10 questions to ask when evaluating information management solutions

As your financial institution’s membership, customer base and loan portfolios continue to grow, your information assets increase. They become more complex to retain and manage. And you need to ensure they adhere to compliance standards.

Can your existing information management system continue to support your growth while providing superior service?

The value of the right enterprise solution

Enterprise content management (ECM) centralizes your important business content in one secure location, and then delivers your relevant information to you when you need it, wherever you are. The right solution allows your institution to take control of its documents and customer or member information in a secure environment.

However, like any important technology purchasing decisions, you need to do your due diligence. You should be confident that the decision you make now is also the right decision for the future and that the total cost of ownership (TCO) meets your expectations. And the technology helps you better serve members, because that’s what it’s all about.

So, where do you begin? How do you find the right solution that will meet your needs now and in the future?

Or, what if you already have a solution that is proving to be too limited? Worse, what if you have more than one solution, resulting in information silos?

The right questions reveal the right path

Here’s a list of ten questions to ask your potential technology partners:

  1. How many documents can your solution import per hour with “import tools”?
  2. Does your solution convert documents to a propriety format or do users view them in their native formats?
  3. How many items can I store in your database?
  4. Does your solution allow users to fix a potential misread in the document capture process or do they need to navigate to a different area then go back into document capture?
  5. Does your capture workflow software logic work in conjunction with your business process automation workflow logic?
  6. How do you integrate with other systems?
  7. Can I leverage your information management solution throughout my enterprise?
  8. How do I build and design workflows?
  9. How do you perform upgrades?
  10. How frequently do you release new/upgraded software?

Armed with the answers to these important questions, you’re ready to make a more informed decision to meet your needs today and in the future. And, armed with easy access to the information they need, when they need it, your employees make more informed decisions regarding your customers and members.

* This blog post was originally published on CUInsight.com.

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro brings more than 15 years of experience in the banking industry to her role as Financial Services marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of ECM as a tool for banks, credit unions and lenders to help automate paper-based processes and proactively manage regulations.

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