DOCUMENT MANAGEMENT IN LEGAL AND FINANCIAL
Keeping it all in order Legal and financial businesses produce a vast amount of documentation that needs robust systems to ensure it is recorded properly, and many are turning to document management solutions for this, which presents opportunities for resellers.
Legal and financial businesses remain some of the most document-heavy sectors – with the confidential nature of what they do and need for it to be recorded for some time, documents are integral to every aspect. But with so many documents produced – such as case reports, clauses, contracts, leases, patents, deeds, all manner of agreements, strategic deals, investigations, market trends – it is vital that the record keeping is robust, and many businesses in these sectors are now turning to document management systems (DMS) for this. “The sheer volume of documentation produced in these sectors necessitates a robust system to manage physical and electronic records,” says Michael Field, managing director of Workflo Solutions. “The transition to digital solutions has been accelerated by the need for remote work capabilities, compliance with regulatory requirements and the desire to reduce physical storage costs. “By adopting advanced DMS, these businesses can enhance their productivity, ensure compliance and maintain organised, easily accessible records.” Richard Stewart, workspace portfolio marketing manager at Canon UK & Ireland, agrees. “In recent years, more legal firms
and financial organisations have embraced document management solutions to take the next step in their digital transformation journey,” he says. “This demand has only grown as hybrid working has become the ‘new normal’, meaning businesses now need to meet compliance requirements across a network of remote and at-home devices.” Roy Russell, CEO of Ascertus, adds that it isn’t just about traditional documentation. “Add to this the emails, text messages, Teams chats and so forth, which often carry pertinent information,” he says. “With such numerous types and volumes of work products, a structured, centralised and secure repository is a requisite for daily operation and collaboration.” Best practice “Historically, firms used shared drives and SharePoint for document management but found them to be fairly elementary in the capabilities they provided,” says Roy. “Also while professionals preferred a structured and managed document management environment, other departments, such as IT, favoured more generic and ‘light touch’ solutions that they could easily switch
Michael Field managing director
workflo-solutions.co.uk
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Features such as secure access controls, audit trails, version control and seamless integration with existing software are paramount.
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