As the pace of information creation continues to accelerate leading to the phenomenon of Big Data, ECM provides a solution for managing and exploiting massive amounts of data, content and information.
Unstructured content is generally people-generated, people-oriented and does not fit into traditional database structures. Within the enterprise unstructured content takes the form of business documents such as reports, presentations, spreadsheets, email and web content etc. ECM provides well proven tools and platforms to support them by focusing on management and retention of these unique types of content.
However, for deriving benefits that are hidden in massive amounts of enterprise data and for developing the ability to derive more out of the big data we need to focus on our ability to analyze and explore, rather than just retain and manage unstructured data. We now know that the largest source of potential insight remains largely untapped in the form of Unstructured content, which represents as much as eighty percent of an organizations total information assets. The value of course comes from unstructured data, wrapped around structured data to provide a context for business actions and decisions.
Moreover, enterprise owned and operated information is only one part of the Big Data equation. The potential for insight and intelligence expands phenomenally when enterprise information is combined with public information. Content from the social stream such as Blogs, tweets etc. when combined with analysis of comments & ratings are a huge source of actionable insights for most organizations. Thus we find that under the ECM umbrella, Big Data, Search and Semantics are converging to open up new possibilities of actionable insights, from our ever growing content repositories.
Bio: Rohit Thakur is Senior Manager-Marketing, at Newgen Software
Traditionally, small parts of a process (work-step/s) have been performed by different workers who add some value at each work-step. However, increasing automation has led to reducing of the repetitive work and work-steps involve very little value addition from each worker. To keep work interesting and meaningful for a knowledge worker, and to enhance efficiencies, each knowledge worker is expected to perform the task end-to-end. This requires knowledge workers to collaborate in both structured and ad-hoc manner depending on how the case shapes up. Typical “case management” application areas include a benefits claim processing, an investigation by a government agency or a loan request processing.
“Case Management” includes usage of content, collaboration and support for dynamic work allocation. Within such cases, exceptions are unpredictable and rather become the norm. Such “ cases” can only be visualized and modeled into a process after they are completed. Therefore, to successfully manage the “Case”, along with the Content Management tools, the information worker also requires social/collaboration tools for the ad hoc work, and tools like BPM, and business rules for managing structured work.
Bio: Rohit Thakur is Senior Manager-Marketing, at Newgen Software
Corporate Banking is the area of finance dealing with monetary decisions that business enterprises make. It is fundamentally an information-based business, and despite advances in electronic data management and transmission, large amounts of communication both within banks and among banks, customers, and other third parties across a range of business processes remain paper-based.
Documents like Security Documents, Trade Licenses, Chamber of Commerce Certificates, Corporate Guarantees, Agreements, Mortgages, Email Communications, and Legal & Regulatory Documents are organized by banks in some way, whether or not they use a document management system. In spite of advancements in technology, most businesses still depend on (e) registers to record, store and manage document information. More sophisticated banks have developed in house document lodgment registers and would access their documents manually from the safe vault by following a certain process of access. The question is, what are the challenges faced by these departments in managing these documents within the bank? Most banks would not realize the amount of business impact it has in managing documents manually and lodging the access in registers/e-registers. At the same time, imagine the amount of business space occupied in storing these documents at a prime location in the bank just because it helps in ease of access and fulfilling business demands.
As the business grows, it tends to accumulate millions of documents of various kinds over the years. Still the process is error prone, time consuming, less efficient and non business friendly. Just as every bank organizes their documents, so too has every bank not using a document management system spent too much time looking for immediately required documents, often when somebody has accidently placed it somewhere it should not be. So, managing an exponential growth in the volume of documents at ease will get more time to focus on core business operations. These are some of the issues that typically drive banks to adopt a document management system.
Specific to Corporate Business of a bank the document management system helps in eliminating the overburdening need of document lodgment registers. Business users find managing and releasing Common securities between various loans/customers far easier than managing them manually. Other corporate business functions like Vetting, Credit, Legal, Syndication and Relationship Branches complement each other using document management system. The need for managing documents more efficiently is both an enterprise-wide and line of business requirement for banks. Whether driven by the necessity to streamline core processes such as lending or account opening, to improve the quality of customer interactions, or to fulfill compliance mandates across the organization, document management solutions are critical for the optimal functioning of a bank.
If you are asked to take a survey question, “What is the one thing that you would like to have but never have enough of?” No, it wouldn’t be money. It would be Time. Corporate Lending and SME businesses could increase their productivity at work tremendously if they had a tool that could save their time and compliment business activities. As it has been rightly said time is money, the more time you have, the more money you can earn. Electronic document management is the best way to stay productive.
This document has four agenda items divided into following sections:
First two sections of this paper have a conceptual approach towards handling Corporate and SME Loans (Document Preparation, Vetting and Legal) within a bank. Third section has a more “how” touch showcasing some of the long term benefits of implementing an enterprise DMS within a bank. Last section focuses on “OmniDocs”, since I believe it to be by far the best suited enterprise model for large and medium sized banks.
Name: Sumit Sahdev
Bio: Sumit is Associate Manager-Products & Solutions at Newgen Software. He has over 5 years of experience in consultancy and driving achievements of delivering projects related to Banking and Financial Services vertical with expertise in Retail & Corporate banking, Derivatives and CRM domains.
SME is a fast growing market segment and rightly called the backbone of any economy .With the increase in IT spending, SME companies are looking for solutions which are easy to deploy whilst providing faster return on investment.
Enterprise class solutions with quick deployments and less maintenance are now replacing the high cost customized solutions.
Newgen Shrink-wrapped products OmniDocs, OmniScan and SAP Image Enablement Solution in the ECM space are some user-friendly, quick-to-deploy products, and require less maintenance. They contain all the core features as per the requirement and needs of SMB(s) with the option to customize in future whilst delivering quick returns within weeks.
Newgen is continuously educating domain specialist IT vendors via various Partner programs and events to build a proper communication channel and aim to reach SMB owners who are made aware of the existing solutions that may solve their problems.
Human Resources have always been an integral part of any organization and the success of an organization is largely dependent on the quality of its resources. To achieve optimum utilization and efficiency of human resources, various strategies are introduced by different organizations, such as training and development, reforms in policies for recruitment, selection or retention, change management, better compensation, programs to enhance employee motivation, recreation, employee benefits, facilities and so on, the list is never ending.
Many organizations feel that productivity can be increased by motivating employees or providing training; many feel that change in management structure is required, recruitment should be proper, working environment should be improved or policies should be changed while some others feel that incentive or payment structure should be improved. Similarly many more thoughts are there to debate, but in this post I would not discuss the improvement in employee productivity through these means, but explain how supporting employees by providing tools which can help them to gain edge faster, as compared to traditional means of improvement, which can at times prove to be sheer wastage of time and resources. In simple terms if you are weak in calculations then instead of learning mathematics and going through the learning classes, just use calculator and move forward. So in my opinion, we should improve our abilities instead of improving our inabilities. I don’t know how many agree with me but this my perspective.
Please do not misunderstand me, as I am not at all against any of the traditional means to increase employee productivity, but I am attempting to suggest methods to synergize the ability of employees. Based on the above argument, IO believe that every organization must have automated business process for the tasks which are repetitive in nature or require fixed or closed ended operations, such as approval of a loan for a certain value on fixed parameter, or classification of customers for insurance approval, or calculation of perks, incentive, targets etc based on fixed calculations, or taking any kind of business decision based on business rules, or physical activity like retrieving a physical document from the record room etc.
These repeated activities generally do not involve creativity and decision making, but can result in employee dissatisfaction or monotony in job or wastage of human intelligence for the jobs which can be performed through automation. Automation will help employees in performing their jobs with accuracy (through automated tools) and allow them to devote more time in improving processes to increase operational efficiency and reduce turn around time.
Identifying this need of business organizations across industry verticals, Newgen has developed software products like Document Management System and Business Process Management System to take care of all possible process automation needs of organizations and help these organizations in synergizing employee productivity; just like what calculators did to enhance the productivity of individuals with weak calculation skills.
Web Site: http://www.newgensoft.com
Bio: Hemant is Senior Manager - Processing Services with Newgen Software Technologies Limited
Our client L&S is a legal advisory and litigation services firm in the domain of Tax and IPR practices. The Tax and International Trade division of L&S consists of more than 120 qualified and experienced professionals from diversified backgrounds such as law, technology, business, science, commerce and accountancy. Their offices are located in 6 cities across India where over 200 professionals and 100 support staff from the field of Law, Technology and Chartered Accountancy are working.
Earlier, cases were allocated based on a manual process and individualistic style, without having a clear picture of work load of each of the professionals within the organization and across the locations. It was difficult to make use of an expert for a particular subject, if he happened to be in a location other than the location of the client. Since the system was based on physical file movement, only one person could work at a time on the case.
Also, the knowledge created over the years, was fragmented and not available centrally for access to the professionals. Coupled with the above there was no visibility to the client about the status of their case unless they knew the specific professional more candidly.
So, the client was looking for an integrated document management and workflow management system capable of dynamic work allocations, knowledge management and assuring clients timely delivery of their cases with excellence. The ultimate objective of the system would be to enable working of legal professionals from anywhere outside the office and at any time of the day. This would provide flexible working and assure clients the delivery of services from any office where the expert would be available. Also, the system would be capable of generating bills and tracking receivables. Last but not the least, it was important to assure the confidentiality and security of client information.
Newgen provided the client the Legal Case Management Solution. Key highlights of the solution are:
The broad functionality, that the case management system provides are- docketing, case allocation, work allocation, task completion by resources, billing and case closure
The solution has empowered professionals across the firm, including Attorneys, Technologists, and Chartered Accountants. It has integrated the work of professionals with accounting. To ease the work of professionals, data capturing activities and other routine works were grouped under a Docketing Cell to perform routine para-legal activities. This has been made possible because of Newgen’s Legal Case Management Solution. This case management solution has the 3 in 1 features of a Business Process Management, Enterprise Content Management and Business Rule Management System, which is an outstanding capability and something unique in itself.
The benefits accrued to the client include:
Bio: Sandipan Chakraborty is part of the Marketing Team at Newgen.
Organizations are now more concerned about greater efficiency with low cost of operations, a great composition for win-win scenario. Every organization uses paper documents in some way to run their day to day business and is also putting its best efforts to reduce paper usage without affecting its business while trying to improve the efficiency at same time. The best method to achieve the said goal is digitization and automation of the complete business process. Automation through BPM (Business Process Management) solution and digitization through DMS (Document Management System) solutions will improve the process time drastically and eliminate the use of paper documents respectively, a win-win situation.
Basic input for any automation or digitization process is to scan the documents (to eliminate the dependency on paper documents) and capturing of contents on paper documents (to run the process based on the contents mentioned on the paper documents), but the cost of operations and wrong selection of software/ hardware results in dropping the great idea of progress through automation in about 60%-70% of the cases.
In my earlier articles like “Document Quality Analyzer: Automated Quality Checking without Operators “, “DIGITIZATION OUTPUT: Operator, Not Scanner, Defines Production”, “SaaS (Software as a Service) – Software on Subscription Based Model”, “DIGITIZATION – King Without Crown of Business Universe”, “DIGITIZATION REDEFINED – Digital Camera as Book Scanner”, “Data Capture/Entry without Operators (ICR Technology)”, we have shown the methods to bring down digitization cost, but the cost of content capture is still a cause of concern. The simple reason for this is the lack of awareness about great technologies such as ICR (for automated capturing of hand written contents), OMR (automated capturing of bubbles, check marks etc) and OCR (automated capturing of machine printed contents).
Availability of ICR technology has helped to capture content from documents for many years, but the basic requirement of this technology is, documents in structured format (fixed position of text on the documents), whereas about 90% of the documents are semi structured or unstructured, but the advancement in ICR technology has now shown the way to cater even semi/unstructured documents, now even running handwriting can also to captured by the software and saved as digital content. ICR technology is now so flexible that even floating text (if the position of text varies in every document) can also be captured and saved as structured digital content.
Now the full cycle of digitization i.e. “Scanning” and “Content Capture” is completely automated and completed with minimal expenditure, while resulting in huge improvements in efficiency of business processes. A true example of the “KAIZEN” method.
Web Site: http://www.newgensoft.com
Bio: Hemant is Senior Manager - Processing Services with Newgen Software Technologies Limited
In an information-intensive society, efficient information management is especially critical for e-governance and implementation of better services for the citizens. Good governance demands reduced duplication of work, reduced communication costs, increased transparency in functioning of various departments, and faster government services. With a large portion of information management in the public sector comprising of document management, implementation of an efficient document management solution has become a strategic imperative for government organizations. Effective e-governance requires implementation of a robust document management solution which can help governments streamline operations to deliver value through improved productivity, and empower Government Staff to respond rapidly and collaboratively to meet the needs of constituents.
Key Drivers for DMS in e-governance
With advanced file approval, management, tracking and intelligent search capabilities, DMS allows government agencies to expand the reach of their services, improve and facilitate user experience and convenience and improve transparency while at the same time reduce costs. Also, the automation of manual and paper-based processes in government administration will generate electronic records which may later serve as evidence in policy-making, casework and service delivery areas.
Putting in place an Enterprise Document Management System will ensure that government retains strategic control over the archival and management of critical documents by addressing the key requirements stated below.
Using an Enterprise Document Management System for archival of Government documents provides the following benefits:
Amit Maheshwari18th Nov 13 Posted a comment on Technology Enablers for Better eGovernance
Very Informative, Small and Crisp blog.
Nitin Khanna28th Oct 13 Posted a comment on Upgrading to next level of examination marking
Thanks for this informative post. A good read most definitely, and kudos for the good job! Keep it up!
Maharrey22nd Oct 13 Posted a comment on Dynamic Case Management – A Fusion of BPM, ECM and Business Analytics
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Ezekiel Brooke22nd Oct 13 Posted a comment on Understanding the Basics of Customer Communication Management
Hey there, pretty good review, thanks for the tips!
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