Priya is tensed and frustrated. It’s 8:45PM and the sprawling office is fully empty and silent. She looked at her phone and she finds 12 missed calls. Today is her wedding anniversary. She confidently told Amar that she will be back home by 6:30PM.
When she was about to leave the office at 5:30PM, Hari Sadu (original name Hari Saldana) called her back and mentioned that the compliance team is looking for an old customer agreement. Apparently, there was an error in agreement and the furious customer threatened to sue the company.
The service provider is not able to trace the documents and local backup folder is also missing. She needs to trace the file, verify and share it with the compliance team. The phone rings.
Sounds familiar? Read on..
Efficient document management is one of the very critical requirements of the alternate investment firms.
Among many critical items, AIFs need to store a variety of documents pertaining to the investors, distributors, trustees, compliance submissions and so on. Running the data room efficiently will also result in effective investment meetings and quicker decisions.
While many organizations use a cloud drive to store their documents, management becomes overwhelming as the number of document increase year on year.
Here are the top 5 reasons why you should consider switching to a document management system
- Improved Organization: A dedicated DMS offers a structured approach to organizing documents, allowing for easy categorization and retrieval. This ensures that critical documents related to investors, distributors, trustees, compliance submissions, etc., are readily accessible when needed.
- Enhanced Security: Unlike generic file-sharing platforms like Google Drive, a DMS provides advanced security features such as access controls, encryption, and audit trails, safeguarding sensitive financial and legal documents from unauthorized access or data breaches.
- Streamlined Collaboration: A DMS facilitates seamless collaboration among team members, enabling real-time document sharing, version control, and simultaneous editing. This fosters efficient communication and collaboration, particularly during investment meetings and decision-making processes.
- Compliance and Regulatory Requirements: A dedicated DMS can be configured to meet the specific compliance standards and regulatory requirements, ensuring adherence to data privacy laws and regulatory guidelines governing the financial services sector.
- Scalability and Integration: As your AIF grows, a robust DMS can easily scale to accommodate increasing document volumes and business requirements. Additionally, integration capabilities with existing software systems such as the core Transfer Agency platform, CRM and accounting platforms further enhance operational efficiency and data consistency.
Here are the top 5 merit indicators to choose the Best Document Management System:
- Functionality: Assess the system’s features for document storage, retrieval, version control, workflow automation, and integration capabilities.
- Security: Evaluate the DMS’s security measures, including data encryption, access controls, user authentication, and compliance with industry regulations.
- Usability: Consider the user interface, ease of navigation, search functionality, and customization options to ensure user adoption and productivity.
- Scalability: Determine the system’s ability to scale with your organization’s growth and accommodate increasing document volumes and users.
- Cost-effectiveness: Compare pricing plans, including initial setup costs, subscription fees, and any additional charges for storage, users, or premium features, to ensure affordability and ROI.
Top 5 Document Management Systems
Microsoft SharePoint A versatile DMS offering robust document management, collaboration, and workflow automation capabilities, seamlessly integrated with Microsoft Office 365.
DocuWare Cloud A comprehensive DMS providing document capture, storage, retrieval, and workflow automation functionalities, customizable to meet specific industry requirements.
OpenText Documentum A leading enterprise-grade DMS offering advanced document management, compliance, and records management capabilities, suitable for large organizations with complex document workflows.
M-Files An innovative DMS leveraging metadata-driven architecture for intelligent information management, facilitating efficient document categorization, retrieval, and compliance management.
Cloud Vault
Validus cloud digital vault is a purpose-built tool to safely store and conveniently retrieve all documents of AIF. Documents in the Vault are pre-indexed, categorized and tagged to enable retrieval at a click of the button. You can store the following documents:
- Investors: KYC, FATCA, PPM, Addendums
- Distributors: Onboarding , Contracts, Fee structures
- Trustees:
- Compliance: All compliance filings
- Investees: All deal documentation
- Internal: Proposals, presentations, project plans, manuals
Comparative features:
# | Feature | Microsoft SharePoint | DocuWare Cloud | OpenText Documentum | M-Files | Cloud Vault |
1 | Interface | Web and Mobile
| Web | Web | Web | Web and Mobile
|
2 | Cost | Part of Microsoft 365 Business Premium ₹ 1,830.00/ user / month
| Starts from USD 300 per user PM | Starts from $165 per user annually | You’ll need to contact M-Files for a custom quote for your business. | FREE
(Part of the Transfer Agency Solution) |
3 | Maintenance | High | Medium | High | High | Low |
4 | Implementation | High | High | High | High | No separate implementation needed |
5 | Integration with Investor Management System/ TA system | Not Available | Not Available | Not Available | Not Available | Integrated |
To explore our solutions for AIF, please write to [email protected] . Click here to schedule a call with our representative