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Posts Tagged ‘OSAM document solutions’

Record Imaging Solutions Upgrade Speeds Post Closing, Part 4

Tuesday, July 12th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will continue to discuss the benefits of quality record imaging solutions.

The record imaging solution costs less than a year’s subscription with the hosted solution provider and allows for greater peace of mind. Additionally, the record imaging solution’s ability to support state and industry compliance initiatives is one of the long-term benefits of the electronic repository because it gives the mortgage lender the ability to quickly retrieve documents and view their history. Instead of pulling files in response to auditor requests, a date range can simply be entered in the software’s retrieval screen to instantly access documents. Auditors can also be provided secure browser-based access to documents via the Web Client.

The rapid appreciation of home values in Nevada has increased the stakes for mortgage lenders. Like thousands of other organizations, this mortgage lender has increased its odds of streamlining operations, reducing costs, and sharing information with employees, partners, and customers by implementing a quality record imaging solution.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Record Imaging Solutions Upgrade Speeds Post Closing, Part 3

Friday, July 8th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will focus on how the document imaging solution improved the mortgage company’s bottom line.

One of the weaknesses of the previous system was slow retrieval. The new record imaging solution provides sub-second retrieval based on keywords and imposes security settings based on user roles. In addition to Post Closing, the mortgage lender has also made these scanned images available to employees in the Secondary Marketing Department, which buys sizable financial commitments. These individuals can research documents by commitment numbers, see which loans have been scanned, and run reports. In the future, the record imaging solution may also be used to manage documents associated with other business processes such as Accounts Payable, Accounts Receivable and Human Resources.

The CIO says interest payment savings in the first year are conservatively estimated at $25,000; and the net savings in the first year will probably total $68,700. Anticipated savings during the second year are expected to reach $161,000.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Imaging Solutions Upgrade Speeds Post Closing, Part 2

Tuesday, July 5th, 2011

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line.

Eliminated Backlog Within a Month, Reduced Staffing Requirements

The document imaging solution was implemented by an authorized document management solution provider and replaced an existing hosted application that supported the upload of images to an online archive. Low-end document scanners were replaced with two Canon U.S.A. DR-9080 document scanners, which are used to scan about 400-500 loan packages a month. Each of these files has about 250-350 pages. Individual document types are separated by bar-coded separator sheets, which are read using recognition technology. Once scanned, employees simply enter the loan number, and the document imaging solution automatically populates additional keyword values from text files generated regularly by the mortgage lender’s LOS.

The entire backlog was gone in a month. Since the elimination of the backlog, the mortgage lender has been able to maintain operations without replacing an employee who resigned and another who accepted a different position. By reducing staff from seven to five employees, the company saves an estimated $90,000 a year in wages, overtime and other benefits. Because many of the documents can now be sent electronically, the company also reduced shipping costs by $17,000 in the first year.

For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

Document Imaging Solutions Upgrade Speeds Post Closing

Friday, July 1st, 2011

When a mortgage company in Las Vegas hired a new CIO, one of his first mandates was to find a way to eliminate a growing backlog of files in the Post Closing Department. Despite having a hosted document imaging solution, the department’s seven employees found it impossible to keep up with the growing volume of documents associated with about $1.1 billion in loans per year. Since the mortgage lender sells its mortgages to investors, the growing stacks of documents represented unrecognized income and lost interest.

After evaluating about 20 ECM providers, the mortgage lender chose an updated document imaging solution that combines integrated document management, business process management and records management in a single web-enabled application.

Another compelling feature of the document imaging solution was eMortgage Delivery, which allows mortgage lenders to create customized loan packages and index information required by investors. The document imaging solution also offers a script that supports the electronic transfer of the loan documents for the mortgage lender’s largest investor, Countrywide Loans. The script automates the process for gathering all of the documents Countrywide requires (and none of those it doesn’t) and presents them in the investor’s preferred order.

For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

AP Document Imaging Software Avoids Three Common Cash Leaks, Part 5

Friday, June 17th, 2011

In part 4 of this blog post we discussed how document imaging software allows AP departments to unite data quickly and cost effectively. In this blog post we will discuss how document imaging software allows AP departments to get rid of paper and why AP departments should implement document imaging software.

Get Rid of Paper in AP. Replace it With Electronic Document Agility.

Paper gets lost. It’s also expensive to buy, store, ship, and manage separately from the data it supports in line-of-business systems. When invoices and other documents are captured electronically upon receipt to the organization, those costs are eliminated and the documents have more value. They can be placed where users intuitively expect to find them – such as in ERP transaction, financial reporting or asset management screens – saving time and resources:

  • Instantly track document history and status, including who has seen it and decisions or approvals.
  • Resolve vendor disputes instantly with supporting documents at users’ fingertips; including purchase orders, invoices, and packing slips.
  • Replace costly, error-prone paper processes with automated records management.

Why Document Imaging Software?

With document imaging software solutions for AP, you can eliminate the bottlenecks that add time, cost and risk to AP. Process automation with electronic document management allows you to process more documents in less time.

  • Collect every early pay discount available and eliminate late payment penalties.
  • Manage volume increases without additional labor by automating routine tasks.
  • Automate AP processes with dynamic accrual monitoring that ties to your ERP.
  • Know where you stand. Get ERP data with the documents to back it, instantly.

Contact your local document management company for more information about how document software can benefit AP.

For more information about our document imaging software, contact OSAM Document Solutions, Inc.

AP Record Management Software Avoids Three Common Cash Leaks, Part 4

Wednesday, June 15th, 2011

In part 3 of this blog post we discussed how record management software allows organizations to automate AP processes with Imaging and Workflow, leaving no discount on the table. In this blog post we will discuss how record management software allows these organizations to unite data quickly and cost effectively.

Unite the Data in your ERP Systems Quickly and Cost Effectively. Stop Duplicate Work. Lack of system integration leads to duplicate data entry and wasted search time. It also increases the risk of errors and adds excessive time to AP cycles. Even so, unification initiatives often stall due to the high cost of custom coding, infrastructure, and ongoing IT maintenance. It doesn’t have to be that way. With record management software solutions for AP:

  • Eliminate redundant data entry and turn hundreds of hours of mundane tasks into automatic system operations with integrated document management and workflow. Premises-based, SaaS, or hosted offerings extend flexibility without custom coding.
  • Easily share data among systems and auto-index documents upon receipt to optimize downstream forecasting and strategic planning with real-time reporting.
  • Extend the reach and investment of your ERP. Trigger AP workflows as soon as a document is scanned or electronically imported into your ERP or record management software.

Continue reading the OSAM Document Solutions Blog for more information about how record management software can help your AP Department avoid three common cash leaks or for more information about our record management software, contact OSAM Document Solutions, Inc.

AP Record Management Software Avoids Three Common Cash Leaks, Part 3

Monday, June 13th, 2011

In part 2 of this blog post we discussed the challenges organizations face when they attempt to optimize their AP department. In this blog post we will discuss how record management software allows organizations to eliminate unnecessary cash leaks and automate AP processes with Imaging and Workflow.

The Solution

Record management software solutions for AP enable organizations to capitalize on methods that eliminate unnecessary costs and add value.

Automate AP Processes with Imaging and Workflow. Leave No Discount on the Table. Imaging allows you to electronically capture paper AP documents as soon as they come into the organization, making them immediately available for processing. No more waiting on interoffice mail for accruals decisions or exceptions resolutions that require supporting documents. Record management software’s Workflows automate workload distribution, reviews, and approvals. AP departments process more documents in less time, without custom programming.

  • Eliminate stalled invoices and automate document routing.
  • Easily perform and augment three-way matching, including exceptions resolution.
  • Seize all vendor discounts, improve vendor relationships, and increase favorable terms.

Continue reading the OSAM Document Solutions Blog for more information about how record management software can help your AP Department avoid three common cash leaks or for more information about our record management software, contact OSAM Document Solutions, Inc.

AP Document Management Software Avoids Three Common Cash Leaks, Part 2

Friday, June 10th, 2011

In part 1 of this blog post we discussed how staying strategic and lean in AP can be critical to the financial health of an organization during both busy and slow periods. In this blog post we will discuss the challenges that organizations face when they attempt to optimize their AP department.

The Challenges

When organizations need to optimize AP, they face inefficiencies in three major areas:

  • Slow approval and payment cycles, which result in missed discounts and late payment penalties.
  • Low visibility resulting from data and documents being stored in separate systems and locations.
  • Fixed costs—paper, duplicate data entry, storage, shipping—don’t add value.

Continue reading the OSAM Document Solutions Blog for more information about how document management software can help your AP Department avoid three common cash leaks or for more information about our document management software, contact OSAM Document Solutions, Inc.

AP Document Management Software Avoids Three Common Cash Leaks

Wednesday, June 8th, 2011

Accounts Payable (AP) is a document-driven process. Some invoices are simple, some complex. Some arrive electronically, others through fax machines or the postal service. Despite ERP efficiencies, the manual AP document processes necessary to support ERP data extend cycle times and increase risk of error. Paper processing and approval, duplicate data entry, and lack of effective collaboration often result in missed discounts, late-payment penalties, and inaccurate accruals. Document management software can help.

Staying strategic and lean in AP can be critical to the financial health of an organization during both busy and slow periods. Every discount must be found and every penalty avoided. Organizations look to improve AP processes in slow times in order to prepare for higher activity when productivity is up and payments to suppliers increase.

Continue reading the OSAM Document Solutions Blog for more information about how document management software can help your AP Department avoid three common cash leaks or for more information about our document management software, contact OSAM Document Solutions, Inc.

Electronic Medical Record Software & Healthcare Organizations, Part 3

Monday, June 6th, 2011

In part 2 of this blog post we discussed how healthcare organizations can use and benefit from electronic medical record software. In this blog post we will continue to discuss the benefits of electronic medical record software integration.

It’ll all be just a single mouse-click away within your electronic medical records system.

When you integrate your electronic medical record software with a quality document management platform, physicians, nurses, and staff have thousands of additional documents and images at their fingertips. EMR software integration:

  • Creates unified electronic medical records. Connect data and documents for a fully unified EMR.
  • Gives you more time with patients. Simply click a link in the EMR and all relevant patient information opens immediately. This allows you the extra time to give patients more attention.
  • Speeds up the revenue cycle. Decrease deficiencies and delinquent charts with simultaneous chart analysis and coding processes. Bills get out sooner and the revenue cycle is faster.
  • Creates interoperability between and among healthcare organizations. Reach beyond simple data exchange to collaborate and share information regardless of location or facility, vendor or machine, file type or origin.

Contact your local document management company for more information about how your healthcare organization can use electronic medical record software to scan, store, organize and retrieve critical patient records quickly and easily. With high quality document management solutions, you can enjoy direct access to your healthcare software and improve your bottom line.

For more information about our Electronic Medical Record software, contact OSAM Document Solutions, Inc.