How to Effectively Manage Documents for Information Spend Professionals

How to Effectively Manage Documents for Information Spend Professionals

Managing documents related to your market data and information services, such as orders, invoices and contracts, can be a difficult challenge. What problems does this create, and how can firms manage their documents in a more effective way?

The Challenges in Document Management

In discussing the challenge with clients, TRG has heard of issues relating to keeping filing systems up to date; maintaining internal network drives or SharePoint sites; accessing files remotely, or worse, having documents buried in email.

This can mean that market data managers and information service managers often don’t have access to a central, organized repository of all the documents they need. As a result, they can struggle to find the documents or information when they need them, or they may find it difficult to research or compare terms or costs, all of which wastes valuable time and resource.

Approaches to Effective Document Management

To achieve effective document management, managers need a central repository for all relevant documents, which is easily organized, categorized, tracked, secure and fully searchable.

If you can tie your documents to the relevant records in your market data inventory or spend management platform, you can rapidly increase the speed of access to crucial information when you need it.

Tie in search capabilities across all of those documents, with an Optical Character Recognition (OCR) capability, and you can then search for key words across all document types, including PDF and image files such as scanned documents.

You also need to consider security of your files, back up and disaster recovery, and ensure you have access control to manage who can upload, download and delete documents.

FITS Document Storage

Because of these challenges our clients faced, TRG has developed the FITS Document Storage solutions – a Lite version available to all clients with up to 2GB of storage and a Pro version with up to 200GB of storage, enough for thousands of documents.

This solution enables clients to upload all documents and files relating to contracts, invoices, vendors and more, into FITS using drag and drop. All those documents can be linked directly to your relevant FITS records, and are visible as you work in the system. For FITS Document Storage Pro customers you can search for key terms easily using our powerful search engine, which includes OCR capabilities allowing you to search inside scanned documents.

It includes user-level access control, and all data is encrypted in transit, 256-bit encrypted backups, with real-time intrusion detection and daily security tests.

If you’re interested in finding out more about how you can take control of your documents, email or contact your TRG Account Manager.