CASE STUDIES
Greystone Business Credit
Company Overview
Greystone Business Credit headquartered in New York, is a financial services company that provides asset-based loans and alternative financing to companies with strong management and collateral that are unable to obtain necessary financing through traditional sources. Companies in the financial services industry now have to comply with data archiving legislation as a result of laws that govern their industry which were enacted through the Gramm-Leach Bliley Act of 1999 and the Sarbanes-Oxley Act of 2002.
Business Problem
As a result of this legislation, Greystone Business Credit had to take immediate measures to develop an effective electronic records management solution, to comply with the regulatory statutes. Greystone’s record management costs were continuing to increase on a yearly basis due to increased record management facility costs as well as additional retrieval costs. With the current economic and regulatory conditions, today’s financial service companies must proactively contain costs and protect their business by investing in an appropriate, comprehensive records management solution. Digital Imaging is really the cornerstone of that solution and ImageDoc USA is the company of choice.
Solution
In August 2008, Greystone Business Credit made the decision to have ImageDoc USA digitally imaged all of their paper records into an electronic format. As a result of this project, Greystone Business Credit was able to start making the transition to an ‘all digital environment’, thus eliminating the inefficiencies of storing and retrieving paper files. The majority of costs associated with the cold file storage such as storage space, file cabinets, and off site storage were rendered obsolete. Paper documents that once had to be photocopied, faxed, or sent through a courier service can now be sent electronically through e-mail or reprinted through the click of a mouse.
"Greystone Business Credit was able to start making the transition to an ‘all digital environment’, thus eliminating the inefficiencies of storing and retrieving paper files."