Revolutionizing Financial Document Management with SysConnect and Tag Doc at IPS
Invoice Payment System Corporation (IPS), headquartered in Mississauga, Ontario, stands as a leading institution offering state-of-the-art invoice payment solutions to corporate clients worldwide. Efficient management of invoices, transaction summaries, and other critical documents is essential for providing liquidity and ensuring financial stability for its clients. However, manual document workflows were time-consuming, error-prone, and ill-suited for a growing company with evolving demands. By implementing FabSoft’s SysConnect and Tag Doc solutions, integrated with Ricoh multifunction printers (MFPs), IPS transformed its document management, processing 25,000 documents monthly with enhanced efficiency and accuracy. This comprehensive guide explores how SysConnect and Tag Doc streamlined IPS’s workflows, delivering cost savings, scalability, and professional document handling.
Challenges of Manual Document Management
IPS faced significant challenges managing hundreds of documents daily, including invoices, transaction summaries, notices of assignment, and schedules of invoices, each with unique client-specific requirements. The legacy process relied on manual handling, with documents hand-delivered to recipients and stored in filing cabinets. This approach was labor-intensive, often taking 5-10 minutes per document, and prone to errors, such as misfiled or lost paperwork. For a company processing 25,000 documents monthly, this consumed approximately 2,500 hours (over 100 days) annually, costing $600,000 at a $20 hourly rate. The lack of scalability and inefficiency hindered IPS’s ability to meet growing demands and maintain its reputation as a sophisticated financial institution.
Solutions Implemented by IPS
To address these challenges, IPS implemented FabSoft’s SysConnect and Tag Doc solutions, integrated with two Ricoh MFPs. SysConnect automated the creation and distribution of critical documents, such as invoices and transaction summaries, while Tag Doc added intelligent barcode-based tracking. When a document is printed from the IPS application, SysConnect captures the print stream, merges it with the corresponding form, and routes it to the MFP, digital archive, or recipients via fax or email based on predetermined settings. Tag Doc barcodes ensure accurate tracking, enabling intelligent routing upon scanning.
This solution transformed IPS’s workflow, reducing manual effort and ensuring seamless integration with existing systems. As IPS’s president noted, “SysConnect facilitates workflow by simplifying the integration of various information pieces and enabling effective document creation and distribution control.” The system’s flexibility met IPS’s evolving needs, processing 25,000 documents monthly with precision.
Benefits of SysConnect and Tag Doc
The implementation of SysConnect and Tag Doc delivered transformative benefits for IPS:
- Form Enhancement: SysConnect enabled professional-looking forms printed to high-speed Ricoh MFPs, replacing manual processes and enhancing document quality.
- Automatic Distribution: Documents are instantly routed to recipients via fax or email, ensuring rapid delivery and accountability.
- Instant Archiving: Scanned or printed forms are stored in a digital archive, reducing physical storage costs and ensuring data security.
- Document Retrieval: Indexed archives allow employees to search and retrieve documents instantly, improving efficiency.
- Quicker Turnaround: Immediate delivery reduced processing times from 5-10 minutes to seconds per document, saving hours daily.
- Scalability: The solution adapts to IPS’s growing needs, supporting increased document volumes without compromising efficiency.
Quantifying the Impact
The financial and operational impact of SysConnect and Tag Doc was substantial. Manual processing of 100 documents daily at 5 minutes each consumed 500 minutes, costing $40,000 annually at a $20 hourly rate. Automation reduced this to 25 minutes daily, saving over $36,000 per employee annually. For 25,000 documents monthly, IPS achieved significant savings, with additional reductions in storage and error-related costs. The total estimated savings of $73,372 annually reflect labor, paper, and archiving efficiencies, reinforcing IPS’s position as a market leader.
Getting Started with Document Automation
IPS implemented SysConnect and Tag Doc with a phased approach, starting with high-volume documents like invoices. The solution integrated seamlessly with existing systems, requiring minimal setup. Staff were trained on the user-friendly interface, and performance metrics (e.g., processing time, error rates) were monitored to optimize workflows. This approach allowed immediate results, with plans to scale to other document types like notices of assignment, ensuring sustained efficiency gains.
Broader Implications for Financial Institutions
IPS’s success with SysConnect and Tag Doc highlights the potential for broader adoption in the financial services industry. By automating document workflows, institutions can enhance client services, improve liquidity management, and reduce operational costs. The solution’s scalability and integration capabilities make it ideal for growing companies, ensuring they remain competitive in a dynamic market.
Conclusion
FabSoft’s SysConnect and Tag Doc transformed IPS’s document management, processing 25,000 documents monthly with efficiency, accuracy, and scalability. By streamlining workflows, reducing costs, and enhancing data accessibility, IPS solidified its position as a sophisticated financial institution in 2025.