The investment management company, 7IM, manages the funds of over £6 billion for a range of private investors. Their common sense approach to the business sets them apart along with the desire to provide great service, which by their own admission they say is hard to find.
When it came to choosing a replacement document management system the principles the company holds dear such as ‘being innovative and seeking common sense straightforward solutions’ played an important part. The priority was to find a system that was fast with a smarter search engine to get around the difficulties of finding documents.
“Our previous system was not very user friendly and we experienced difficulties pulling back all the client documents,” comments Susan Allen, Head of Platform Service Team.
A review of the market led 7IM to Virtual Cabinet; a system that delivers industry strength document management and is designed to save time and money for professional firms, including Financial Advisors, Accountants and Insurance brokers.
“We felt it would be a good option” Susan continues. “We particularly like the ability to specify different virtual filing cabinets for different parts of the business and that we can restrict certain documents from everyone’s view.” This is an important attribute for a best practice document management system in the financial services industry.
The implementation was ‘great and the Virtual Cabinet team very helpful,’ Susan adds. Once the system had been set up and testing completed, the ‘go live’ process was achieved in two stages: the first was to start using the current documents moving forward, and the second involved migrating all of the old documents onto the system.
When the 150 strong team completed its training on Virtual Cabinet, which was delivered on site at 7IM offices, everyone was up to speed on how to use the new system.
“Virtual Cabinet is very easy to use and everyone has taken to it really well,” Susan notes.
“In terms of the searching option, the consensus is that it is we can now readily locate all of a client’s documents and this was something that at times proved difficult before Virtual Cabinet was installed.”
For companies in the financial services industry looking for a document management system, the 7IM overview is that “it’s very easy to use, to navigate and to search for documents. The import function from Word, Excel and email is straightforward and overall, Virtual Cabinet is very intuitive.”
Developed by document management specialists, Virtual Cabinet boosts efficiency in professional firms such as 7IM where vast quantities of documents are retained and worked on every single day and it is essential that the time spent searching for files is kept to an absolute minimum.
The management of sensitive clients documents is enhanced further with the aid of an integrated document Client portal that simplifies document authorisation. This innovation represents a major step forward in the professional markets served by Virtual Cabinet and enables the electronic and legally admissible sign-off of documents in the Cloud.
Unlike other document management systems, Virtual Cabinet caters for an unlimited number of recipients and signatories on a single document and helpfully reports on who has or has not signed it. The process is fast and efficient and allows users to securely upload their documents to a hosted portal environment by a click of a button.