Capital Analysts Incorporated...Small Business... Big Problem... Image Solution

No Solution Too Big

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Who says document management solutions are only for huge businesses employing hundreds of workers? Regardless of the size on an organization, the broker/dealer industry generates volumes of paperwork. Just ask Capital Analysts Incorporated (CAI), a subsidiary of the Western-Southern Financial Group with only thirty-four employees.

Why would CAI turn to a software solution to eliminate their paper problem?

"We have experienced tremendous growth over the past two years and we were having trouble storing, filing and retrieving in a timely manner," explains John Crosby, Assistant VP of Information Systems for Capital Analysts, Inc. "Given that we are a very customer service oriented firm, this was a problem."

Any organization that stores and frequently accesses large amounts of paper or microfiche is a candidate for a document management solution. For CAI’s technological transformation, Optical Image Technology, Inc.’s (OIT) DocFinity® COLD-ERM and DocFinity Imaging were selected. OIT’s open architecture permitted CAI to utilize its existing hardware with minimal upgrades, allowing for rapid installation.

Says Crosby, "We signed a contract in August 1996. During the next three months we installed the system, trained users and set up the application. We went live December 1996."

The System was Affordable

CAI had been looking at imaging for several years, but the price tag of solutions had always been out of reach. Finally, they were introduced to OIT’s "Workgroup Lite" Starters Package. It provides a price point that smaller organizations can justify and afford, while providing functionality that small businesses need. Because OIT has fully functional and enterprise-wide versions for larger businesses, CAI will have no problem upgrading and expanding their systems as they continue to grow.

"Immediately, I recognized how helpful these applications would be for CAI and that we could run them under our existing technology platform," (Novell and Windows) comments Crosby. "Also, I liked that the entire solution was integrated and came from one vendor. I set up a meeting with Scott Buchart (President of OIT) and our Senior Manager in early October. After seeing that the system was affordable, we built it into our 1996 budget."

As CAI continues to grow, OIT’s DocFinity Suite of Document Management Software allows them to experience cost avoidance in terms of labor, supplies and rent. More importantly, document imaging will allow them to provide superior service, which is what distinguishes CAI from their competition.

Says Crosby, "We view document imaging as a strategic investment. It allows us to provide fast customer service to our financial advisors by not having to hunt for papers and reports in the files. It allows us to integrate this information with other Windows applications and allows us to keep receiving all that paper without moving or expanding our office space."

During the first half of 1996, necessary upgrades to the Netware servers and Sybase database were installed and new Desktop PCs were purchased. Also installed were Cornerstone 21 inch monitors, a Panasonic Scanner and a CD-ROM Writer. In August 1996, DocFinity Imaging and DocFinity COLD-ERM were implemented.

"The key to OIT’s solution is that it worked with our existing platform," explains Crosby. "Thus, the up front investment was the software and a few specialized pieces of hardware, as opposed to a major reconstruction of our entire system. This made document imaging affordable to CAI."

The Impact

"The advantages of the system have been the ease of use and improvements in customer service," states Crosby. "Also, it ultimately will eliminate our need to file and store huge quantities of paper."

Based on employee feedback, Crosby says the users are benefiting from the OIT system. It saves them time finding documents and reports and they can copy the information into other Windows applications (Word, Excel, Winfax, etc.) This in turn lets them respond faster to the financial advisor (whether by phone or fax) and helps them solve problems faster. At the same time, they continue to learn ways the system can help them perform their jobs better.

Comments Crosby, "OIT did a great job of advising us on how to set up the system. We have not had to deviate that much from our original plan. We have had some small software problems, but OIT’s technical support group has been tremendous at resolving them very quickly."

CAI is scanning and indexing an average of 175 documents daily, non-stop. In less than 3 months, they have scanned over 13,000 pages. In that same time frame, DocFinity COLD-ERM has imported many pages of reports into magnetic storage. CAI’s COLD-ERM reports consist of back office reports that include commissions and pending commissions. These used to be printed on green bar. "We underestimated the impact of COLD-ERM," says Crosby.

Employees can now meet customer needs more quickly because the information is right at their finger tips. Often, files need to be in many places at once. Now, for example, the Compliance and the Service people can view a document at the same time.

CAI has 18 different types of forms and documents to process. They are currently scanning and indexing only applications, new account forms, correspondence and trades because these forms are what impacts the business and customers daily. There are plans to expand the process to the licensing, research and marketing departments.

Explains Scott Buchart, "Companies of all sizes are benefiting from advanced document management systems. The work being done by Capital Analysts’ staff is important and needs to be processed in a timely manner. They are a small business with large business needs."

By the End of This Year

By the end of the year, all thirty-four employees will have access to the new system. At present, there are 25 users. To prepare for the increase, they will have to replace 386 computers with Pentiums.

CAI also has plans to purchase OIT’s DocFinity WorkFlow Module. Crosby is looking to workflow as a tool to help them streamline business procedures and become more proactive. Workflow can provide them with critical statistics on how their current business flow works, and it can electronically mimic the hand-carried flow. CAI will benefit from DocFinity WorkFlow’s ability to evenly distribute the workload to employees by automatically routing scanned documents, COLD-ERM reports, images, faxes and PC created files. It promises to give them even more of a competitive edge.