The Insolvency industry is turning digital and not just because of Covid-19.

The most recent change for IPs is the introduction of electronic banking for making dividend payments. But long before the global pandemic we saw laws passed in the way we can accept signatures, conduct meetings, and obtain votes. In September 2019 the Law Commission passed electronic signatures as legally binding, and 2016 saw The Insolvency (England and Wales) Rules 2016 offer virtual alternatives for physical meetings and voting.

If you’ve not already gone digital, let me tell you why you should and where to begin.

The benefits of replacing the physical process with digital methods are endless, and the bodies governing these changes understand the breadth of these benefits and are actively keeping the industry in line with the changing digital climate.

In most cases the changes are simply meeting growing business requirements and industry trends. The increased use of technology in communication and (despite the recent outbreak of Covid-19) the demand of flexible/remote working to complete tasks from anywhere at any time is increasing across all sectors. Studies prove the option of remote working for their staff is making businesses more productive, more attractive to prospective employees, increasing employee wellbeing and enabling businesses to be more prepared for the future.

By no means are the benefits limited to remote working. Completing business tasks digitally will not only save you time, but also create more streamlined processes and therefore reduce your costs. For example, removing the need to host meetings with creditors and conduct voting physically can reduce the inconvenience and cost of travel. By removing the time spent travelling to and from meetings this subsequently opens that time to use more productively.

The use of portals and e-signatures is a huge turning point in the secure transfer of sensitive documentation and means of acquiring digital signatures. The ability to send documents through a secure portal reduces the time required to serve your clients and gives you complete visibility of the sending process. Not to mention, with the recent rise in email hacking, can you trust the information you’re sending will remain secure?

If digital requirements, like the ones mentioned, are important for businesses to evolve and continue to be profitable then naturally, they will be beneficial to your clients.

Now we know the benefits we can gain from digitising process tasks, what do you need to do to employ these cost saving tactics for your business?

It’s easy! The starting point to future proof your business can be completed in 1 simple step – create a central digital document store otherwise known as a document management system.

By integrating your existing case management system, online franking services, and redirecting silos of information to a document management system you can stay ahead of the ever-evolving digital landscape. This will ensure continuity and free up your time for revenue generating projects. Beneficial aspects of a document management system would include: automatic email capture, automatic filing of case files, insightful reporting, auditing capabilities and much more.

Virtual Cabinet is a document management system with secure client portal, that integrates with Turnkey IPS and Postworks. If you would like more information on how a digital document store can help your business, please get in touch.