Eliminating NIGO: One of the Critical Missions of Forms Logic
One of the critical missions of Forms Logic is to reduce dramatically – and eliminate where possible – instances of NIGO (not in good order) documents. In any industry that uses paper documents to be filled out, a document is considered “not in good order” when it is submitted with missing or inaccurate information. Our digital Navigator platform achieves this by digitizing and automating the paperwork process, storing data, and quickly identifying, an omission or mistake.
There’s a reason this is one of our critical missions. We understand what a big problem NIGO is for financial firms – and every other industry, for that matter.
NIGO documents most often occur when data is being entered manually. An advisor enters the information about a client and maybe gets a single-digit wrong on the client’s address or date of birth. It’s not always apparent at first that the NIGO situation has happened, and by the time it comes to light, it’s now disrupting workflows and causing multiple people to have to backtrack to fix the problem.
Meanwhile, an application to get a new client on board can’t be processed, or a transaction that was supposed to go through doesn’t. No matter how quickly the advisor and the back-office staff work to correct the issue, these delays are costly. And the more this happens, the more it cuts into the firm's profitability.
And this may not be the only consequence of NIGO paperwork. NIGO issues can be devastating when the firm is audited or inspected by regulators for compliance.
The costs of NIGO issues are not just theoretical. They are becoming increasingly easier to quantify because companies can measure the cost of delays, lost transactions, and back-office time misallocated. The more widespread NIGO issues are, and the more complex the process of addressing them, the greater the losses.
No one understands NIGO frustration better than our CEO and Founder Rick Burgess – who is also CEO of Connect Lending and served previously in key roles with Rastegar Equity Partners, Chase and Results One Financial. Rick designed the solution from the perspective of those who truly grasp the problem of NIGO and the importance of addressing it in this industry.
That’s why Forms Logic’s Navigator platform is such an indispensable workflow tool, and why the return on investment is so compelling. It’s a system that ensures accuracy, efficiency and compliance. It makes it easy to avoid and correct mistakes. And it saves the accurate data to be easily and repeatedly deployed so subsequent documents are quickly prefilled and, most importantly, in good order.
NIGO issues are toxic to financial firms. Forms Logic’s Navigator platform is the antidote. And the implementation is the quickest and most painless in the industry because it’s led by Rick Burgess and a team that has embraced his passion for solving problems in the financial services industry.
Let us help you get your documents in good order starting today.