Over time, the manual storage and organization of credit information can be a daunting task and takes an incredible amount of storage space. Such a manual mode of storing and managing credit information lacks adequate security and is highly prone to being compromised or even destroyed without the possibility of backups. Businesses are turning to Digital Document Management Systems (DDMS) that offer essential backup and information security capabilities at far less overhead.
Bectran’s DDMS provides a comprehensive digital solution that empowers companies to organize their credit documents for quick, easy, and secured access and specifically tracks, monitors, and maintains the integrity of time-sensitive documents.
Here are 3 important benefits of a DDMS:
In a Digital Document Management System (DDMS), credit documents are organized and stored in secured digital media with backup capabilities. The DDMS allows access to documents by only authorized personnel. DDMS also provides granular access protection to specific information segments in a customer file. Customer credit files often hold private and personal sensitive data such as credit card and social security information. Such sensitive information is required by law to be securely stored to avoid compromise. Guaranteeing the integrity of private and personal sensitive information by a manual system of storage is almost impossible.
Credit information is stored in customer files and referenced from time to time for credit reviews and audit trail purposes. In a manual document management system, access to credit information can be very tedious and time consuming. The DDMS organizes and stores customer information in digital files for quick and easy access. The DDMS offers instant digital access to customer information and provides browse and search capabilities for more precise information lookup. The quicker credit managers gain access to customer information, the faster they reach credit decisions required to authorize product shipments.
A common frustration among credit managers is the need to keep up with compliance requirements of time-sensitive credit documents, such as Tax Exempt certificates and business licenses with expiration dates. The DDMS tracks, monitors, and reports the expiration of time-sensitive credit documents using a collection of metrics. The DDMS also provides timely notifications to customers and other third parties to provide updated copies of expiring documents. Overall, the DDMS scans the pool of all time-sensitive documents and provides status updates with the goal of minimizing document dependent liabilities. The DDMS also offers E-Signature capability in compliance with the ESIGN Act of 2000.
Every credit department, no matter the size of credit transactions processed, stands to benefit from implementing a DDMS. With little investment in DDMS, companies are able to cut down significantly on the costs of information access and improve the overall security of their credit documents.