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Millennia Group News

Winter (Almost Spring) 2015

Tuesday, January 20, 2015

Newsletter Summary

Tidbits from Millennia Group

Tidbits

Employee Highlights, Realcomm 2015, Successful projects in 2014. Read More...

Why Does Millennia Group Exist? | Millennia Group

Why Does Millennia Group Exist?

Ultimately what does document imaging and workflow do for a company? We believe that document imaging and workflow help our customers make better decisions. Read More...

News You Can Use from Millennia Group

News You Can Use

Over the past decade, Millennia Group has been involved in many large real estate developments around the country. We support the developer’s construction loan funding process. Read More...

Tidbits

  1. Employee Highlights —
    1. Arthur Adams – Arthur joined Millennia Group in December of 2004, over 11 years ago. Arthur is a programmer and data management wizard. For our customers with complex data relationships or voluminous data, Arthur knows how to get it all to work together and deliver the reports or data exports that are needed. When he is not at Millennia Group, Arthur is a busy father of two and avid hiker, camper and dog lover.
    2. Rene Rodriguez – Rene has been with Millennia Group for 10 years, having started his career here in February, 2005. Rene has managed some of our largest and most complex scanning projects involving millions of pages. Whether or not it is thousands of rolls of construction drawings or hundreds of thousands of investor files, Rene makes sure that every piece of paper, every folder, every box and every data point is captured, tracked and accurate. In his spare time, Rene enjoys his two young children and competitive soccer.
    3. Millennia is Excited to Exhibit at Realcomm 2015 — Millennia will be showcasing the latest version of FileStar at RealComm 2015, the commercial real estate technology show, in San Antonio, Texas June 9th and 10th. We will be highlighting the new user interface of FileStar Version 4.5 along with the more powerful and flexible workflow module. Please stop by the booth to say hello.
    4. Millennia is proud to have partnered with our clients in 2014 to successfully achieve:
      1. Migrating and re-organizing 275 gigabytes of company spreadsheets, document files, pictures and scanned documents from a shared drive to FileStar where it is now more accessible and organized for our customer’s users
      2. Delivery of monthly construction loan documentation via FileStar for cumulative loan draws exceeding $1 billion dollars
      3. The capture of critical data for over 100,000 commercial real estate investor transfers and the creation of a searchable archive of the digital documents
      4. Over 42,000 employee benefit requests reviewed, approved and processed in our FileStar workflow module without generating a single piece of paper
      5. A move into new space with a small fraction of their previous file cabinet space by providing a comprehensive plan and document conversion services for HR and financial records

Why Does Millennia Group Exist?

Ultimately what does document imaging and workflow do for a company? We believe that document imaging and workflow help our customers make better decisions. Documents are referenced because someone has a question or needs to make a decision. If the documents are not accessible or difficult to access, then decisions are slowed or possibly based on incomplete information.

There is no doubt that document imaging creates efficiencies like cutting down on duplicate paper copies of documents, reduced shipping costs and less file cabinets or office space. Document imaging also satisfies compliance requirements for disaster recovery and information access monitoring. Workflow is great at improving the effectiveness of a process by eliminating missed tasks or the slow response to a request.

The improved efficiency and effectiveness are really just helping people to make better decisions. A well organized, easily accessible and trusted digital archive of documents is beneficial to many different areas of a company.

For instance, a digital archive of contracts allows an accountant to quickly decide if the reporting of revenue is correct before confirming that for the CFO or a customer. The paper version of those contracts may be in a separate building or there may be missing files that slow down the decision making process.

A digital workflow process will ensure that the right documents get to the right people in a timely manner. Workflow tools will send notices if a step is taking too long or if a step is missing information. These features and protections result in better, timelier decisions on tasks like budget approval, contract administration, transaction approval and many others.

Document imaging and workflow have many benefits, but ultimately all of those benefits help companies to make better decisions. Better may be faster, better may be fully verified and better may be that all steps are completed, but it’s all better and we hope that will help our clients.

News You can Use

The #1 rule in Document Scanning

Over the past decade, Millennia Group has been involved in many large real estate developments around the country. We support the developer’s construction loan funding process. The simple explanation is that we help gather, organize and submit a digital copy of all the documentation that the bank requires before funding each construction loan draw request. These requests typically occur monthly.

The actual process is far more complicated and in fact is a marriage of documentation and data. This process happens to be one of the best examples of how document scanning married with data creates an incredibly powerful tool. In fact this should be the number one rule in document scanning.

In the construction loan funding example, the power comes from matching each scanned invoice to the correct construction budget line item. Being able to see the budget for each draw request and then immediately drill down to the supporting invoices is very powerful.

Other common examples of this marriage of data and documents include; lease documents tied to the building and tenant list, vendor contracts tied to the vendor list, employee files tied to the employee list and engineering drawings tied to the project list. When the documents are tied to the source list, searches are enhanced by the availability of additional data in the list and documents don't get lost due to spelling errors or naming issues.

If you include the tenant name, square footage and lease end date in a tenant list, that information becomes searchable. When lease documents are searchable by the tenant list, the search can find all documents for tenants with greater than 5,000 square feet or leases for all tenants expiring in the next 90 days. Having this marriage also allows you to look for exceptions. Do you have documents for every employee in the list? Very powerful.

We always recommend that a scanning project include a marriage of documents and data and all document imaging systems should maintain this data relationship at all times. The data relationship also ensures that new documents added to the system match known data. As an example, you cannot add a vendor contract for a name that is not in the approved vendor list. Either the list is out of date or the vendor name in the contract doesn’t match the name in your source system. This data matching relationship will help keep your documents organized and a trusted system of record.

This article was adapted from the Millennia Group Blog Post of February 2014