Get an Edge with a Transactional Content Management Solution

Transactional Content is defined by Forrester Research, an independent technology and market research company, as “content [that usually] originates outside an organization from external parties — customers or partners — and relies on workflow or business process management (BPM) to drive transactional, back-office business processes. In some cases, the content not only triggers internal processes, but is the basis for the transaction itself.”  

In short, if you’ve ever purchased a home and were inundated with multiple forms to sign from a loan officer, those forms and all the supporting documents (certificates of title, faxes, correspondence, etc.) are considered transactional content. 

As the speed of doing business has increased, paper documents and manual processes have become burdensome, often creating bottlenecks.  Productivity is slowed since only one person can handle a paper document at a time, unless the document is copied – thus requiring more resources and negatively affecting efficiency.  

Further, with regulatory compliance on the rise, paper can often pose a legal risk.  Not being able to produce a document in response to a legal demand often bears financial penalties.  In addition, the effort to reproduce a missing or lost document can be costly, both in time and resources.

   Startling Facts about Paper Documents

1. Companies spend $20 in labor to file a document.
2. It costs $120 in labor to find a misfiled document.
3. 7.5 percent of all documents get lost.
4. The cost to reproduce a lost document is $220.

Source: AIIM – a non-profit community that provides education, research and best practices on information management.

Successful organizations are avoiding those pitfalls by streamlining and automating manual, time-consuming processes with Transactional Content Management (TCM).  TCM leverages the power of a document management software solution, like PaperSavePro, and addresses the following important phases of a transactional system:

Capture - Incoming documents like electronic forms, paper (faxes and print streams which are then digitized) and emails are indexed and stored in a central repository.  The more information that can be captured and stored electronically, the easier it is to automate business processes.

Process - Manual, paper-based processes are automated with Business Process Management (BPM). 

Access – With the appropriate controls, designated employees have on-demand access to content.  Documents can be searched for, viewed and annotated as needed.

Archive – Generally there is a point in a transaction when a document is no longer active and should be locked or deleted. 

To some, implementing a Transactional Content Management solution may seem complicated.  However, with experienced professionals helping you transform the way your organization captures, processes, provides access and archives transactional content, your organization can be on the forefront of realizing benefits, such as:

• Eliminating the inefficiency, cost and risk associated with paper documents
• Improving customer service with faster and more complete responses
• Providing control for business processes and information throughout your organization
• Allowing a 360-degree view of customer data and business transactions  

Author: C. Warner 

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