Raymond James taps BlueThread, K2 for process automation

Wednesday, February 27, 2008

Raymond James Financial, Inc. (NYSE: RJF) recently selected BlueThread Technologies, Inc., a rapidly growing provider of Microsoft SharePoint-based Enterprise Content Management (ECM) solutions for the financial services industry, for a key project to enhance several paper-based processes including opening new accounts. Raymond James is one of the nation's leading investment management firms with client assets exceeding $217 billion.

Raymond James plans to deploy almost 10,000seats of BlueThread's SmartDesk, a highly-configurable end-user ECM composite application that leverages Microsoft's SharePoint solution stack and K2's business process management technology. The completely integrated system will manage massive amounts of data, paper-based content and business processes that drive their new account opening and other operational processes across the company's 2,200 investment offices, thereby enhancing its level of efficiency.

"The financial industry still relies heavily on paper," said Mark Abbott, Raymond James' senior vice president for IT. "We needed a way to accelerate these processes by digitizing paper documents at their source and merging their data into a totally digital process. BlueThread's integrated solution was exactly what we were looking for — a full-fledged ECM solution built on the SharePoint platform. After full deployment, we expect significant increases in efficiency and cost savings. Our branches will have greater transparency into and control of the documents they submit to the home office and will be able to handle transactions in a fraction of the time."

BlueThread's SmartDesk provides process automation in new account opening by eliminating many manual steps and delivers precisely the right information to the right processor at the right time. An innovative user interface allows users to quickly review applications and all supporting documents to complete the work in a fraction of the time normally taken. It makes complex processes across any enterprise simple, effective and fast.

BlueThread's SharePoint-based solution was selected over legacy and industry standard ECM vendors after a highly successful stress test proved the system could ingest and process in excess of a million documents and transactions within a single day. The integrated solution is cost effective and fits Raymond James' overall technology strategy.

"The process management capabilities we offer in K2 blackpearl will play a key role in driving productivity in this installation," said Glen Bryant, K2's VP — Americas. “BlueThread's SmartDesk is a perfect segue from paper to digital process for Raymond James, and we are excited about the impact our joint solution is going to make."

"BlueThread, Microsoft, K2 and Raymond James make a great business partnership," said Mark Brazeau, BlueThread's President and Senior Principal. "By integrating multiple best-of-breed Microsoft-based technologies and providing comprehensive domain knowledge, our company will help Raymond James realize their business objectives cost effectively and at very low risk."