Challenge
Victory Capital Management, a dynamic player in the financial realm, faced a daunting challenge. Their reliance on Alfresco as a document management tool incurred a staggering annual cost, putting immense strain on their financial resources. The need to transition from this costly solution was imperative, driving Victory Capital to seek a cost-effective, efficient alternative.
Advantage of AWS services
With profound expertise in AWS services, Hyniva identified an opportunity to revolutionize Victory Capital’s document management. By harnessing AWS’s capabilities, Hyniva conceived a solution that not only cataloged Victory Capital’s extensive document repository of over 8 million documents but also substantially augmented the system’s performance and responsiveness.
Solution
Hyniva crafted a tailored document management system on AWS. Amazon S3, a scalable storage service, was deployed to securely store the vast document volume while fulfilling SEC17a-4 compliance. AWS Lambda, with its serverless computing, ensured processing on demand, relieving the burden of server management. DynamoDB, a high-performance NoSQL database, facilitated lightning-fast queries and metadata storage. Amazon API Gateway streamlined digital communication efforts, ensuring seamless data exchange.
Outcome
The impact of Hyniva’s solution was nothing short of transformative. The new document management system not only eliminated exorbitant annual fees but also redefined user experience. Post-launch, API calls and queries executed at a remarkable speed – 5 times faster than the previous Alfresco system. This radical improvement meant that documents, accessible via multiple filters, were not only easily queried but also instantly available, enhancing productivity and user satisfaction.
Hyniva and Victory Capital Management’s success became a testament to strategic technology adoption. By embracing AWS services, Hyniva not only saved Victory Capital millions but also catapulted their document management system into a new echelon of efficiency and speed. This achievement fortified the partnership between Hyniva and Victory Capital Management, setting an industry benchmark for innovation.
In the expansive canvas of digital transformation, this collaboration stands tall, illuminating how vision, technology, and expertise converge to craft solutions that redefine possibilities. It exemplifies how businesses can not only survive but thrive in the dynamic digital age, serving as a guiding light for the industry’s future endeavors.