LPS Document Management’s New Facility Opens Doors to Efficiency and Cost Savings The Eagan facility’s document management technology helps clients become more efficient with their document and mail handling and improves processes in every stage of the loan lifecycle, including loan boarding, loss mitigation, mailroom services, scanning, validation and fulfillment. These paper-intensive processes are typically highly manual and time-consuming. By transforming documents into digital images, companies increase efficiencies on several levels. As documents are immediately imaged they are accessible to one or more parties at the same time. Eliminating physical hand-offs, data entry and extraction increases accessibility and efficiency and reduces potentially costly manual data entry errors. The document management technology used by LPS Document Management Services digitizes documents immediately upon receipt with three BancTec® IntelliScan XDS® scanners, which can process up to 550 pages per minute and more than 500,000 documents per day. To facilitate the accurate recognition and extraction of data, LPS Document Management Services uses EMC Captiva® best-of-breed Optical Character Recognition (OCR) software to extract data from almost any paper, electronic or other data source, including microfilm, microfiche and aperture cards. The software classifies scanned documents, captures key data, validates it and automatically pushes actionable information directly to those who need it. By converting a time-consuming, error-prone, manual data retrieval process to an automated solution, LPS Document Management Services supports client efforts to reduce operating costs, improve data quality, speed turnaround times, provide better customer service, ensure compliance with regulatory requirements and handle fluctuating volumes with static staffing levels. Clients will also enjoy lower file storage costs. All these benefits are immediately available to clients from LPS Aptitude Solutions, which manages the entire operation. Since LPS Document Management Services handles all aspects of the services, the need for clients to invest in additional infrastructure is reduced. With more than 10,000 square feet, LPS Document Management Services’ facility has extensive secure storage capacity – enough for 20 million document pages, plus a private loading dock with palletization capability. The operation facilitates 24/7 digital recording with remote monitoring. Extensive security measures protect customer documents and data from commingling, tampering, theft and loss. Access to all document areas is restricted to authorized personnel, and each area is monitored around the clock by full-color security cameras and onsite security personnel. In addition to providing clients with state-of-the-art document management capabilities, the Eagan facility also provides the latest in digital mailroom technology. Mailroom effectiveness can greatly impact overall client efficiency and is often overlooked as an area of positive operational performance gains. Quick, accurate processing and retrieval of incoming mail optimizes response time and reduces costs. LPS Document Management Services applies advanced imaging, data capture and workflow technology to the front end of business processes for improved efficiency that cascades throughout the entire organization. Using two high-tech Opex 3690i high-speed mailroom scanners, LPS Document Management Services removes much of the manual labor from the mailroom process. In just one step, an LPS Document Management Services operator can open, extract, identify, scan, orient, sort and route digitized mail according to document type. Mail flows automatically into a variety of imaging systems for access by authorized personnel and vendor partners. LPS Document Management Services seamlessly connects to existing systems to speed workflow, make document details available more quickly, improve response times and provide better customer service. The system’s instant data sharing also affords companies the ability to swiftly respond to compliance and audit requirements, with detailed document history readily available. The system’s scalability helps stabilize mailroom staffing and management needs when mail volumes fluctuate. For more information about LPS Document Management Services, please contact Chuck Gray at (904) 527-4762.
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