Stockbroker Redmayne-Bentley is using a new document management system from supplier Invu to slash paper usage and help meet FSA regulations.
Redmayne-Bentley said the improvements to data storage processes will also improve access to customer files, and remove the necessity for paper-based filing, thereby reducing the on-site storage space needed. Redmayne-Bentley was established in 1875 and has over thirty branches across the UK and Ireland, with its head office in Leeds.
The new Invu document management software will be deployed across 300 investment managers, brokers and support staff, with 200 licences being implemented by this summer.
The requirement for a document management system became apparent when Redmayne-Bentley moved its Leeds head office to new premises. In the course of the relocation, it became clear that there was an over-reliance on the physical storage of paper, which resulted in a largely manual administrative process.
Craig Arnold, senior developer at Redmayne-Bentley, said, "Initially we wanted a system that would enable us to remove our dependence on paper-based filing - even the most efficient manual systems can be improved with electronic document flow, particularly across a geographically dispersed organisation."
Arnold said other key benefits to the electronic document management platform were integrated enterprise systems to improve search and retrieval and enhanced workflow and FSA reporting.
Inefficient document management means western European businesses are effectively losing billions of pounds of potential profits because of wasted time, according to a report.
Research conducted by Coleman Parkes shows that employees across Europe responsible for managing business critical document processes spend around 362 million hours of their time per year on the function. This equates to a rough overall business cost of 147 billion (£133 billion), according to the research.