From 10 Days to 18 Minutes – Laserfiche ECM Case Study

Laserfiche ECM Automates Financial Processes

We recently delivered a Laserfiche ® ECM business automation process for a national car leasing company. The efficiency increase was quite astounding and similar benefits can be experienced by your organisation.

The primary goals were to improve customer service and sales, by removing removing physical paper from the process, and by automating slow or duplicated manual processes.

The Existing Process

The client provided financial products to individuals, small companies and corporations to lease cars and commercial vehicles, individually or as fleets, and processed about 1400 lease proposals/month. Each proposal led to the generation of a pack – known as a “vehicle pack” – of supporting paperwork. And each pack could include the paper-work for 1 car or even 100 cars.
The process began when a quotation request was made via their public portal or phone call, and ended when a vehicle – or fleet of vehicles – had been purchased. A lot of departments were involved, such as sales, sales-support, underwriting, finance, vehicle purchasing, and of course, customer support. The vehicle pack would be physically passed between all these departments.
The vehicle pack itself was a plastic sleeve containing proposals, contracts, correspondence and other bits of paper. It even included printed emails and printed screenshots. Unfortunately, it’s been my experience that a lot of companies print electronic information because they don’t have an Enterprise Content Management system, such as Laserfiche, in place. As you can imagine, these packs could grow quite large. And sometimes pieces of paper went missing. Sometimes whole packs went missing. I’m sure you’ve come across this before: “lost under a pile” “slipped under a desk” “someone has gone on holiday” – the usual paper shuffle issues. Each department maintained a spreadsheet to note the status of each pack (waiting on credit check, credit check completed, waiting on signed agreement, signed agreement returned, and so on). The spreadsheet also tracked which department it came from, which department it went to and when it was due back. At the end of the process, A staff member had the full-time job of posting contracts and updating a master spreadsheet of completed vehicle packs. This master spreadsheet was also a log for disposition and sales reporting.
To recap, they faced a number of issues:

  • Redundant information and unnecessary printing.
  • Minor and major delays to fulfil a proposal-to-purchasing process.
  • Sales growth and service provision was inhibited by the speed of paper-based processes.
  • Limited reporting capabilities.
  • Poor risk management and Data Protection compliance (lack of Records Management).
  • Wasted time from staff carrying out labour-intensive tasks, especially maintaining so… many… spreadsheets!!

HUGE Efficiency Increase with Laserfiche ® ECM

A 26667% gain, to precise. We implemented a solution using Laserfiche Enterprise Content Management system with digital signatures. With the new system, the company had reduced their proposal-to-purchasing process from 10 days to 18 minutes. Yes, 18 minutes! In just 18 minutes a real customer requested a proposal, which was reviewed, credit checked, contracted up and signed, and vehicle registration numbers and delivery date of their new car assigned. In. 18. Minutes.
These are the main components of the system:

  • Laserfiche Rio: A single, central repository and enterprise-wide licensing model.
  • Laserfiche Workflow: Integrates their business processes with their CRM and customer portal.
  • Digital Signatures: Legally admissible digital signatures on financial agreements, integrated from a third party.
  • Records Management: A Transparent Records Management (TRM) plan for 2016.

Ingencia is an Enterprise Content Management (ECM) specialist. We provide the software and services to solve information-based business problems and to improve operating efficiency and provide records compliance. To find out how we can help your organisation or to find out more about our previous case studies, please contact us.