Case Study - Finance Company File Archiving
November 24, 2008
Overview
The Company: International Financial Services Company..
The Problem: The Company had accumulated a large inventory of archived finance files and was growing by around 10,000 new files per annum. The Company had been using the services of a storage company which, whilst alleviating space constraints, had not improved the efficiency nor accuracy of tracking of tens of thousands of client files. Archiving and file retrieval remained a troublesome aspect of the Company’s operations.
The Solution: FileSaver was engaged to take-over the existing archived files and to perform all aspects of future settled file archiving. FileSaver now collect and individually barcode the files allowing for precise tracking at all stages of storage and retrieval. Required files are delivered upon demand eliminating the inconvenience and source of error of retrieving entire boxes to access individual files. The service immediately improved the accuracy of tracking settled files, reduced overall archiving costs and freed the Company’s staff from the non-core tasks of file archiving.
Case Study - Finance Company File Archiving
The Company
Headquartered in New York, the Company provides financial products and services to customers worldwide. In Australia, the Company markets financing products directly to customers and through its network of distributors in all states.
The Problem
Having operated in Australia since the 1970’s, the Company had amassed a large volume of finance, lease and other loan files. The highly confidential files contain all documents generated from application through to approval and the dispersal of funds and updates throughout the life of the loan.
It is vital that the finance files be secure and accessible over the long-term to support the Company’s day-to-day operations, and for use in the event of customer default and the need for recovery action. The files were also needed to respond to regular internal and external audits requiring occasional retrieval and delivery of up to three hundred files at short notice.
The Company had for several years been using the services of a multi-national storage company. Whilst outsourcing resolved a storage problem, archiving remained time-consuming and file retrieval was become increasingly problematic:
• The inventory of archived files was increasingly being found to be inaccurate
• The storage company would deliver boxes rather than the just the required files
• A request for a single file required delivery of up to 10 boxes for the company to search, return the box and try again
• The storage company was just working to direction in retrieving and delivering boxes but not adding value to the archiving and retrieval processes
The Solution
The Company engaged FileSaver to take-over all aspects of settled file archiving.
FileSaver designed a solution tailored to the customer’s file intensive, high-activity environment. The solution involved:
Transfer of records from previous storage company
• Identification of errors and deficiencies in the inventory data for existing boxes such as absence of department or destroy dates or inadequate contents description
• Collection and transfer of over 2,000 boxes from the previous storage company
• Resolving errors and deficiencies at the time of transfer
• Destruction of obsolete records
• Retrieval of required files upon demand
Future archiving
FileSaver perform all aspects of settled file archiving including:
• Packing archive boxes, barcoding files and creation of detailed inventory
• Insert or attachment of documents to stored files
• On-demand retrieval and delivery
• Frequent retrieve scan and email of required documents
The company has access to all files under management via FileSaver’s web enabled tracking system for the purpose of enquiries and ordering services.
Benefits
The company’s finance files are now securely stored, precisely tracked and available upon demand.
By outsourcing the non-core tasks of packing and barcoding and indexing files, the company has:
• greatly improved accuracy of file tracking
• eliminated the hassle of non-core tasks of archiving
• reduced labour costs and overall cost of archiving
“The service we get from FileSaver is better than we get from any other company. And I don’t just mean storage companies - your service is better than any other company we deal with”
To see how Filesaver’s Records Management Services could benefit your business, contact one of our representatives today.