Current Conditions Demand New Methods
Outdated legacy technology and manual processes create a workflow bottleneck that affects all downstream processes, resulting in strained systems, overworked employees, and frustrated customers who are left waiting on answers.
And yet, reliance on legacy tech products and manual processes permeates nearly every data-centric industry, where millions of medical and insurance claims, loan applications, account opening forms, tax documents, and other data waits to be processed.
And as concern over a looming recession grows, uncertainty is pushing executives toward process automation. CFOs are actively involved in the technology buying process, and according to Forrester, when considering implementation, license, subscription, and maintenance costs, technology leaders see intelligent document extraction, task mining, and AI/ML platforms as having the highest perceived value.
Among the many process automation offerings available, intelligent document processing (IDP) stands out as a solution that provides a tempting value proposition—boasting well-documented use cases, short time-to-value, and consistent ROI.
Three Reasons To Prioritize Automation
Here are three quick ways IDP provides a jump-start for lagging processes.
1. Improve Customer Satisfaction
Slow, manual processes and inaccurate and incomplete data negatively impact the customer journey. If your organization takes weeks to process a car insurance or mortgage application and the process is prone to errors and delays, you risk losing customers to competitors with modern systems that allow for immediate responses. Intelligent automation increases document processing throughput so that you can deliver a better, faster customer experience—decreasing churn and improving customer lifetime value.
2. Reduce Costs & Risks
Every manual touchpoint increases the likelihood of a mistake. With intelligent automation and intelligent document processing, however, organizations can decrease the overhead costs associated with manual data entry. By relying on machines that excel at data processing and manipulation, you can reduce clerical errors by up to 67%, as well as eliminate the downstream time and expenses required to correct them. Additionally, unlike RPA and traditional OCR solutions, machine learning-powered solutions learn from their mistakes, leading to better and more automated processes over time.
3. Drive Revenue Growth
Intelligent automation can help companies streamline their operations, eliminate cumbersome manual workarounds and cobbled legacy tech, all while freeing up resources to deliver more innovative products and services that drive the business forward.
According to Gartner research1, automating back office operations is the top area where CEOs and CFOs see the greatest opportunity for efficiency gains.
Unleash the Power of Intelligent Automation
Optimizing business processes is vital in today’s economic landscape to stay competitive. By employing intelligent automation technologies, companies can improve customer satisfaction, reduce risks and costs and drive more revenue.
When it comes to Intelligent Document Processing (IDP), Hyperscience stands out as the most adaptable intelligent automation platform for document processing and post-extraction data management. Our powerful platform empowers organizations to enhance customer satisfaction, boost revenue growth, and reduce costs.
To delve deeper into our Intelligent Document Processing solution, explore a demo of the Hyperscience Platform.
- Gartner Press Release, Gartner Says CFOs Are Focusing on Automation Investments to Drive Down Costs, August 30 2022.
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