Document Automation – Future of Business Process Operations
There are millions of businesses that operate across the globe, dealing with different types of products and services, catering to different sections of society. A flurry of processes come together to ensure that each business runs smoothly and effectively, while also being profitable. Documentation is an essential element of each of these business processes, as volumes of valuable information get generated throughout the lifecycle of each process, which needs to be duly stored and recorded.
Manually doing all of this turns out to be quite a cumbersome and time-consuming task. Moreover, the cost of documenting these business processes can, at times, prove to be a grave financial burden, as in many cases, the services of external auditors, advisors and business analysts also have to be lined up for crucial document preparation.
So the question here is – How would your business prepare itself to deal with this tiresome documentation? And can it have a profound impact on the efficiency, costs and overall success of your business?
Based on a study, an average business in America uses 10,000 sheets of paper each year, and this paper costs American businesses a whopping $120 billion annually. These unnecessary excessive costs can be quite strenuous for any organization, and can easily be controlled through intelligent automation. Find out how much paper is costing your business? Here..
So, has your organization given a thought to optimize your business processes documentation? Are your employees still immersed in endless paperwork, or have you already shaken hands with the right technology partner? Well, if you haven’t yet taken the billion-dollar transformation step, its high time you shed away those manual processes and experience enhanced productivity & process improvements by adapting to a digital documentation platform. It can provide the necessary rejig as it eliminates the need for those tedious paper-based procedures by integrating capturing and auto-cataloging critical information securely – which means no time delay, no errors and no cost drain.
The World of Banking
A perfect example would of the banking industry, which deals with mountains of data, both internal and external, daily. All this data is extremely crucial and demands a high level of accuracy, standardization and security s. If performed manually, tasks like data entry, document tracking, review, audit, etc. can consume enormous time and resources of the bank. They can also lead to errors, delays, or a compromise in quality. In a highly regulated industry like banking, these flaws could invite some severe trouble for banks. Therefore, many of these financial institutions have already opted for automation to streamline their processes and increase their speed and efficiency.
Banking document automation brings down all the operational risks associated with inaccurate and poor quality data and infuses speed and energy into the system. Yet, there are a large number of banks who are still managing documents manually and haven’t taken the plunge. A recent study has highlighted that only 18% of the banks have adopted automation and have become partially digitized. About 82% of the banking institutions are still using manual processes that are undeniably slow and highly prone to human error. Surely, a long way to go for banks!
Healthcare is another industry that is driven by a number of processes and where automation has become a key must-have. From patient admission to processes like getting approvals, patient discharge, billing, insurance and post-treatment care, multiple documents need to be created, shared and coordinated between different departments. With technology taking over, seamless coordination between various departments is ensured automatically, which brings in speed and efficiency in the system. Approvals can be collected in real-time while patient records and post-treatment documents can be saved securely for future use. All this leads to improved patient care and significant cost reductions for the hospitals.
Similarly, there are other industries like pharmaceuticals, education, wealth management and many others that involve complex documentation processes. As businesses expand and grow, their documentation requirement also grows alongside. Any interruption in the workflow caused by errors, delays or poor quality data can cause huge losses to the business. Once paper-based procedures are turned into automated actions, all the processes get automatically streamlined and enterprises move ahead with higher efficiencies.
Do it now!
We are in the midst of a smart era, where all businesses need a technology makeover in order to stay ahead of curve. It’s time for you to revisit your business processes and switch to smart document practices. That is the future of business operations!