Document/Knowledge Management System

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01
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Part
01

Top Document Management Systems

M-Files, Noodle Intranet, BizPortals 365, PandaDoc, and eFileCabinet are five of the top document management systems used by financial services companies in the world.

M-FILES

  • Website
  • M-Files is "designed to help businesses in information and document management, organization and tracking. The system hosts myriad features that are bound to benefit any organization, which include mobile optimization, version control, e-signature support, document templates, offline access, permission control, and automated workflows."
  • M-Files has a 100% user satisfaction rating and an 8.8 expert score on Finance Online.
  • It is available on Android, Windows, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

NOODLE INTRANET

  • Website
  • Noodle Intranet is a "social intranet system that provides organizations the ability to collaborate on projects, upload photos, merge schedules, post documents, and share ideas within a single secure site."
  • Noodle Intranet has a 100% user satisfaction rating and an 8 expert score on Finance Online.
  • It is available on Android, iPhone/iPad, Windows, Mac, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

BIZPORTALS 365

  • Website
  • BizPortals 365 is a "turnkey intranet and digital workplace solution designed to help users fully maximize the Office 365 platform, resulting in a simplified and more efficient organization and management of crucial business aspects such as collaboration, communication, document management, project management, employee management, scheduling, and resource planning to mention some."
  • BizPortals 365 has a 98% user satisfaction rating and an 8 expert score on Finance Online.
  • It is available on Windows, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

PANDADOC

  • Website
  • PandaDoc is a "web-based document management solution that allows users to create, deliver, and share documents online and place their legally binding signatures for faster paperless transactions and processes."
  • PandaDoc has a 95% user satisfaction rating and a 9.2 expert score on Finance Online.
  • It is available on Windows, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

EFILECABINET

  • Website
  • eFileCabinet is "one of today’s most secure document management systems with an impressive capacity to help companies get rid of paperwork, and please customers with faster and more reliable service."
  • has a 100% user satisfaction rating and a 9 expert score on Finance Online.
  • It is available on Mac, Windows, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

RESEARCH STRATEGY

The top document management systems used by financial services companies were ranked based on user satisfaction ratings and expert scores on Finance Online — a trusted financial software review website.
Part
02
of four
Part
02

Top Knowledge Management Systems

Zendesk, Bloomfire, Zoho Desk, Bitrix24, and ProProfs KnowledgeBase are five of the top global knowledge management systems.

ZENDESK

  • Website
  • Zendesk "is a suite of support apps that helps transform customer service into agents for customer retention and lead source. It has one of the most flexible plan structures, making it ideal for business of any size."
  • Zendesk has a 98% user satisfaction rating and a 9.6 expert score on Finance Online.
  • It is available on Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It supports English, Dutch, Polish, Turkish, and Swedish languages.

BLOOMFIRE

  • Website
  • Bloomfire is a "knowledge sharing software solution that centralizes company knowledge by bringing everything together in one secure and searchable platform. The platform aims to banish information silos by giving all employees across the entire organization a way to share and access information."
  • Bloomfire has a 100% user satisfaction rating and a 9 expert score on Finance Online.
  • It is available on Android, iPhone/iPad, Windows, Mac, and web for small, medium, and enterprise businesses.
  • It supports English, German, Spanish, and French languages.

ZOHO DESK

  • Website
  • Zoho Desk allows "companies to create knowledge bases that contain all the answers to commonly asked questions and issues related to their products and services. Forums encourage consumers to converge and help one another by providing solutions and ideas based on first-hand experiences."
  • Zoho Desk has a 100% user satisfaction rating and a 9 expert score on Finance Online.
  • It is available on Windows, Mac, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It supports English, Dutch, Polish, Turkish, Swedish, and other languages.

BITRIX24

  • Website
  • Bitrix24 is a "collaboration software with complete tools for management, collaboration, and communication."
  • Bitrix24 has a 96% user satisfaction rating and a 9 expert score on Finance Online.
  • It is available on Windows, Mac, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It supports English, Dutch, Polish, Turkish, Chinese, and other languages.

PROPROFS KNOWLEDGEBASE

  • Website
  • ProProfs Knowledge Base is a "powerful online knowledge management solution designed to enable HR professionals, trainers and top management of a company to effectively manage and dispense employee and organizational knowledge."
  • ProProfs Knowledge Base has a 100% user satisfaction rating and an 8.5 expert score on Finance Online.
  • It is available on Windows, Linus, Windows mobile, Android, iPhone/iPad, and web for small, medium, and enterprise businesses.
  • It is only available in English language.

RESEARCH STRATEGY

To determine the top knowledge management systems used by financial services companies, your research team leveraged on a pre-existing list of top knowledge management systems provided by expert software review providers — Finance Online. The list of top software by Finance Online was ranked based on a combination of user satisfaction ratings and expert scoring. The user satisfaction ratings are gathered through a "behavior-based customer satisfaction algorithm used to gather customer reviews, comments, and opinions across a wide range of social media sites". The expert scoring is gathered through a unique SmartScore system.
Part
03
of four
Part
03

Document/Knowledge Management Systems Use Cases

Civista Bank, Austbrokers Countrywide, and Sound Credit Union are three case studies of financial service organizations that have used either knowledge or document management systems.

CIVISTA BANK'S USE OF ONBASE BY HYLAND

WHAT SYSTEM
WHY IT WAS USED
  • Civista Bank's operations were "old-fashioned, with paper documents for teller window transactions, mortgages, statements, and the vast array of other services".
  • As the bank grew and its assets were approaching $1 billion, paper-based systems became too cumbersome. Hence, the bank needed a system for electronic data capture and imaging.
  • Civista Bank also needed to handle its commercial lending. OnBase by Hyland offered all these solutions in a single system.
  • Debora Kline — Senior VP for Strategic Initiatives at Civista Bank — revealed that since going live with OnBase, the bank has "seen a 50 percent reduction in documents, a 25 percent reduction in paper costs and a reduction in the number of employees hired to support the bank’s continued expansion."
  • She added that the OnBase solution provides "tellers with immediate access to customer signatures and other documents, helping tellers more quickly identify customers."

AUSTBROKERS COUNTRYWIDE'S USE OF M-FILES

WHAT SYSTEM
WHY IT WAS USED
  • As an insurance company, the operations at Austbrokers Countrywide were document-intensive. The company needed to have firm control over its documents and workflows.
  • As such, the company developed a roadmap to automate its document management processes and reduce administrative cost, while delivering high-value customer interactions.
  • This led to the introduction of M-Files to help the company digitize and automate its workflows that were paper-based, time-consuming, and manual.
  • Dilip Rao — Business Technology Manager at AustBrokers Countrywide — said, "M-Files proved versatile and easy to use, as well as exceptionally customizable. The document management capability was excellent and the solution also provided all the CRM-related functionality the team had originally pinpointed as being important. Reporting is simple and M-Files integrates with other platforms and systems, so if the business eventually decides to implement a purpose-built CRM system, it can do so easily."
  • M-Files enabled AustBrokers Countrywide to improve its policy cancellation process by 92%, collection of payments became faster by 22%, processing of debts was improved by over 95%, and an increase in revenue as a result of the reorganization of work.

SOUND CREDIT UNION'S USE OF BLOOMFIRE

WHAT SYSTEM
WHY IT WAS USED
  • Sound Credit Union was using an outdated SharePoint site. This site made searching of content difficult if the file name needed, or the folder it lives in, is not known.
  • The company realized this from an employee survey they conducted. The survey revealed that "finding information" was its employees' biggest pain point.
  • And for Sound Credit Union, finding information quickly is crucial to its operations as customer service is an important differentiator to its competitors.
  • Also, "industry regulations meant they needed a secure information-sharing platform that would make it easy to keep content up-to-date so that they could stay in compliance."
  • To better share knowledge across its corporate office and its branches, Sound Credit Union replaced its outdated SharePoint with Bloomfire.
  • The special feature that led to the selection of Bloomfire was its smart search, which allows the search of words and phrases of any document or video.
  • Bree Long — Digital Systems Analyst — remarked that "Bloomfire’s search gives her the confidence that the information provided to her will be relevant".
  • Speaking on Bloomfire’s Q&A feature, Bree added that "Bloomfire is driving innovation because people are feeling empowered to get their ideas out there and ask questions. Users feel comfortable asking questions organization-wide through the platform that they may not feel comfortable asking through a different channel."
  • Using Bloomfire improved Sound Credit Union staff’s trust in the relevancy of the company's shared content. This confidence empowered the customer-facing staff of the company to provide quick and efficient service to its members.
Part
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of four
Part
04

Companies Migrating from Lotus Notes

Olympus and Logitech are two companies that have migrated from using Lotus Notes to other modern knowledge management software platform. In both cases, the Lotus Notes interface being archaic, outdated, and difficult to deploy were cited as the reasons for migrating.

OLYMPUS

  • Olympus ES — a manufacturing company — replaced Lotus Notes with Kissflow.
  • Olympus ES used Lotus Notes to put its workflow together.
  • When the company needed to modernize its operation, they needed a "better workflow tool — something modern, intuitive, and self-managed". The Lotus Notes platform could not offer them such services.
  • Olympus ES pointed at the Lotus Notes platform being archaic, old, and requiring skilled IT professionals for any modification on the platform.
  • The Olympus ES team needed to link their database to a spreadsheet, which proved challenging on Lotus Notes, therefore, they had to "resort to emails to handle processes which often led to a cluttered mess."
  • In light of these challenges, Olympus ES transitioned many of its processes such as "purchasing processes, RMAs, demo requests, and offering discounts" from Lotus Notes to Kissflow.
  • Following the transition, Griselda Juve — an Olympus ES representative — noted that with Kissflow, the company could now complete processes that took ages to execute when they were working with Lotus Notes and emails with increased speed.
  • Furthermore, the representative hinted that the company's processes are now more organized and they could better manage the company's money.

LOGITECH

  • Logitech — a provider of computer, gaming, and mobile accessories — migrated from Lotus Notes to OutSystems.
  • The company needed a development platform that would be faster and easier to use.
  • Steven Schmidt — enterprise collaboration manager at Logitech — hinted that the Lotus Notes-based app the company had developed was "outdated and difficult to deploy". He also reported that the Lotus Notes-based apps were becoming a real turn-off to the company's younger staff.
  • This led to the migration from Lotus Notes to OutSystems which enabled Logitech to build innovative apps and set the company apart in the market.
  • Following the migration, Logitech has since developed "80 new apps that support integration with tools like Workday, Google, Jive, Oracle, Active Directory, Viewpath, and other more."

IBM'S CHANGE FROM KNOWLEDGE MANAGEMENT TO KNOWLEDGE SHARING

  • Bryant Clevenger — global knowledge strategy leader at IBM Global Business Services — revealed that content proliferation was one of the reasons why the company transitioned from traditional knowledge management to knowledge sharing in 2008.
  • He added that the company's content consumption was exploding. It had 25,000 different wikis which the company couldn't really manage.
  • Other factors were difficulty in identifying a set group of subject matter experts due to the definition of “expert” being contextual, a tacit intellectual capital, and difficulty to cultivate personal networks resulting from the global nature of business.
  • The transition to knowledge sharing led to the development of the Web 2.0 technologies which offer the company "greater capabilities, better user enablement, and lower overhead."
  • The swap to knowledge sharing has been successful even from the early adoption stage as IBM employees embraced the Web 2.0 technologies.
  • Within the first 10 months of 2008, several million wiki pages were viewed and 63,000 employees wrote 130,000 blog entries.
  • Bryant Clevenger also hinted that the company had over 100,000 searches in SmallBlue between February and October 2008.
  • SmallBlue (commercially known as Atlas for Lotus Connections) is a "statistical expertise and social network inference platform and search engine developed by GBS’ Learning and Knowledge Organization in partnership with IBM Research and IBM Software Services for Lotus."
Sources
Sources