large insurers struggle with disconnected applications and information silos, according to a recent Laserfiche survey. Even with digital solutions in place, insurers face challenges with accessing information across systems, manual data migration, limited searchability, frequent app-switching to gather accurate policyholder details, and delayed, uninformed decision-making throughout business processes.

Join us to discover how to create a secure, single source of truth and connect it with your core insurance systems through integrations.

In this 60-minute session, we will cover:

  • Business priorities driving digital transformation in the insurance industry
  • A strategic approach to adopting content services solutions along with a process orchestration engine
  • How leading insurance companies are benefiting from this approach
  • Live demonstration
  • Q&A
Please join us on demand
Duration: 1 hour

Monómeros Innovates Accounts Payable and Tackles e-Invoicing Requirements

SITUATION

· Accounts payable relied on manual tasks and data entry
· Looming e-invoicing mandate required the digitization of purchase orders, payment terms and credit notes

RESULTS

· Integrated Laserfiche with SAP ERP to digitize both internal and external invoices and automate invoice processing
· Reduced average cycle time from 72 hours down to 10 minutes
· Improved traceability and compliance, inventory management and sustainability

In 2019, Colombia joined a host of other countries in mandating e-invoicing — an electronic billing approach that requires the digitization of purchase orders, payment terms and credit notes. E-invoicing requirements are becoming more and more common across the globe, with the goal of providing governments a more efficient means of auditing and tax and customs enforcement.

In order to accommodate the coming requirement, the agroindustrial company Monómeros sought a new document management system (DMS) with business process management (BPM) capabilities. “We saw that the versatility and capacity that Laserfiche had as a BPM tool would allow us to keep control of our documents, plus there was traceability that would comply with Colombia’s laws and archival standards,” said Esteban Echeverria, IT superintendent at Monómeros. “Laserfiche is not only a tool that will allow us to keep control of documents, maintain traceability and comply with the rules and archival standards of Colombia, but it also provides a platform that will allow us to automate business processes across the company.”

 80% more efficiency in grant approvals process

With Laserfiche process automation and records management, along with an integration between Laserfiche and SAP, Monómeros fulfilled the country’s e-invoicing requirements while also accelerating the accounts payable (AP) process.

Today, the company’s AP cycle has been cut down from an average of 72 hours to just 10 minutes — a 99.77% improvement in efficiency.

The Seeds of Innovation: ERP Integration

Monómeros is a large agroindustrial company with an important role in supplying the necessary fertilizers for some of Colombia’s most important crops, including potato, coffee and palm. With a history dating back to 1967, the company has undergone a number of modernization initiatives for a more efficient, agile enterprise.

Accounts Payable (AP) is one area where the organization has seen tremendous impact. With thousands of invoices needing to be processed per month, manual tasks — such as data entry, inventory management, and data verification — can delay critical operations at any organization, causing missed deadlines and challenges in vendor and customer relations.

At Monómeros, the invoicing process relied on manual tasks and mailing invoices between staff and geographic locations.

“During the COVID-19 pandemic, invoices had to be manually assigned to each analyst and physically sent to them to be managed in our ERP,” said Carlos Daniel Machado, head of accounts payable at Monómeros. “Cycle times from when invoices were received reached up to 72 hours. We needed to optimize the process and reduce cycle time.”

On top of this, the Monómeros team needed to consider the e-invoicing requirements that would become compulsory for businesses in 2020. This perfect storm led them to Laserfiche, which was implemented with support from Colombia-based Laserfiche solution provider Gestech.

“Laserfiche offered a balance between all of our considerations, including cost, functionality, business process management (BPM) capabilities, a good user experience and local support with Gestech,” said Echeverria.

The goal was to digitize and optimize the process to increase efficiency and reduce costs; improve visibility and control; and strengthen business relationships.

To tackle the challenge, the Monómeros and Gestech teams created a Laserfiche workflow designed with four stages and integrations with the company’s SAP ERP software.
  1. 1. Invoice acquisition: Once received, invoices are digitized and indexed in Laserfiche. Laserfiche matches the supplier data to the invoice metadata, then routes the invoice to the accounts payable manager.
  2. 2. Assignment: Once the AP manager receives the invoices in Laserfiche, they assign them to the appropriate AP analysts.
  3. 3. Invoice entry: Analysts receive and review invoices in Laserfiche, which queries invoice tracking numbers that have been entered into SAP.
  4. 4. Payment: Payments are carried out in SAP, which queries payment proposal numbers associated with the invoices and relays them to Laserfiche. Payment numbers of paid invoices are also relayed to Laserfiche and recorded in invoice metadata.

The process not only applies to external invoices, but also to internal ones having to do with reimbursing employees.

“In the case of employee reimbursement, they file their request through a Laserfiche form and attach all necessary documents, and that generates a digital filing through Laserfiche in a matter of seconds,” said Machado.

Ripe for Digital Transformation

With this solution, Monómeros has been able to reduce the average cycle time from 72 hours down to 10 minutes. With an average of 1,500 invoices per month, Monómeros has seen a huge impact on overall time and cost savings. As added benefits, Monómeros has improved traceability and compliance, inventory management and sustainability.

“Not only have we been able to improve compliance practices and optimize processes with Laserfiche process automation, but we have also enhanced customer service and their overall experience.”

Carlos Daniel Machado, Head of Accounts Payable, Monómeros

“We are now working on an integration between Laserfiche and our vendor bill reception process. Every business process that needs to be automated or integrated with our content we see as in the scope of Laserfiche’s capabilities. This makes us excited for all of the future possibilities.”

Digital Transformation Takes the Stage at Maryland Theatre

SITUATION

• Legacy processes included physical files that made collaboration for each event challenging to all involved
• With over 300 events and performances each year, the Maryland Theatre needed to streamline information and processes related to its packed calendar, nonprofit operations, sales initiatives and maintenance needs

RESULTS

• Improved quality of documentation, enabling faster, more informed decisions and delivery of an overall higher quality client and patron experience
• Hired an additional staff member to support the growing performance and events schedule

The Maryland Theatre first opened its doors in 1915, as a Vaudeville house. In 1927, it became a movie palace that offered audiences multiple movies daily for over 40 years. Even after being partially destroyed by a fire in 1974 and a consequent renovation, the theatre remains a significant part of the area’s history. The anchor of the area’s Arts and Entertainment District, the Maryland Theatre is also listed on the National Register of Historic Places.  

While the staff of the century-old venue honors the past, they understand the importance of enabling audiences to enjoy the theatre for generations to come. That means ensuring the success of the business side of the theatre — digitizing and optimizing processes to improve efficiency, organization and collaboration across departments. The theatre now uses Laserfiche to support these efforts, collecting and managing information, and automating workflows so that staff can spend more time on creating a spectacular guest experience. 

Digital Transformation at a Century-Old Institution

The theatre staff spent years looking for a solution that would help streamline day-to-day tasks and processes that are typically managed through a customer relationship management software (CRM). “Nothing ever seemed right,” said Audrey Vargason, operations manager at the Maryland Theatre. “Any system we looked at was either too costly, not customizable enough, not user friendly, or not cloud based.”

Laserfiche solution provider Doing Better Business introduced Laserfiche as a potential fit for the Maryland Theatre’s needs. “Ultimately, we chose Laserfiche over a big-box CRM for reasons such as security, customization, cloud-based accessibility, local customization support, and a user-friendly interface for a multi-generational workforce.”

Today, the theatre has implemented Laserfiche across multiple departments to:
  • Collect and centralize data such as leads and opportunity details
  • Archive and manage the information lifecycle for digital files, emails and other records
  • Collaborate on content across offices
  • Modernize the client and employee experience with e-signatures and online forms
  • Automate and manage tasks in a central location
  • Strengthen information governance with more visibility into the theatre’s content and more standardized, automated content management practices

“Laserfiche has had a positive impact on our time management, collaboration and accounts receivables, all things we believe are essential to providing quality entertainment,” Vargason said. “It also invokes our core value of collaboration.”

Streamlining Information and Processes for Better Documentation and Decision Making

In addition to hosting 300-plus events and welcoming over 100,000 people annually, the theatre operates as a stand-alone nonprofit, adding complexity to documentation and process requirements. The staff has found, however, that Laserfiche adds an extra layer of quality assurance.

“Laserfiche has elevated the quality of our documentation,” Vargason said. “The organization and detailed documentation of our events is noticed by our clients, and it elevates the overall professionalism of our organization. It instills confidence in clients, knowing that we are focusing on the details, and we will deliver well-executed events.”

The theatre has seen benefits from using Laserfiche on a day-to-day basis for:
  • Leads collection and management: Laserfiche is a powerful tool for capturing information about potential clients and opportunities, providing centralized document storage, improved collaboration between sales and marketing, and robust security features to help protect the theatre’s lead data.
  • Contracting: Using Laserfiche to manage and generate contracts, supported by an e-signature integration, streamlines the contracting process.
  • Records management and client/event information storage: Storing digital files related to clients and events, as well as having the ability to manage emails and other records in Laserfiche, provides a centralized and organized place to access the information staff members need to do their jobs, while supporting compliance and recordkeeping requirements.
  • Task management: With so many performances, films, talent competitions and other events to organize, and plenty of other moving parts to the business, the theater uses a customized Laserfiche form to centralize tasks and make sure they are moving forward.
  • Online contact forms: Using Laserfiche Forms on the theatre’s website, staff members have streamlined the process of collecting and managing inquiries, including for a recently launched internship application.

Laserfiche continues to grow with the organization. The theatre recently added a maintenance portal and hopes to introduce the board of directors to their own portal soon.

Additionally, integrations between Laserfiche, Microsoft 365 and Outlook streamline information flow even further, reclaiming time for staff members for value-added activities rather than making sure emails and other files are stored in the right places.

“Gone are the days of navigating paper files,” Vargason said. “We can quickly and efficiently view files, refer to contracts and past conversations, and make faster decisions when it comes to planning and executing our events.”

She added that the organization’s ROI extends beyond monetary metrics, with the theatre seeing improved productivity and reduction in errors — making the theater easier than ever to do business with. By digitally transforming the theatre’s paperwork, the team was even able to hire an additional staff member to support their growing performance and events schedule.

The theater continues to implement Laserfiche across more areas, with the board of directors, technical department and accounting department on the horizon. The ongoing digital transformation has increased efficiency, organization and collaboration at Maryland Theatre, so that staff can focus on the part of their work that can never be digitized: creating outstanding events and memories at a historic cultural venue.

“Laserfiche is better than a CRM; it’s a centralized hub where all staff can view, add and update information for our events and performances,” said Jessica Green, executive director at the theatre. “The program holds staff accountable and offers them a checklist at the same time — empowering them to complete the 200-plus tasks that are necessary for each event and performance.”

DoD 8180.01, 5015.02 and DTM-22-001 – Everything You Need to Know

When it comes to finding a platform that ensures records are managed properly, it can be difficult without a standard to go by. Fortunately, The United States Department of Defense (DoD) provides such a standard. In addition, the DoD offers a wide variety of documents and tools to evaluate the effectiveness of a records management solution or strategy.

Primarily used by the DoD itself to ensure it is managing records in accordance with specific laws, these standards and tools provide a robust framework for organizations to manage records thoughtfully and effectively. By using this framework, organizations can take a step beyond the universal electronic records management (ERM) requirements outlined by The National Archives and Records Administration (NARA), that are used to support federal agencies in maintaining compliance with the Federal Records Act.

While an organization may not be required by law to follow DoD records management standards, effective records management can encourage more informed business decisions, a boon for any organization.

What is DoD 8180.01?

DoD 8180.01, or “Information Technology Planning for Electronic Records Management” is a tool for the Department of Defense to evaluate an electronic records management platform’s potential to comply with policies set out in DoD Instruction 5015.02, “DoD Records Management Program”.

Some of the key components of DoD 8180.01 include:
  • A reduced focus on certification and narrow technical requirements.
  • An increased focus on a solution’s ability to facilitate effective records management.
  • An acknowledgment that a record’s lifecycle may outlast a particular platform’s lifespan.

What is DoD 5015.02?

DoD Instruction 5015.02, or “DoD Records Management Program” is a document that outlines the policy and responsibilities of the DoD as they relate to records management across media. This is not to be confused with DoD 5015.02-STD, which was a tool used to evaluate whether a particular piece of electronic records management software could be used by an organization to maintain compliance with the policies and responsibilities outlined in DoD Instruction 5014.02.

DoD 8180.01 effectively replaces 5015.2-STD as a tool to evaluate electronic records management software, but does not replace DoD Instruction 5015.02 itself, with that document offering compliance guidelines for managing records in a wider range of media.

What is the DoD Records Strategy?

Published openly for the first time in 2023, the DoD Records Strategy defines goals and offers administrative guidance for the DoD as they relate to records management. This document provides a framework for managing records largely organized into three distinct objectives:
  • Curate: Be clear and effective in identifying records and adding the appropriate contextual information as needed.
  • Automate: Leverage automation to save time and enable staff to focus more of their resources on core responsibilities.
  • Govern: Keep information accessible to relevant parties to enable more strategic decision making across departments.

In addition to the above, the records strategy emphasizes more universal accountability for managing records outside of the records manager role. It also suggests having dedicated records specialists embedded in units across the organization, to work in tandem with subject matter experts that ideally would also gain some records management knowledge and capability.

What is DTM-22-001?

DTM-22-001, or “DoD Standards for Records Management Capabilities in Programs Including Information Technology” works essentially as an addendum to the DoD Instruction 5015.02, to eventually be incorporated into the instruction at a later time.

These standards, focused on software, ultimately serve to enshrine in policy the ideas brought about by the newer strategy-based, non-policy documents such as DoD 8180.01 and the DoD Records Strategy.

The new policies require that:
  • A safe harbor period is established for information stored on IT systems once it is deleted.
  • IT systems support the proper disposition of records.
  • Records management functionality is provided for IT systems.
  • Records and record control items remain interoperable between IT systems.

Bringing it all together

With all the different tools and documents that the DoD has to offer records managers, let’s quickly go over the purpose of each once more:
  • DoD Instruction 5015.02: Establishes policies for the DoD to follow in order to properly manage its records.
  • DoD Manual 8180.01: Offers criteria to evaluate a piece of software’s ability to assist an organization in complying with the guidelines in DoD Instruction 5015.02.
  • DoD Records Strategy: Provides administrative guidance and sets up goals for the DoD to work toward as it strives to manage records as effectively as possible.
  • DTM-22-001: Acts as addition to the policies outlined in 5015.02, outlining requirements for IT systems in regards to the disposition, management and transfer of records.

Using these tools together can yield a robust and effective records management framework. As discussed earlier, many organizations are not required to manage records as strictly as the DoD.

However, with the emergence of new technologies and the reality that many organizations use a variety of applications and information for everyday business, even the DoD acknowledges that records management should be thought of as a functional discipline rather than the following of rules for the sake of them.

More than anything, developing a robust and effective records management strategy can save your organization time in classifying and storing information, encourage more informed decision making and allow staff across the enterprise to dedicate more resources to their core responsibilities.

Customer Spotlight: City of Ithaca/Tompkins County

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Further reading

If you’re looking to expand your digital transformation beyond electronic records management, an enterprise content management system (ECM) may be the right fit for your organization. Learn more about the ECM market and top vendors by checking out the G2 Grid® for Enterprise Content Management (ECM):
G2 Grid® for Enterprise Content Management (ECM) Systems

Already considering Laserfiche as your records management solution? Take a look at the Laserfiche Solution Marketplace, a hub for pre-built workflows and templates that customers can use to jumpstart processes necessary to meet all kinds of challenges, including regulatory needs, such as building permit applications and inspections. Whether you’re just getting started with records management or looking for new insights, be sure to check out our Ultimate Guide to Records Management to see how you can improve your information governance strategy.
Download the eBook: The Ultimate Guide to Records Management.