5 Departments With the Most to Gain From Intelligent Document Processing Automation

It can be difficult to make a business case for automation due to all the technology options. Business and IT leaders must make the most of their budgets. Often, companies begin with one department to prove a concept or get results.

It can be difficult to choose a starting point when automating at an enterprise level. However, it doesn’t have be. My experience has shown that certain departments can be most benefit from automation.

The following characteristics should be considered when deciding which area to automate:

IDP Is the Gateway to End-to-End Automation

Data is essential to automate any process. Not all data is the same. The International Data Corporation states that over 80 percent of company data are either not recorded or in an unstructured format. Furthermore, the IDC states the global datasphere will grow to 175 zettabytes by 2025.

This is the equivalent to the entire Netflix catalog multiplied by more than 500 million. The unsearchable data will continue to pile up and be overwhelming for enterprises.

An automated intelligent document processing solution (IDP) is the best starting point for any digital transformation project. IDP applications convert data and documents into a structured format that can be used to automate most tasks by importing the necessary data.

IDP automation can be used to integrate other systems such as workflow, Enterprise Resource Planning, Enterprise Content Management, Robotic Processing Automation (RPA), and other line of business systems.

I noticed that companies have increased their investments in AI-based products and cloud infrastructure during the COVID-19 crisis.

This investment will improve the ability of data analysts, healthcare administrators and accountants to focus on the important stuff instead of manual tasks. These are just a few of the many benefits that could be derived from this investment. These are the top five candidates.
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Finance and accounts payable

Automating invoices, receivables and purchase orders, as well as receiving documents, approvals, audit data, taxes, and other financial information are great places to begin.

These types of documents are repetitive and often high-volume. Many times, accounting staff have multiple screens open, moving from one screen into another to enter data.

This can lead to data entry mistakes. Automation can make this part of the process 99.9% accurate. For example, with a payment workflow like YoozPay, you can process your electronic invoice payment in one click. Imagine how much time you can save and how easy it is to get employees to do more difficult and important tasks.

Front Office and Mailroom

Mail, digital or physical, is often the primary source of incoming mail. It can make a huge difference to capture all types of content in order to understand the context and relationships among these documents. Automating your mailroom allows stakeholders instant access to critical business data and improves customer satisfaction through faster correspondence.

Companies have used IDP automation in their mailing rooms to allow employees to work remotely and maintain business continuity, as a result of COVID. In a recent survey we conducted, 69 percent of organizations say the pandemic has forced them to rethink how they approach incoming mail.
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Customer Experience and Onboarding

Automating and digitizing customer processes will improve every step, from getting customers’ accounts set up quickly to maintaining customers’ loyalty.

This is particularly true for industries that require customers to verify their identity and have critical accounts such as checking/savings, insurance, loans, or insurance.

It can take up to 90 days to onboard a new client, which equates to a loss of $25,000 in revenue due to the delay in acquiring customers. This experience can be automated using pattern recognition and duplicate judgment-based tasks for a fast return on investment.

Human Resources

Your greatest asset is your employees. Companies should ensure that they provide the best possible employee experience, especially during onboarding. Companies will require high volume application processing due to the increase in rehiring following the COVID pandemic.

Remote work has also led to an increase in the need for automation within HR Operations and Talent Acquisition. This is where repetitive tasks such as forms, signatures and documentation, background checks and disclosures can all be automated.

Companies that adopt automation for efficiency and workflow will experience a significant decrease in time to hire and measurable improvements in candidate experience.
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Legal, Support, and Sales Operations

The repetitive task of creating and executing documents manually is difficult for Legal, Sales, and Support Operations departments. This repetitive task is susceptible to human forgetfulness and miscommunication. A large global team can be required to ensure a smooth operation.

Customers become frustrated by the delay in processing their information and get impatient when it fails. Automating and streamlining the process can reduce customer wait times, labor costs, and financial risk by avoiding missing critical steps.

Furthermore, legal teams have reported up to 82 percent time savings when using document automation to generate contracts and other legal documents.

Everybody has small tasks every day that add up to tedious repetitive work. Don’t forget to enter the patient’s birth date or review that invoice manually. It doesn’t matter if you are able to do it, it doesn’t mean that you should. Especially when you can have it done automatically. Give yourself time to focus on the things that really matter.