Intelligent document processing: Why an AI platform is the key to digital transformation
Jun 10, 2022 by Automation Hero
With so much disruption in the supply chain and marketplace, many companies need to take drastic measures to remain profitable. The digital transformation of business and industry has always been an ideal, but now it’s becoming largely a necessity. A 2021 survey by McKinsey found that only 11% of executives think their current business models will remain viable through 2023. As a result, 64% of all execs surveyed say their companies must build more digital businesses. Many legacy solutions businesses rely on, like robotic process automation (RPA), won’t be enough to take businesses into this new era. It’s imperative to invest strategically in AI technology that enables intelligent process automation.
With so many options in the marketplace, it can be challenging to determine which artificial intelligence solutions will be most useful.
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Intelligent document processing: The future of business
Business automation has evolved dramatically since the creation of RPA. Last decade, the tech sector created a new class of intelligent document processing (IDP) technology powered by AI, to automate much of the work of reading, classifying, and extracting information from documents RPA couldn’t handle. This decade, a new class of intelligent process automation platforms provide all the benefits of RPA and IDP that came before it, with a focus on more connectivity and cohesion between various systems for more efficient workflows.
Intelligent process automation (IPA) actually encapsulates the goal of the Fourth Industrial Revolution: the convergence of different technologies and automated processes for unimaginable levels of interconnectivity and efficiency. This will dramatically elevate business value, and potentially transform society as we know it.
How to achieve true efficiency with IDP
A digital transformation requires a well thought-out strategy executed over a number of years. Achieving it just takes proper assessment of the products and services in the marketplace, and a willingness to address resistance in an organization. Here’s what to do:
1. Aim for fully digital operations.
Digitizing processes has two benefits: one, it makes processes easier and faster to complete and it turns processes into data workers can analyze and refine for even greater efficiency. Many companies are well on their way to fully digital operations, but still have some paper processes to eliminate. Make a schedule to implement new automations every quarter or at least a few times per year.
2. Collect data about business processes.
In every digitized process, decision makers should regularly analyze performance to look for opportunities to further streamline operations. This data can indicate what process to automate next, how well a solution is working, or ways to consolidate more processes. The more workflows connect across systems and departments, the closer an organization gets to an Industry 4.0 future.
3. Solicit buy-ins and train employees through every step of the process.
Automation isn’t possible without the support and participation of company leaders and employees. Those leading the digital transformation in their organization should be prepared to act as educators and advocates for the value of the work they’re doing, both for the organization and the people who work there. Leaders in various departments need to understand how new technology can benefit them, and workers need to understand how to use it effectively. For example, leaders can emphasize that employees are capable of focusing on more valuable work when they’re not wasting time with repetitive tasks, essentially encouraging workers to embrace automation solutions.
If possible, involve department heads and other stakeholders in the decision making process about what automation solutions to choose, since they will have more insight into their specific needs and paint points. Lead discussions about how an IPA platform will improve productivity or serve the needs of a department in the near future. With these stakeholders, develop realistic roll out schedules and comprehensive training programs so implementation is as easy as possible.
The best way to pursue a digital transformation is with AI platforms that are incredibly easy to implement, use, and scale, with potential applications to virtually any business process. Learn more about what to look for an IPA platform in a call with Automation Hero’s experts.
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Learn how we helped Markerstudy reduce its claims processing time by 40%. Additionally, learn how we reduced total claim processing time by 80% for another multinational insurance partner — cutting down manual tasks from 10 minutes to just two minutes per claim.
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