DM Nov-Dec 2023

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Dm CASE STUDY: EVELYN PARTNERS Digital documents first In an implementation that won the prestigious Project of the Year (Private Sector) trophy at this year's DM Awards, wealth management firm Evelyn Partners has moved to a 'digital first' approach for its document processing Evelyn Partners is an integrated provider of wealth management, online investing and accountancy services, that has been helping its clientèle achieve their financial goals for over 185 years. With over 170,000 clients and some £50billion-plus of assets under management, the business is recognised as a 'top ten' accountancy firm. It has 27 local offices and over 3,000 staff across the UK, Ireland and the Channel Islands. LACK OF OVERSIGHT Throughout the business there was no central location where all client documents were stored, leading to fragmented approaches to client engagement and service. Inconsistent practices across teams, locations and colleagues made it difficult to share resources. Inefficient processes included a lot of manual interventions and a large amount of paper. In some areas filing clerks were being used to deliver paper files to colleagues, while a lot of paper was posted to clients, leading to additional costs and delays. Prior to Covid, Evelyn Partners was printing almost 20 million pieces of A4 per year. This paper was printed to either store, send to a client or be read and thrown away. In addition, a vast amount of physical office space was being used for document storage: in London alone, the equivalent of the space for 53 desks. Extra space was actually being rented for storage of archived documents. The business recognised that the situation was unsustainable: there was a lack of clear ownership and oversight of all documents and processes with no auditable document sign off process. It was difficult to adhere to document retention policies and a lack of standards for control and governance. Crucially, colleagues were spending time doing unnecessary administration when they could be completing fee earning work. GAINING AN EDGE Having realised that it was increasingly difficult to engage digitally with their clients, Evelyn Partners decided to take the opportunity to use technology and business change to gain a competitive edge in the Professional Services marketplace. As a result, the Digital Document Enablement Programme was developed to deliver and embed efficient and consistent document management principles and practices - all enabled by cutting edge technology. This meant to ensure that Evelyn Partners had the foundation to fundamentally move to a "digital document first" approach internally and for our clients. 32 @DMMagAndAwards November/December 2023 www.document-manager.com
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DM Nov-Dec 2023

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