Asset managers have to make important strategic decisions every day, react quickly and act with foresight. The key to successful asset management – is information. Despite all digitisation efforts: the important and correct information is still mostly found in documents. The problem: This information is still mostly available on paper. And even if digitised documents exist, they are often stored in several filing systems and sometimes with different service providers – often with incorrect or heterogeneous names. The result: time-consuming search for the right document and inconsistent data. Digital document management helps to ensure that documents and – the information it contains – are always available in an accurate and up-to-date form. This finally gives the data sovereignty back to asset managers.
Definition: Digital Document Management
Digital document management refers to the management of electronic documents. This generally includes the creation, processing and archiving of documents. With the aim of accelerating business processes by quickly providing the required information and thus increasing productivity. An authorisation system ensures that different users can only access specific documents. Depending on the industry and use case, additional workflows support company-specific processes. In this respect, modern technologies such as Artificial Intelligence are increasingly used, which recognise the document’s content and ensures, for example, that documents are automatically sorted, missing documents are detected or tasks are delegated to different teams.
The first step to digital document management is the digitisation of analogue documents. Already with this first step you can set the course to make the subsequent digital administration more efficient.
when scanning, ensure that the resolution is sufficient. Documents should be processed with at least 300 dpi. This helps optical character recognition programs (OCR) and subsequently a full-text search to produce better results.
Over years or even decades, a lot has accumulated in analogue archives. Take the opportunity to sort out unnecessary and outdated documents and remove duplicates right from the start. Architrave offers this service and, if necessary, will also ensure that the documents are destroyed in accordance with data protection regulations. Depending on the initial documentation quality, companies can thus say good-bye to 80% of their redundant documents.
Bridge the Gaps
When checking the documentation, missing documents may be discovered. Make sure that these gaps are closed immediately in order to start digital document management with the most complete documentation possible.
In the course of digitisation, you can also consider dissolving your analogue archive. Architrave not only offers collection, processing and destruction. At our office location in Dresden, we are also happy to store your files and documents securely and under ideal conditions.
What to consider when choosing a document management system (DMS)?
Your digitised documents require a central, well-sorted storage space. When deciding on a document management system or data room, you should pay particular attention to the following key functions and services:
- Intuitive and user-friendly design
- Mobile access, responsive design for various devices i.e. pc, tablet and mobile phone
- Quick up- and download function
- Smart workflows and individually, customisable Q&A processes
- Comprehensive data privacy concept and GDPR compliance, server location: Germany (or EU)/li>
- Detailed backup options and disaster recovery (at a different location in case of dysfunctions or an incident at your own data center)
- Quick search and filter functions
- Clearly structured authorisation systems, in which a huge amount of internal and external users can be managed quickly and easily.
- Option to set up a transaction data room easy and immediately
- Open software architecture including APIs
- Scalable solutions, if more storage is required or more users need access
- Transparent pricing
- Proficient support team
- Support during implementation, Change Management
Migration of documents to the Life-Cycle Data Room
If the decision has been made, the next challenge is to transfer all digitised (or already digital) documents. In case of larger portfolios thousands of documents need to be uploaded to the right folder structure quickly and precisely. The real estate experts from Architrave can take over this service on demand. This saves internal resources and allows your team to concentrate on their main tasks. Artificial intelligence is increasingly being used to process documents. With DELPHI, Architrave offers a powerful service that automatically recognizes, classifies, names and sorts documents to the right place. Only documents, which DELPHI cannot handle in a high level of accuracy – for example due to poor scan quality – are processed manually.
Benefits of Digital Document Management
Those who manage their documents digitally and in one place ensure their competitive advantage:
Especially in times of corona the mobile access becomes increasingly important. All information is available quickly and easily – no matter whether from home, from abroad, at customer site, on the construction site or onsite at a property.
Duplicates and versioning chaos no longer exist due to the „Single Source of Truth”. All documents is one system.
The risks of non-authorized access and data leaks is decreased significantly due to the fact that no sensible information is in private clouds, flash drives or private inboxes anymore.
Finding instead of searching
With a clear filing structure and intelligent search and filter functions, the effort required to search for information is drastically reduced. In that way your team wins back 30 % of its working hours.
Digital document management allows to implement digital processes. Working together on documents, approvals or Q&A processes saves a lot of time compared with analogue or decentralised processes.
Detailed reporting and access or editing logs make it easier than ever before to follow all legal regulations (i.e. audit security, deletion deadlines.)
“Battle-ready” at any time
Modern data rooms are easily convertible into a transaction data room. The effect: No laboriously searching and collecting of documents and information anymore. Bidders gain direct access and can enter the due dilligence process immediately.
Digital Document Management on a day to day business
Even if a digital document management system is implemented, one is still confronted with new documents coming in – analogue and digital. The sorting and filling of these documents can be outsourced as well.
For all digital documents: The AI supported document service DELPHI takes care of all digital documents. Your team only needs to drop the incoming documents on the right asset tile. That’s it. DELPHI takes over the classification, data extraction, renaming and sorting. Via API DELPHI is also able to file documents in third party systems (i.e. FileNet, SharePoint).
For all analogue documents:
And what about analogue documents that continue to arrive by mail? Take BEOS AG as an example who decide to have a complete paperless document management. Just redirect your postal inbox to Architrave. Our team in Dresden shifts, scans and ensures accurate filing in the data room.
In consideration of the advantages and in the light of the challenges relating to Covid-19 the question is not if, but when you decide for a digital document management.