REDUCING TRANSACTION TIME USING DOCUMENT MANAGEMENT SYSTEM There's nothing quite like walking toward a desk littered with paper documents. A subtle sense of despair weighs down the heart of the office employee assigned to organizing them into a collection of filing cabinets standing in a basement infested with mice. As the worker falls upon the tedious, time-consuming task, he or she begins to think "when is this place going to use document management system?" Letting it get ahead of you There are more important tasks the average office worker has to conduct than spending time organizing tangible records into filing cabinets. It's not uncommon for them to rush through the assignment, sacrificing order and accuracy just to get it out of the way. To mitigate this problem, business leaders often implement records management strategies that appear obsolete in the face of paperless document management software. According to CMS Wire, a biennial survey sponsored by information administration specialist Iron Mountain showed that too many management-level employees believe that physically maintaining every record is necessary. Sue Trombley, a thought leadership director for the organization, claimed that many of these entities have neglected to transfer these documents into an electronic workflow. "Organizations that embrace new thinking and adopt proven practices will be able to elevate their records and information programs and realize what is deemed an information advantage," said Trombley, as quoted by the news source. A greater convenience As Trombley pointed out, it's all about obtaining documents quicker, with less hassle. This approach allows corporations to conduct business in a shorter time frame, ultimately resulting in a greater turnover of activities. American Banker reported that Mountain America Credit Union recently completed its first electronically-signed Federal Housing Administration mortgages on March 17. Using a document management system, two loans were closed at a branch in Midvale, Utah, after the borrowers received and e-signed all the closing package paperwork. The news source claimed that the process took about 15 minutes per transaction, an incredible contrast to the hour-long procedure of ink-signing a couple hundred tangible documents.
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Amy Moser, vice president of mortgage services for Mountain America, stated that it would typically take a couple of days for a deal to close because the terms would have to be physically sent to the lender. The FHA's e-sign policy was enacted on Jan. 30, enabling mortgage users to bring signature-based transactions into an electronic workflow. _________________________________ Ready to kick your paper habit? Register for an upcoming webcast! Learn More about PaperSave: Case Studies | Demo | News and Events | WhitePapers | Webinars | Videos | Contact Us Tags: document management software
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