Complex Conversion to New ECM System A Success for Edfinancial Services 20 Years of Loan Data; 40 Million Documents; Lessons Learned.
Ralph Gammon has served as editor of the Document Imaging Report since 1998. In 2002, he purchased the publication and helped launch the publishing company RMG Enterprises.RMG Enterprises, Inc. is a global marketing, consulting, and publishing company. RMG offers a wide array of services to both profit and not-for-profit organizations. RMG’s principals have many years of experience working with companies and individuals in our extensive network of experts. Using our collective knowledge, RMG can provide assistance in virtually all areas of operating, marketing, and growing businesses.RMG focuses on three specific industries. The identification and data capture industry and the document imaging industry. Ralph also works as a freelance consultant and editor for industry vendors and serves as a conference speaker.He has been a contributing editor for trade publications such as Business Solutions, Integrated Solutions and Transform magazines.Ralph is a former newspaper reporter who holds a Bachelor of Arts in professional writing from Gannon University in Erie. Reach Ralph at +1.814.866.2247,
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SETTING THE BENCHMARK
Complex Conversion to New ECM System
A Success for Edfinancial Services
20 Years of Loan Data; 40 Million Documents;
For the last 20 years, Enterprise Content Management (ECM) software has made
the job of storing, retrieving, indexing and sharing documents electronically easy—
until the software goes out of date, is no longer supported, or the manufacturer is
acquired, forcing a change on users.
Converting images and data to a new ECM system can be a major challenge.
Migrations are rife with potential problems: from corrupt data, to content that can’t
be extracted, to maintaining data integrity, to storage and indexing differences.
Edfinancial Services based in Knoxville, Tenn., one of the nation’s largest student
loan servicers, faced converting 20 years of loan documentation to a new ECM system
in late 2013.
Maintaining its previous ECM system’s document search and retrieval performance
was becoming a burden for the company’s IT department, as was the high cost of
licenses for a growing number of users. With nearly a million borrowers and $16 billion
in student loans, automation is crucial for efficient workflow at Edfinancial, which
recently began expanding its loan services to the healthcare industry.
“Our core competency is, essentially, customer service,” says Rich Tarantino, a
Product Manager in Edfinancial’s eBusiness Solutions IT department, and project
manager for the conversion. “We have constant interactions with our customers,
and federal requirements for reporting the status of each loan, so we need to stay
on the cutting-edge of technology.”
Among the requirements for the new ECM software were easier administration,
improved OCR accuracy, better support and lower ongoing costs.
After evaluating several options, Edfinancial chose OnBase® ECM by Hyland to
replace its previous ECM software, and to replace the proprietary and expensive EMC