Moving to digital assets is an important milestone in any industry to drive the business successfully. How do we organize a document management system to get the most out of what Fintech companies can deliver? Read the article to consider all the options.
What is EDMS?
Fintech companies are known for supporting rapid innovation which helps them to meet all growing and changing customer demands in time. To do this, they use modern software architecture that easily scales to process billions of data exports in a single day. Fintech companies harness cutting-edge data science tools in a purpose-built platform. To streamline automated tasks and classify documents faster and easier than ever before, a special system is used.
An electronic document management system, also known as EDMS, is specific software that helps to create, store, edit and distribute a wide variety of documents. It functions across the organization to manage digital documents. With an electronic document management system, you can move from a small stand-alone application to large-scale enterprise-wide configurations that incorporate standard document filling features.
A standard electronic document management system should contain the components given below to be proven efficient:
- Import (it opens any new document in the system and processes it);
- Storage (it maintains digital files and utilizes data storage);
- Identity (it extracts documents accurately and saves
- Export: (it allows to remove items from the system or transfer data within the system);
- Security (it enables password protection on particular documents for authorized users).
Electronic file management software is most commonly used to save physical space, organize incoming data flows, and protect digital assets within the full document lifecycle. It allows controlling all sources of information and maintaining full regulatory compliance regardless of the industry. Moreover, it helps to store documents or images with sensitive content in a secure place.
What are the top software features of EDMS?
Great companies manage their data efficiently. When the main business operations within the document workflow are well defined and identified, the organization takes a big step toward a paperless environment and can put efforts into more high-level tasks. Storing all files in digital format makes managing changes in documents simple, whether it is for internal accountability or for auditing from external parties.
Speaking of the functions of the enterprise document management system software, here are the most valuable ones.
- Intelligent Document Processing
Natural language processing (NLP) allows document processing that goes beyond simple character recognition and allows for a certain level of understanding of the translated text.
Across all industries, businesses are facing pressure to reach greater results faster, and with fewer skilled resources. More and more companies prefer to improve customer experience and simplify employee performance as a way to increase revenue, margins, and overall outcomes.
Intelligent Document Processing is an effective solution for both. IDP mimics the way how humans process and manage information. Therefore it saves time as well as money by reducing the number of errors. From a user experience perspective, employees are freed from the tedious tasks of reading and manually processing documents, while customers benefit from greater efficiency in document-based processes and decisions.
Data theft is a serious threat that can lead to the collapse of both the whole system and the company’s reputation. Security remains an essential issue that organizations must focus on.
The best enterprise document management system should have robust access rights management capabilities which shall ensure the highest security and access control standards while deploying the intelligent automated solution within the organization.
Smart document management classifies information storage into the following groups:
The practice examples are that certain groups may contain sensitive data and require encryption or multifactor authentication while others can be publicly available. This setting can be created once and only managed again when circumstances change.
- Increased productivity
Automated document processing is faster than manual analysis, speed is crucial to any data migration effort. In addition, sifting through files is known as one of the most time-consuming tasks that employees usually undergo, and electronic document management system is an effective problem solution.
Organizations can use the latest electronic document management technology to improve their ability to identify and categorize information that needs to be extracted from documents.
- Multiple device connection
Document processing no longer takes place exclusively in companies’ residences. As more and more customers prefer to operate any digital documents on the go, fintechs should be able to manage data remotely as well.
Mobile cloud deployment options make data management and data-integrity maintenance available on different devices. Employees, companies, and consumers derive significant benefits from this capability. Therefore it’s a must for an effective document management system to run smoothly both on the mobile app and web versions.
- Error detection
The electronic document management system continually monitors the database to discover errors and prevent confusion. Cloud storage as a feature also paves the way for remote management either by internal IT teams or by managed service providers. They can fix any problems without being in place, therefore speeding up issue resolution.
- Data redundancy for backup
In order to mitigate risks to digital assets in the company’s operational environment, Fintechs adopted a strategy that encompasses two separate but related components – data backup and redundancy. Electronic document processing with cloud storage provides additional protection so that they can operate with greater accuracy.
When is it time for EDMS development services?
If you’re looking to expand your company’s capabilities, increase workflow speed and change the functionality of your current document management, you may need to apply for DMS development services.
For example, if your site is hosted on an e-commerce platform, you might want to add graphic elements that aren’t supported by your current DMS. Perhaps, the amount of paperwork is forcing you to change something, and you want to use an up-to-date DMS to help you better manage your documentation.
Here are a few particular situations that can factor into your decision about switching your DMS to a more modern one or completely changing the way you interact with the database:
- Your current DMS needs redesign and new features;
- Current DMS renovation may require a high-priced development;
- You have hurdles with legacy paperwork;
- The software DMS works on is outdated and slow;
- You want to move from a hosted platform to a self-hosted one.
The future of document processing
While there has been a big leap in the amount of digital data, a lot of businesses still use outdated document management systems hampering their overall long-term development. It stands to reason that they find it challenging to let go of outdated practices and approaches. However, they can draw upon the experiences of the leading fintech companies and adopt a more advanced way to manage data flows to enhance their effectiveness in the future.
An electronic document management system offers a host of bottom-line advantages. It may be implemented as an essential participant in customer and employee experience, and all inter-company processes can be adapted for it. By first leveraging EDMS and establishing a solid basis for implementation, organizations can realize the full benefits of intelligent document processing, including reduced costs and improved efficiency, regulatory compliance, and employee and customer experiences.
Alex is Founder and CEO of Smart IT and is the co-founder and executive CTO at MEDvidi. Being a serial entrepreneur, he is a keen investor in technology startups and runs several successful side projects besides Smart IT and MEDvidi.