Content and document management is essential for success in the accounting, financial services, and fintech industries due to the high volume of sensitive information and regulatory requirements these sectors deal with on a daily basis.
Efficient enterprise content and document management systems enable organizations to securely store, organize, and retrieve crucial data, streamlining operations and facilitating real-time decision-making. As these industries are subject to stringent compliance regulations and audit trails, robust document management practices help to prevent breaches, protect client confidentiality, and ensure adherence to industry standards.
As well, the rapid digitalization of financial services and the increasing adoption of innovative technologies, such as blockchain and artificial intelligence, necessitate document management that is able to remain competitive and agile in a constantly evolving landscape.
Here are some of the challenges that affect these industries, and how FormKiQ can solve these challenges:
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Access Control, Data Security, and Privacy:
Protecting sensitive financial information and client data is of paramount importance. These industries must implement robust security measures to prevent data breaches, cyber-attacks, and unauthorized access.
FormKiQ not only provides encryption in-transit and at-rest, it also enables granular access controls through user management, multi-site partitions, and both role- and attribute-based access control options. FormKiQ is built using the principles of least privilege and security by design.
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Regulatory Compliance:
These sectors are subject to strict regulatory requirements, such as GDPR, SOX, and HIPAA, among others. Ensuring compliance while managing documents is both complex and essential to avoid legal repercussions and financial penalties.
FormKiQ is designed to meet the rigors of the Amazon Web Services Well-Architected Framework, with one of its major pillars being security. By relying on battle-tested AWS technologies that meet compliance through rigourous cerfications and controls such as FedRamp and NIST 800-53, and by enabling encryption in-transit and at-rest, FormKiQ reduces the risk of security issues, unauthorized access, and data breaches.
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Volume and Complexity:
The sheer volume of documents and data generated in these industries can be overwhelming, making it challenging to maintain organized and efficient content and document management systems.
FormKiQ is built to manage any number of documents, backed by the most reliable and cost-effective cloud storage available, Amazon S3. In addition to that storage, FormKiQ provides various features to organize and classify documents, including optical character recognition (OCR) and intelligent document processing (IDP), and enables easy document search and recall using a combination of full-text and tag-based search functionality.
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Data Silos:
Information is often stored in disparate systems, leading to data silos that hinder collaboration, reduce efficiency, and increase the risk of errors.
FormKiQ enables enterprise content management solutions to ensure that information is shared through automated workflows and procedures, rather than relying on teams to carve out time and focus to share the critical items with everyone who needs it. These solutions include intelligent document processing, real-time notifications, and multiple customization options to tailor the solution to your organizational processes.
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Collaboration, Communication, and Version Control:
Accounting and financia services organizations often need to collaborate with partners and customers, to access and share documents. This can be challenging when documents are stored in multiple locations and require manual processes to access and share. As well, managing different versions of documents and avoiding confusion or loss of critical information requires efficient version control systems.
FormKiQ provides integration betweens systems and disparate file storage solutions, enabling FormKiQ to maintain storage and management of the Document of Record, or provide connectivity with an alternative primary document repository. FormKiQ also enables access to Office365, Google Drive, and other productivity and online storage tools.
For version control, FormKiQ includes version history powered by Amazon S3 Versions, and also enables document control procedures, such as requiring a document controller, providing legal hold functionality, and allowing for document expiry.
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Legacy Systems and Integration:
Many organizations still rely on outdated, manual processes or legacy systems that are ill-equipped to handle modern document management needs, leading to inefficiencies and an increased risk of errors. As well, integrating new document management technologies with those and any other existing systems and processes can be a complex task, requiring significant time and resources.
FormKiQ is designed for integration and interoperability, with its API-First design and by providing source code for its Core and Enterprise offerings. FormKiQ's actions and workflows allow for robust control of documents and data as they move in and through FormKiQ and interact with other systems. FormKiQ also provides custom authentication with SAML and other SSO options, and can enable standardization of access controls, whether role-based or attribute-based.
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Training and User Adoption:
Encouraging employees to adopt new document management tools and processes can be challenging, as it requires overcoming resistance to change and ensuring proper training.
FormKiQ not only provides documentation and support, but we can work with your existing project documentation and support processes to ensure a consistent training and support model between your software and FormKiQ's document management functionality.
As well, FormKiQ provides a user interface as part of its web console, designed according to usability principles and in step with other thoughtful file and document management products. This interface can be customized or even cannibalized as desired, with options to copy code, fork the repository, or deployed as-is and tailored with specific configuration options.
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Scalability and Operational Sustainability:
As organizations grow and evolve, their content and document management systems must be able to scale accordingly to handle increased data volume and complexity.
FormKiQ is built with scalability as a primary goal, using Amazon Web Services and its serverless and managed services to ensure the best results in scaling for both increases and decreases in usage. This scalable design not only allows the application to keep pace with higher usage, it also allows for non-prod and test environments to run with minimal required resources and creates efficiency in times of reduced usage, such as seasonal lulls.
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Disaster Recovery and Business Continuity:
Ensuring that enterprise content and document management systems have effective disaster recovery and business continuity plans in place is crucial to minimize downtime and protect vital information in the event of system failures, natural disasters, or cyber-attacks.
FormKiQ uses infrastructure and products from Amazon Web Services, which are known for their reliability and high availability. As well, we provide professional services to help organizations determine the appropriate disaster recovery and business continuity preparation to put in place.
For more information on disaster recovery and business continuity using Amazon Web Services, you can review the Disaster Recovery section of the AWS Well-Architected Framework Whitepaper, or contact us for a consultation.
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Cost and Resource Constraints:
Implementing, maintaining, and upgrading enterprise content and document management systems can be expensive, and organizations must carefully weigh the costs against the benefits to determine the most efficient and effective solutions for their specific needs.
FormKiQ uses the most cost-effective cloud storage, Amazon S3, which offers intelligent tiering functionality; this handles the largest expense most document management incurs, which is the storage costs of a large volume of documents. All other components of FormKiQ make use of services and architectures that incur cost for actual usage only, ensuring that there is no wasted capacity.
In addition, FormKiQ includes the support of cloud and software engineering experts, with additional professional services available from our team as required, ensuring that a lack of in-house expertise will not prevent your organization from building the perfect document management system for its needs.
FormKiQ was specifically created to empower organizations to increase their document management capabilities in a flexible and customizable way that matches the growth and specific focus of each organization.
Contact us to discuss how FormKiQ can reduce document management, process, and workflow agony for your organization.