Madison Pension

Case image

Industry

  • Professional Services / Consulting

Challenge

  • Financial consultants need reliable, secure and easy access to client files
  • Customer response time needs improvement
  • Documents not easily accessible or sharable
  • New office space not designed for file cabinets

Solution

  • Outsource document scanning and indexing
  • Convert files to fully searchable text with OCR processing
  • Cloud document management software for secure storage, access, sharing and tracking of financial documents
  • Kodak desktop scanners with document conversion software for ongoing scanning

Impact

  • Secure, easy & immediate access to client files 24/7 from any computer or mobile device
  • Multiple consultants have access to files simultaneously
  • Faster, more responsive customer service with the ability to access and email client files directly from the computer
  • New office space has a cleaner, more contemporary look
  • Audit trails, security logs, in-house and off-site backups of digitization files and utilization reports ensure data security and regulatory compliance

Solutions Used

Documents Document Scanning & Indexing

Documents Full-Text Optical Character Recognition

Documents Document Management Software

Documents Kodak Scanners

Documents Document Conversion Software

Documents Off-Site Secure Storage

Challenge

Madison Pension Services, Inc. designs, implements and helps run successful retirement programs. For over thirty years, Madison has provided employee benefits consulting and administrative services to clientele ranging from single owner to companies with more than 3,000 employees. Licensed representatives provide investment advisory and fiduciary governance services for retirement plans, representing over 30 billion in assets.

The company was drowning in an ocean of paper. Consultants were spending a lot of time looking for active plan documents, valuation files and 5500 forms in Redweld folders, on desks and in file cabinets. Customer response time was not as quick as it should have been, employees were not working as efficiently as possible and documents were not easily accessible or able to be shared. Additionally, the company was moving to new office space and did not want to take their file cabinets with them.

Solution

Digiscribe provided a cloud document management solution that was easy to use, quick to implement and cost effective. To systematically organize the files, a barcode program was developed that provided automatic indexing for each document. The index values mirrored what was used in the client’s paper filing system to ease the transition from paper based filing to electronic based indexing. An open-ended comment/title field was included for consultant input.

Madison Pension prepped their files using the barcode program and shipped them to Digiscribe for scanning and full text OCR processing. The index fields were populated automatically with the bar code values. An index file from Madison Pension’s in-house customer database was then used to automatically populate index fields on the folder level. By using automated index values only, key strokes were eliminated, keying errors were avoided and costs were contained.

All scanned documents were uploaded by Digiscribe to ImageSilo®—a secure, off-site, cloud-based repository allowing Madison Pension consultants instant document access as well as sharing and distribution capabilities for internal business purposes only. An archival CD-ROM was also stored at a secure, DOD level, climate-controlled and fireproof storage facility for additional backup and security.

To manage day-forward documents, Digiscribe provided a distributive scanning solution consisting of 13 Kodak desktop scanners loaded with Scan2ImageSilo software. Consultants were able to index, scan and OCR each document directly into ImageSilo right at their computer. Digiscribe provided Madison Pension with a full, live backup version of all web hosted information directly to their server.

Benefits of this Digiscribe Solution

  • Secure, easy and immediate access to client files 24/7 from any web browser
  • Client files can be reviewed, edited, emailed or printed directly from the consultant’s desktop
  • Multiple consultants have access to files simultaneously and from the clients’ location
  • Faster more responsive customer service
  • Removed the human error factor with respect to the potential of misplaced documents
  • Disaster recovery plan is in place through the use of a secure, redundant cloud-based repository, monthly downloads of live data to an in-house server and the use of an off-site vault storage facility for archived data
  • Scan2ImageSilo compressed images for more efficient electronic storage vs. a multi-function device
  • Consultants save time by scanning directly into ImageSilo from their desks, instead of having to get up and walk to a centrally located multi-function device and wait on line to use it
  • Costs were reduced by utilizing desktop scanners and customized barcodes vs. sending day forward scanning to Digiscribe
  • Madison Pension’s new office is more aesthetically pleasing and the space is used more effectively as dozens of file cabinets were eliminated
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Testimonial

We were pretty much drowning in paper and people were not able to find documents effectively. After searching for a document it would finally be found under something on someone’s desk because they were working on an amendment. A lot of wasted time to answer a 5 second question.


Exec. VP/Managing Director
Madison Pension Services
Purchase, NY