Unlock more family time with efficient document management
Balancing work and personal life is more challenging than ever. Legal professionals in financial services often find themselves buried under paperwork, which eats into their precious family time. Thankfully, modern Document Management Solutions (DMS) offer a beacon of hope, promising not just increased productivity but also more opportunities to get home early to those who matter most. Imagine finishing your tasks for the day and looking up to see it's still light outside. That's the reality for many who have switched to a DMS.
Financial services organisations manage an immense volume of sensitive documents that require stringent security, compliance, and efficient handling. Traditional content platforms often fail to meet these needs due to inadequate security measures, fragmented systems with content stored across multiple repositories and inefficient workflows. This can lead to significant operational inefficiencies and increased risks, which necessitates a robust DMS solution like iManage for your organisation.
Implementing such a solution addresses these inefficiencies, leading to significant cost savings and improved ROI by ensuring documents are managed securely and efficiently. The independent Total Economic Impact™ (TEI) study conducted by Forrester Consulting, published in 2023, revealed that iManage delivers an impressive ROI of 378% over three years, with a payback period of under six months.
One of the most compelling reasons for investing in document management solutions, like iManage, is the significant improvement in efficiency and productivity it offers. The TEI study highlighted several key factors contributing to this substantial ROI:
Legacy systems often require expensive licenses and ongoing maintenance fees. By retiring these systems, organisations can eliminate these recurring costs. The TEI study found that organisations saved $324,534 by retiring legacy document management solutions and eliminating associated software costs.
Maintaining legacy systems typically involves significant hardware and infrastructure expenses. These systems may require dedicated servers, storage solutions, and other hardware that can be costly to maintain and upgrade. By moving to a modern DMS like iManage, organisations can reduce or eliminate these hardware costs, as many modern DMS solutions are cloud-based and do not require extensive on-premises infrastructure.
Legacy systems often require specialised support and maintenance, which can be expensive. This includes costs for IT staff to manage and troubleshoot the systems, as well as fees for external support services. The TEI study highlighted that iManage led to IT productivity improvements amounting to $60,379 annually by saving 750 hours of IT staff time. This reduction in maintenance and support costs contributes significantly to overall cost savings.
Legacy systems can lead to operational inefficiencies due to outdated technology, slow performance, and lack of integration with other systems. These inefficiencies can result in higher operational costs and reduced productivity. By transitioning to a modern DMS, organisations can streamline workflows, improve document retrieval times, and enhance overall productivity. The TEI study reported an annual productivity improvement of 240 hours per user, equating to a $4 million present value over three years.
Maintaining compliance with regulatory requirements and ensuring data security can be more challenging and costly with legacy systems. Modern DMS solutions like iManage offer advanced security features, such as encryption, access controls, and comprehensive audit trails, which help organisations meet compliance requirements more efficiently and reduce the risk of costly data breaches and fines.
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In financial services, data security and compliance are non-negotiable. Traditional document management systems often lack advanced security features required to protect sensitive financial information. iManage addresses this gap by providing robust security measures, including encryption, access controls, and comprehensive audit trails. These features ensure that only authorised personnel can access sensitive documents, and all actions taken on a document are logged and auditable.
This level of security and governance not only protects against data breaches but also supports compliance with stringent regulatory standards, reducing the risk of costly fines and reputational damage. By preventing security incidents and ensuring compliance, iManage enhances the ROI through avoided costs and maintained organisational reputation.
Financial services organisations often operate across multiple locations, requiring seamless and secure collaboration among teams. A DMS like iManage facilitates this by providing secure document access and sharing capabilities from any location or device. This flexibility ensures that all team members have access to the latest document versions, enhancing collaboration and ensuring consistent application of policies across the organisation.
By transforming individual insights into collective institutional knowledge, a DMS supports more informed decision-making and a more agile response to market changes, ultimately driving organisational growth. The improved collaboration and streamlined workflows lead to faster decision-making and execution, positively impacting the ROI.
Implementing a DMS can lead to significant cost savings for financial services organisations. By centralising document management and automating many manual tasks, a DMS reduces the need for physical storage space and minimises the costs associated with document handling and processing.
Additionally, the enhanced efficiency and productivity offered by a DMS can lead to further cost reductions, improving the organisation’s overall financial performance. These cost savings directly contribute to a higher ROI, showcasing the financial benefits of the investment.
One of the main concerns when considering a new DMS is the potential disruption caused by migrating from existing systems. iManage is designed to support seamless integration with other corporate tools, ensuring minimal disruption to operations. By working with experienced implementation partners, financial organisations can ensure a smooth transition and immediate realisation of the benefits. This seamless integration and adoption process helps in quickly achieving the anticipated ROI, making the investment in iManage a strategic and financially sound decision.
iManage AI utilises cutting-edge artificial intelligence technologies, including natural language processing (NLP) and machine learning (ML), specifically tailored for legal applications. This technology automates your content workflows, reduces manual tasks, and enhances productivity, enabling you to focus on higher-value activities. By transforming the way you and your team search for and use information, iManage AI facilitates efficient knowledge sharing and decision-making, which directly contributes to substantial ROI.
The AI features in iManage, such as automatic document classification, enrichment, and the Ask iManage assistant, streamline routine tasks like email filing and document summarisation. This not only boosts your individual productivity but also improves compliance and reduces operational risks by ensuring all data remains secure and well-governed. By minimising manual workloads and maximising efficiency, iManage AI helps your organisation achieve significant cost savings and make better use of your resources, driving higher ROI.
AI features are available for iManage in the cloud only, not on premises. Discover the full potential of iManage AI by migrating to the cloud. Learn more in our Cloud Migration guide.
Investing in a robust DMS like iManage is a strategic move for financial services aiming to enhance regulatory compliance and operational efficiency. The substantial ROI, coupled with significant cost savings and productivity improvements, make iManage a valuable investment.
By addressing key areas such as data security, compliance, collaboration, and operational costs, iManage provides a comprehensive solution that meets the unique needs of the financial sector. Having a DMS in place serves as a foundation for other critical legal solutions, such as Contract Lifecycle Management (CLM) or matter management systems, which often require an existing DMS for optimal functionality. This transformation supports better business outcomes and a stronger competitive position in the financial services industry.
Discover how iManage can transform your document management processes, drive substantial ROI, and enhance operational efficiency in your financial services business.
Ascertus offers tailored DMS solutions specifically designed for financial services, ensuring seamless integration with your existing systems. Benefit from our comprehensive support and training to enhance your compliance capabilities and protect your most sensitive information.
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FAQs
A document management solution is a digital system designed to securely store, organise, and retrieve documents. It enhances workflow efficiency, ensures compliance, and provides robust security features tailored for legal professionals in financial services, facilitating seamless collaboration, audit trails, and access control for sensitive financial and legal documents. Document management solutions, such as iManage, can be implemented in the cloud, or on premises, however cloud based systems offer better features and collaboration tools.
An example of a document management system is SharePoint and iManage. SharePoint offers general collaboration tools, integration with Microsoft Office, making it ideal for firms needing broad collaboration capabilities. In contrast, iManage is specifically designed for legal professionals, providing advanced document versioning, secure file sharing, and compliance features. iManage excels in managing sensitive legal documents and workflows, offering tailored solutions for the unique needs of legal professionals in financial services.