Founded in 1997 as a real estate investment trust (REIT), Annaly Capital Management is a leading mortgage REIT listed on the New York Stock Exchange (NYSE: NLY). Annaly’s principal business objective is to generate net income for distribution to shareholders through the prudent selection and management of our investments. Since inception, Annaly has paid over $13 billion in dividends to shareholders.
Annaly was bogged down by all the paper needed to manage their vast portfolio. Routing was done manually and the physical signatures required often took days to track down. Invoices were being held until the vendors called and asked for them which cost both time and money. The massive accumulation of hard files made research and audits near impossible. In addition, documents were at risk to be lost or stolen. It was evident to management that Annaly needed an electronic content management solution, their next step was finding a vendor that would be compatible with their distinct needs.
Annaly called four to five vendors before they selected DocStar ECM document management software. DocStar met all of their requirements including the ability to interface with Microsoft Dynamics GP. The DocStar staff had a vast knowledge of, and the ability to configure, implement and train on the solution as well as Microsoft Dynamics GP. And because of DocStar ECM’s flexible and easy to use workflow designer, even Annaly’s non-technical employees were able to easily build workflows with complex options.
“The implementation experience was very painless,” said Darris Crandall, Systems Controller at Annaly Capital Management. Although there were some issues with GP delayed implementation, the extensive knowledge of the DocStar engineers led to a quick resolution. The employees at Annaly are very happy with DocStar which has a quick learning curve. “The system required almost no training,” said Crandall. “It was very easy and intuitive.”
Due to the savings in storage and labor, Annaly gained a tremendous return on their investment. There is an estimated 2.5-year return on storage, time, and labor. “It was money well spent,” assured Crandall. To date, two years of documents have been stored in DocStar ECM, with many more on the way. In the time since they implemented the solution, Annaly acquired one of their competitors and very easily set up workflows.
When asked if he would do it again, Crandall enthusiastically replied “Definitely!” Anally is still finding new uses for DocStar including contracts and document approval.
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