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Look familiar? It doesn't have to. All too often the ability to locate documents (hard copy and/or electronic) quickly and easily can be a very difficult task...
Not any more. |
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Testimonial |
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 Terry DeLongchamp,
IT Director Sigma Financial:
“... I knew we needed an electronic document solution for the long term, but I didn’t want to invest in a product, only to have it be outdated tomorrow. I needed to find a solution that could grow with our company.” |
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The Task |
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 Provide corporate-wide access to information
Reduce document retrieval time and improve work processes
environment
Gain office space
Implement a flexible solution able to meet unknown future needs
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Home > Products > Document Management Solutions > Finance/Banking/Insurance
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Sigma Financial is a premier full service financial broker. Sigma sells a broad assortment of financial products ranging from traditional brokerage accounts to financial planning services to disability insurance.
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| Solution Requirements |
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Current Situation
The staff would open 100-150 envelopes containing 220-250 forms that were 8-10 pages in length. The mailroom staff would copy each form, averaging between 9,000-12,000 copies a week! The “original“ was sent to the Compliance department for approval. Once approved, the form went to the Sales Processing department who sent the “original“, via overnight mail, to the appropriate fund company.
Average document retrieval time was anywhere from 10 -15 minutes per form and usually 20-30 forms were accessed daily. Retrieving, refiling and just keeping track of pulled files was made even more difficult because all of Sigma’s employees had access to the file cabinets. Furthermore, Sigma was running out of room and would need to add additional filing space and personnel.
The biggest problem Sigma faced was misplaced files. During an audit, 150 documents would be requested from the file room. This caused the filing staff to get behind with their regular filing and refiling. Sigma employees, frustrated by the delay, would pull the files themselves, resulting in files being checked out too long or even lost. If a file turned up missing, a company wide alert would be sent out asking everyone to check their desk for the file. If the file never turned up the only course of action was to request a copy from the fund company, a process that required a three week turnaround.
Solution Requirements
Sigma had several objectives when it began looking for a document management system. First and foremost, they wanted a system that would make it easy for anyone in the building to quickly and efficiently access files. They wanted to reduce document retrieval time, eliminate lost files and have better control of who was accessing each file. Second, they wanted a document management system that would also work as a document processing system. Third, they wanted to scan all of their existing documents into an electronic system and free up office space. Last, but not least, the system needed to be upgrade-able, flexible, and able to meet Sigma’s unseen future needs.
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| The Solution |
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Sigma’s electronic document management solution consists of a DocuWare Server, as well as the DocuWare ACTIVE IMPORT and CDMAKER modules. A High Speed Scan Station and CD Rom Jukebox were also purchased for the solution. Five licenses provide all of Sigma’s employees with access to DocuWare. Four to six employees use DocuWare on a daily basis, the rest hop in and out of the program to collect the information they need.
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On an individual level, DocuWare has saved countless man-hours by reducing document retrieval time from 15 minutes to seconds. Anyone in the office can quickly and easily access a file from their desktop. Because nothing is ever taken out of a file, information never turns up missing and three week waits for a copy of a missing document are a thing of the past. Quick access to information has improved Sigma’s customer service, because issues and questions can be addressed immediately.
Sigma’s reps have also enjoyed the benefits of DocuWare. Submitting a sales form has never been easier or faster. By using DocuWare, Sigma Financial and its reps have saved two days of processing time. All sales forms submitted by 4:00 p.m. are reviewed and processed the same day.
The benefits of DocuWare can be seen on the department level as well. Since implementing DocuWare, the four-person Compliance department has stayed the same size even though the volume of business has tripled. Today, the file room has been converted into office space for five people. DocuWare also eliminated the manual entry of information into the commissions program and allowed Sigma to redirect personnel to other areas of need.
On a corporate level, Sigma immediately saw DocuWare’s benefits reflected in its bottom line. Sigma’s investment in DocuWare paid for itself within the first year of operation. Furthermore, DocuWare has helped Sigma add to their bottom line by fine tuning their competitive edge, allowing them to attract high-caliber new reps with the potential to generate more business. Client relations and customer service have improved significantly due to the efficient way client files are managed, providing greater client satisfaction and potentially more repeat business.
In summary, DocuWare’s technology blended beautifully with Sigma’s corporate focus of providing award winning, personalized, yet extremely efficient service to its clients.
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