The electronic routing of documents between departments has made it easier for employees to find and share information. Additionally, as documents are scanned into the system, inventories are automatically updated to show the degree of completeness of each individual file. This helps employees keep accurate reports of the information the company has on file, and also alerts them about missing information so they can work to complete each file more efficiently. Different levels of alerts are in place to send specific notifications depending on the importance and type of document that is missing from a file. All documents and records are now immediately available for internal, external, state, or national auditors.
Although BACS still stores their paper files for up to ten years (as required by law) in an offsite facility, the company is now able to make better use of office space that was once filled with paper files. Also, with digital document workflows in place, BACS has improved security for customers and meets or exceeds compliance with all industry regulations including FATCA (Foreign Account Tax Compliance Act), UIF (Financial Information Units), and the BCRA (Central Bank of the Republic of Argentina).
With DocuWare, BACS no longer experiences the cost and frustrations associated with handling paper files on a daily basis, and has significantly reduced the amount of time it takes to process documents and files. Document sharing, collaboration and customer service has improved greatly now that requests for information can be filled immediately, eliminating long wait times. The number of lost documents has been significantly reduced now that all documents are scanned, indexed, archived, and easily retrievable. DocuWare has helped BACS unify all of its documentation in a single repository, making it easy to retrieve information from several different platforms and systems without delay.