Financial Document Management In Ontario: Pension Funds Do More With Less
Financial document management in Ontario, especially involving pension funds, must deal with the constant challenges of reducing risk and increasing accountability. By replacing inefficient paper processes, pension funds can do more with less. Automated document management and workflow reduces costs, eliminates error, ensures compliance, decreases risks, improves reporting, saves time... and the list goes on.
Challenges with Pension Fund Document Management
Pension funds today face constant hurdles with document management in Ontario. These barriers keep businesses from operating at peak performance levels. If your company experiences any of the following, you should explore the possibilities with document management as it applies directly to pension funds.
Manual processes. Do you manually handle member documentation? Is information being double or tripled keyed into your system?
Paper-based processes. Do you route paper documents to accomplish pension fund related tasks? Are forms and applications getting lost in the current process? Do you require extra space and containers for paper filing?
Reporting and analysis. Can you view member history? Is it easy to determine needed updates or whether documents are missing?
Financial Document Management in Ontario Solutions
Pension funds must manage all aspect of members' files. They routinely perform tasks associated with each file to maintain currency. To streamline the process as much as possible, pension funds need to look for solutions that simplify information management.
All organizations managing pension funds will benefit from financial document management in Ontario. The benefits are far-reaching and include:
Increased member satisfaction. An improved claims process means happier members. Decreasing the time to process a claim is an important aspect of good member service. Better communication regarding pension fund updates and other pertinent information also helps provide better service to members. Plus, you can follow-up in real-time to member issues.
Enhanced efficiency. Financial document management in Ontario greatly improves all associated processes. By using secure online forms, duplicated data entry is eliminated. Member information is always current and remains available in real time.
Eliminating paper from pension fund document processes is a major factor in producing real benefits. Document management in Ontario provides a substantial reduction in data entry and scanning technologies provide the fastest processing available. Accuracy in data is greatly improved and reliable.
Cost reductions. A document management system will eliminate many processes that contribute to increased costs. For example, errors associated with paper processes go by the way side. Labor costs as they pertain to capturing and indexing documents are eliminated. And, no additional staff is required to accommodate periodic increases in workload.
Better visibility. Since documents are scanned and managed digitally, users have improved access to information. Analysis and sorting is done automatically. Viewing of pensioner files from any location is fast, easy and secure. You can easily search for information needed through online capabilities.
Reduced risks. Financial document management in Ontario creates a secure flow of member files and images. Increased security with member documents ensures regulatory compliance. With document management solutions, you protect and control your data. By maintaining version controls, you've got an accurate audit trail.
Financial document management in Ontario makes perfect sense for pension funds. By automating associated processes, pension funds capitalize on productivity gains and cost reductions. Equally important, document management allows pension funds to comply with government regulations. All these benefits translate into a really satisfied member base!
by: Kevin D'Arcy