Eaton Vance Increases Efficiency And Reduces Paper Conversion Costs Using EMC Captiva
EMC Corporation, the world leader in information infrastructure solutions, recently announced that Eaton Vance has successfully implemented an EMC solution that allows it to rapidly capture and process volumes of paper while maintaining information accuracy, integrity and availability. As a result, the company was able to reduce its per unit paper conversion costs while complying with the appropriate record- keeping regulations.
Founded in 1924, Eaton Vance is one of the oldest investment management firms in the United States. With more than 17,000 boxes of paper documents in storage, the company wanted to reduce its storage costs, improve the processes required to manage documents and ensure compliance with its document retention policies. In addition, Eaton Vance wanted their critical documents stored electronically to strengthen their business continuity capabilities.
"We were not managing our documents as efficiently as we are now. We were tying up our employees' valuable time with manual tasks including copying, routing, filing and searching for paper," said Patti Bishop, Assistant Vice President and Process Improvement Manager at Eaton Vance. "Although a completely paperless office is not a realistic goal for us, we believe that electronic document management and access is helping to reduce our reliance on paper and manual processes."
Working with EMC consulting partner Burntsand, Eaton Vance rolled out an enterprise-wide solution comprised of EMC Captiva InputAccel and eCopy ShareScan® to manage document scanning functions in-house. eCopy™ software performs the document scanning of many firm records, including contracts, human resources documents, legal and corporate records, and seamlessly delivers the images to InputAccel. As each paper document is scanned, InputAccel automatically reads an EMC Documentum-generated barcode and assembles the document set along with the index information before delivering the content to the Documentum repository. When the solution was initially deployed, more than 200,000 pages are scanned and verified every month in Eaton Vance's centralized scanning facility; another 25 percent are captured at various locations using eCopy and departmental multi-function peripheral (MFP) devices. The same back office capture processes used for centralized scanning are leveraged in a distributed environment, enabling capture to be utilized throughout the organization by end users. Today, the number of pages scanned has dropped to several thousand pages per month. Eaton Vance has also reduced the time it takes to enter content into Documentum resulting in improved employee productivity.
The automated workflows in Documentum have made document-based processes more efficient and dramatically improved information sharing at Eaton Vance. For example, new business proposals are routed for review electronically enabling issues to be raised and resolved in a more rapid and efficient manner.
"With the new system, information is captured via eCopy and processed by Captiva, and delivered into the Documentum repository which triggers an automated workflow and intelligently routes the documents electronically for review," described Bishop. "Now the entire process can be completed in one day with one scan. And it's a repeatable workflow that can be applied to other types of documents in the organization requiring multiple reviews and approvals."
Eaton Vance also benefits from Documentum's integration with the EMC Centera® content addressed storage system. All firm records in the Documentum repository can be automatically archived in Centera. This helps meet Eaton Vance's compliance requirements and ensures those records are recoverable in case of a disaster or business interruption.
About Eaton Vance
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $127.2B in assets as of April 30, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.
EMC Corporation is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information
SOURCE: EMC Corporation