Document flow, data sharing and efficient communications can help business relationships, especially along the supply chain. In financial services and beyond, a digital “filing cabinet” can help firms work together in real time, explains FutureVault CEO G Scott Paterson.
If time is money, scrambling for documents can cost some firms a fortune.
According to CEO G. Scott Paterson, FutureVault offers a B2B2C Software-as-a-Solution service that, for businesses, keeps financial and legal documents contained in a digital vault. The executive said that the data spans “a broad category” of information that can all be taken together with the mindset of “let’s structure this data and make it smart” with efficient workflow that can be fostered between organizations.
The continued trend, he said, is for businesses to embrace the cloud, and the pain points come as documentation may be needed urgently. Disorganization sows confusion, and confusion leads to missed opportunity. Missed opportunity leads to lost sales and profits.
Financial services firms, beyond serving individuals, said Paterson, can average half a dozen accounts in disparate locations. There’s value in becoming a “trusted adviser” allowed into the digital vaults, where everything from tax services to bills of freight can be managed (and even warranties can be renewed) in real time.
Collaboration, Paterson told PYMNTS, is done across file and folder sharing, beyond secure document transfer, on both short- and long-term bases. Since documents can be managed across more than one entity, the positive impacts on supply chains can come to remove bottlenecks, such as when items are held up at customs.
The digital filing cabinet model, he said, allows for tracking across purchases and deliveries. Paterson also said that security comes across secure hardware, encryption and PCI compliance.
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