subject: Document Management Solutions [print this page] In the financial industry,there is a common misconception about documents and printing.Many in financial service organizations think about their printing needs as strategic rather than tactical.
Documents are what drive internal processes and are the key communication vehicles within a company as well as between employees and clients.For banks, investment firms and other financial service organizations,documents are the only tangible evidence of transactions that have taken place.
Many firms do not understand the amount of time or the resource investment necessary to create,print and manage documents.These firms see document management as a department by department responsibility instead of seeing it as a company-wide initiative.
The goal of any financial organization should be to overcome internal and external obstacles and create a document management system that integrates into the companys current structure.
A disconnected document view is one of the biggest hurdles financial institutions must clear.There are three primary places printing happens-a desktop computer,centralized production printing center and external printing companies.Each of these entities tends to be managed by a different person,or group of people,who implement different reporting systems.But,in many cases there is no reporting system for what has been printed.This mass of unknown and inconsistent data only creates more confusion and reduces awareness of the true cost of document management.The following is a breakdown of the three primary types of printing and recommendations on how to find a long-lasting solution to a financial company's printing woes.
Desktop Printing
Printing done from a desktop computer is usually in response to an immediate need.Items printed from a desktop computer can include applications, forms, summaries, spreadsheets,letters and e-mails.These documents need to be attained in a very low turnaround time,are printed in low volumes and usually do not need vivid colors or high quality graphics.
The largest share of printing needs is filled by desktop printing.In fact,it costs about $100 billion each year to print and manage documents within an office.Technicians and network administrators report questions about printers take up about 15 percent of their time,while those questions account for between 50 and 60 percent of the calls at help desks.
Central Production Printing
Printing from a central production facility covers items that can have a little longer turnaround time than desktop print jobs.These documents can include account statements, manuals, checks,internal reporting, catalogs,booklets, stationery and reports.Central production printing accounts for about $50 billion annually in the United States.In many cases,on-demand printing centers are wasted because they are under used.
External Printing
External,or commercial, printing covers a range of services.It is best used for sophisticated documents that require high color quality,special paper or customized finishes.External printing is best for marketing brochures,promotional materials,direct mail or annual reports.This printing option is best for medium to high volume orders.
An effective document management solution takes a holistic approach to document processing.The strategy must clearly define measures and goals to gain control of printing costs.The solution will include centralized accountability as well as ongoing process measurement and monitoring.Finding an effective document management solution will help banks,brokers and other financial service organizations transform their documents from high-cost liabilities to high-value assets.
In the financial industry, there is a common misconception about documents and printing.Many in financial service organizations think about their printing needs as strategic rather than tactical.
Documents are what drive internal processes and are the key communication vehicles within a company as well as between employees and clients.For banks, investment firms and other financial service organizations,documents are the only tangible evidence of transactions that have taken place.
Many firms do not understand the amount of time or the resource investment necessary to create,print and manage documents.These firms see document management as a department by department responsibility instead of seeing it as a company-wide initiative.
The goal of any financial organization should be to overcome internal and external obstacles and create a document management system that integrates into the companys current structure.
A disconnected document view is one of the biggest hurdles financial institutions must clear.There are three primary places printing happens-a desktop computer,centralized production printing center and external printing companies.Each of these entities tends to be managed by a different person,or group of people,who implement different reporting systems.But,in many cases there is no reporting system for what has been printed.This mass of unknown and inconsistent data only creates more confusion and reduces awareness of the true cost of document management.The following is a breakdown of the three primary types of printing and recommendations on how to find a long-lasting solution to a financial companys printing woes.
Desktop Printing
Printing done from a desktop computer is usually in response to an immediate need.Items printed from a desktop computer can include applications,forms, summaries, spreadsheets,letters and e-mails.These documents need to be attained in a very low turnaround time,are printed in low volumes and usually do not need vivid colors or high quality graphics.
The largest share of printing needs is filled by desktop printing.In fact,it costs about $100 billion each year to print and manage documents within an office.Technicians and network administrators report questions about printers take up about 15 percent of their time,while those questions account for between 50 and 60 percent of the calls at help desks.
Central Production Printing
Printing from a central production facility covers items that can have a little longer turnaround time than desktop print jobs.These documents can include account statements,manuals, checks,internal reporting,catalogs,booklets,stationery and reports.Central production printing accounts for about $50 billion annually in the United States.In many cases,on-demand printing centers are wasted because they are under used.
External Printing
External, or commercial,printing covers a range of services.It is best used for sophisticated documents that require high color quality,special paper or customized finishes.External printing is best for marketing brochures,promotional materials,direct mail or annual reports.This printing option is best for medium to high volume orders.
An effective document management solution takes a holistic approach to document processing.The strategy must clearly define measures and goals to gain control of printing costs.The solution will include centralized accountability as well as ongoing process measurement and monitoring.Finding an effective document management solution will help banks,brokers and other financial service organizations transform their documents from high-cost liabilities to high-value assets.
