The future of Enterprise Content Management (ECM) is upon us. In order to get the most out of the new technology and processes, you must take your legacy data and reinvent it.
You won’t need any plutonium, a flux capacitor or Doc Brown to correct the data of the past. Here are some things you can do now to explore your past data and blaze into the future with your ECM data archives.
Single Repository
As the ECM world moves into open API and integration, the need to take multiple legacy data archive systems and move them into one single solution is greater than ever.
We all know the risk and cost of maintaining multiple systems, such as hardware failure and the cost of retaining access/maintenance fees. By moving your legacy systems into a single repository, you can add value, peace of mind and save money.
Putting the data in your current ECM will allow your data to be used in any analytics, workflow, retention, or other processes your ECM has. This will also allow you to have a global retention policy governed by your ECM.
Enrichment
Take your legacy data to the future by improving it.
If your data doesn’t contain index information that’s readily available in your core or other systems, add that information to your legacy data when you move it to your ECM system.
Insert missing indexes that will allow you to make your data easily searchable, analyzed, and a part of all your ECM processes that it can’t be currently. Don’t simply convert your data; make your data better.
Cloud
As we all know, the future of ECM is the cloud. No more supporting your own hardware, virtual machines, or storage space. Move your ECM to the cloud along with your legacy systems.
There are cloud-based ECMs that can be accessed on any type of device with no footprint. With cloud and cloud hybrids, all your legacy and ECM data is integrated together, and you can access them all at the same time with a single search. This will get you from 0 to 88 mph in no time.
Work From Home
By consolidating systems and moving to the cloud, you can easily keep your staff home and safe without jeopardizing your efficiency.
All your data can be assessed from any device, anywhere. No more need to have a special request for an employee to drive into the office to go to the basement to research a system. This will speed up customer interactions, audits, and general backroom research.
Integration
With all your data sets in the same ECM or hybrid ECM, integration through open API to other products will take you deep into being a future-driven financial institution.
How much better would your loan origination, customer relationship management, mortgage document preparation, and other systems be if they had integration to your data, and not just the newest data that’s in your current ECM.
You already have your statements and checks customer facing, why not make their other documents viewable as well? By having your data enriched to be better, and by having it all within a single repository, you can make anything you want available to your customers and to your other products.
Ease of Use
By removing multiple legacy systems and putting them in a single repository, you have opened the doors to productivity gains from your staff and systems:
- No more outdated hardware on its last leg.
- No more maintenance fees on the systems.
- No more restrictions due to the limitedness of the indexes.
- Faster and more productive audits.
- Global retention guidelines for all data to keep you in regulatory compliance.
- Single search reaching all your data, instead of having to dig through multiple systems.
- Ability to use analytics, document tracking, workflow, etc. with your data.
While we still don’t have the true hoverboards or a flying DeLorean yet, you can still make your ECM ready for the future by revitalizing your legacy data sets and moving them into your current ECM.
The immortal words of Doc Brown ring true for your data, “Your future is whatever you make it, so make it a good one.”
Learn more about data storage and conversion options with our handy toolkit.
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