3 essential components of ECM that eliminate waste: Part 3: Workflow
In part one of this series, we explored how banishing waste is critical for the future of today’s financial institutions. In part two we looked at how enterprise content management (ECM) enables financial institutions to get back to basics and banish waste in general. Now it’s time to take the final step and banish waste from your processes.
How do we do that? Do I have a magic wand?
In a way I do. It is magical. It is powerful. It is electronic workflow.
All of the top tier ECM solutions have an electronic workflow component. It is an automation engine and electronic routing system that enables organizations to process work faster and more efficiently.
If your organization is still relying on paper or has issues with slow processes, here are some key benefits to leveraging the workflow component of an ECM solution:
- Streamlines Processes: Workflows begin with an event, such as ingesting a new document into the archive. To initiate a workflow, the system captures keyword values, document properties or something simpler like data contained in COLD reports. Optimizing processes, workflow ensures information is complete and accurate before automatically forwarding it to the next step.
- Reduces Costs: Workflow automation frees labor from tasks such as manually verifying the existence of all required documents and data across the enterprise – from lending departments to contracts management to accounts payable. It also reduces your need to store and ship paper documentation.
- Supports Compliance Initiatives: Tightly defined processes manage your document security and create detailed audit trails that provide historical data, saving time and energy when preparing for audits. You can even grant auditors online access to the documentation they need, decreasing on-site visits and improving the process.
- Speeds Revenue Recognition and Improves Service: With workflows automatically forwarding complete and accurate documentation through processes, your organization is more efficient than those relying on manual processes. Faster turnaround and higher quality processes lead to improved interaction with customers and members. Because in a world of instant access to information, customers and members don’t want to wait for answers while your staff searches through file cabinets full of paper.
Regardless of the process, by using automated workflows, you maximize efficiency and improve quality because employees perform the process consistently every time. Decisions are made faster – without process inaccuracies that cause human error. The waste is gone and your organization is empowered to really change the way you work.
Organizations are filled with processes. Think about one process in your organization that is time consuming and needs to be re-engineered. Mortgage payoff requests? Wire transfers? Fiduciary account audits? Time off requests?
Wave your magical workflow wand!