Breaking the Paper Habit: Vendor Options for Advisors
Report Summary
Breaking the Paper Habit: Vendor Options for Advisors
Though document management ranks low on firms' IT priority lists, going paperless would help save money and meet proposed regulation.
Boston, MA, July 20, 2009 – A new report from Aite Group, LLC examines the priorities, business drivers and cost justification for integrated document management solutions at retail financial services firms. The report also provides Aite Group's evaluation of 10 leading vendor platforms for their ability to service financial advisors in their document management, e-mail retention and workflow needs.
With IT budgets being cut, document management has dropped to dead last as an IT priority for 2009. Despite this, Aite Group, views the business drivers of document management - including cost savings, increased efficiencies and improved compliance capabilities - as warranting renewed consideration from advisor firms. While the process can appear overwhelming, myriad vendor solutions are available to help with document management. Firms that do outsource integrated document management solutions are generally quite pleased with their solution, regardless of vendor.
"While document management solutions rank at the bottom of the average CIO's priority list for 2009, Aite Group believes business groups would benefit by making a case for its importance," says Adam Honoré, research director with Aite Group and author of this report. "Benefits will be felt throughout the organization, from cost savings to improved efficiencies. From a compliance standpoint alone, going paperless would be worth the effort, giving compliance officers more control and audit capability over processes."
Document management vendors evaluated in this report are Docupace, IBM, Laserfiche, NetDocuments, Open Text, Oracle, Perceptive Software, SpringCM, Thomson Reuters and Worldox.
This 36-page Impact Report contains 25 figures and one table. Clients of Aite Group's Wealth Management service can download the report.