These days most of the financial institutions are seeking digital transformation as it envelops document management. The finance function has to deal with a huge amount of documents that should be effectively managed to ensure permanent preservation and instant availability of crucial information.
In addition to making information immediately available whenever it is required, there are other important issues which include information security, legal and regulatory compliance, and document retention management. Organizations need to ensure a controlled distribution of documents in terms of safety, secure and authorize file access, and maintain an audit trail, which is evidence of access to data.
Today's financial role has expanded to provide insight and direction for company-wide decision-making. The finance function can make its information more readily available throughout the company by digitizing documents and automating financial processes which have become a more significant part of everyday business decision-making. Eighty percent of a company's essential information remains within the documents. By digitizing documents, a company can store them and allow all stakeholders to access them.
At the same time, automation helps to prevent document and information loss as all employees use a document repository that allows centralized management and full control of data that is stored on a decentralized database. In addition, it will enable extensive regulatory compliance with small investments that can predominantly eliminate the requirement of considerable resources to store paper documents.
No single document management system fully meets the requirements of each business. A business can quickly identify and address the needs and problems by selecting a partner that uses analytical tools to evaluate generated documents. Once an enterprise has understood the potential problems, it can decide an appropriate solution that best suits it.