There’s more to a filing cabinet than a piece of office furniture — it’s a physical representation of client relationships, transactions and hours poring over paperwork. On the downside, it’s also associated with inefficiency and risk. Paper-based systems slow you down, create compliance headaches and make it difficult to level up.
By moving away from cumbersome manual processes, you help your firm remain nimble, consistent, and future-ready. By doing so, you can help to deliver a better experience for your clients and your team. Here’s how to get started.
Secure Your Documents in a Compliant Digital Vault
Your firm likely handles an onslaught of sensitive information each day. Whether investor policy statements or new account paperwork, every document must be stored securely. A digital environment can provide the context necessary to manage and safeguard these critical files.
Gone are all the days of having file cabinets take up space you can use for other purposes. With digitization, you can implement a scan-and-shred model. On the upside, digital documents are far easier to search, audit and share safely and securely. Plus, when you’re under pressure, locating a specific client file takes a few clicks, not a wild goose chase. According to Kitces.com, the average firm uses 12 applications, so adding another point of complexity to the workflow does no one any favors.
Bring Consistency to Naming and Organization
How much time does your team waste searching for document X or Y? Paper systems tend to lack a standard structure. A simple, consistent naming convention can save time, frustration and in some cases, even your reputation.
A tried and true system helps you locate files by searching parameters like client name, account number or date. Digital files mean everyone on your team knows exactly where to find what they need. An organized, searchable system can curb risk during audits or personnel transitions. All of this supports business continuity and client relationships.
Ensure Accuracy with Paperless Data Collection
Incomplete forms and sloppy handwriting plague the paper-driven office. Chasing down missing information or trying to interpret notes wastes valuable time and can turn off clients. Collecting data digitally from the outset offers peace of mind that it’s complete and accurate.
Digital tools put you in the driver’s seat in that you can update and verify information instantly. Required fields prevent incomplete submissions, and data is fed into your systems without manual entry errors.
Replace Sticky Notes with Repeatable Workflows
Staff might rely on sticky notes or flagged emails to track workflow. These manual reminders don’t scale well, and over time, you might find your team misses deadlines and makes mistakes. A digital workflow changes the game by introducing repeatable, step-by-step processes.
Digital workflows can solve everything from account opening to processing a distribution request. You can assign tasks to specific team members, track them in real-time and audit for compliance.
Ensure Safety, Resilience and Client Trust
Physical records can expose your firm to undue risk. A fire, flood or theft can create a nightmare scenario. A digital platform can protect you, as your data is securely stored and backed up. Your team can work asynchronously from any location. A robust digital-first strategy satisfies regulatory requirements and protects your clients’ information while earning and maintaining their trust. As McKinsey & Company explains, “an operational-resilience program that functions well not only meets regulatory expectations but also supports business decisions by focusing on outcomes.”
Build a Process That Holds
Companies that embrace digital are the winners in that they operate more efficiently, serve their clients more effectively and are nimble no matter what the future holds. By exchanging paper piles for a platform, you create a sticky process, allowing your firm to thrive for years to come.
A smooth back-office and client experience starts with Docupace. Click here to schedule a discovery call.
