Document Process Automation (DPA) is a high value automation strategy. The ability to ingest documents from the user’s channel of preference, accurately extract data from those documents, and push data downstream into disparate systems of record agnostic to its format is of extremely high value.
Replacing rigid and cumbersome document management processes with end-to-end Document Process Automation results in substantial business benefits:
- Improved process accuracy
- Reduced process friction
- Meet compliance requirements
The net result is not just a better approach to Document Process Automation, but a better way of doing business.
Let’s explore the 5 benefits of going paperless with a Process Automation Solution in more detail:
1) Space
Some organizations are making efforts to reduce onsite paperwork by storing boxes offsite, destroying information past retention or scanning and working with an electronic copy. However, in our experience a lot of paper still hangs around, to be filed, stacked on desks, or boxed up around the office.
A Document Process Automation Solution can capture all of your mission critical documents received in a myriad of channels (E.g. mobile capture, scan, email, fax, print, web portal, and EDI).
Once captured, data is placed into a single electronic workflow, making document data secure yet easily available to employees for working on and sharing. It is also possible to dynamically distribute document data to knowledge workers based on document type, document content and data content business rules.
2) Time
The most expensive part of any business process is acquisition (searching) of data.
According to a McKinsey report, employees spend 1.8 hours every day—9.3 hours per week, on average—searching and gathering information. Put another way, businesses hire 5 employees but only 4 show up to work; the fifth is off searching for answers, but not contributing any value.
That’s a lot of time that could be spent more productively.
With the right electronic Document Process Automation Solution in place, your organization’s employees will be able to acquire, aggregate and/or augment document data in seconds.
A Document Process Automation Solution lays the foundation for streamlining tedious and complex business processes—like invoice approvals or claims adjudication.
One Docufree customer’s process was transformed from a 5-day turnaround into a ten-minute process after a successful Document Process Automated Solution was deployed.
By automating disparate and complex business processes, high value personnel can reallocate time on exception handling and more meaningful tasks. This increase in efficiency increases data accuracy, enhances process fidelity, and lowers operating costs.
3) Security
As data and documents are federated through the Document Process Automation Solution, fine grain controls are constantly applied and monitored in order to sustain quality and compliance.
An integrated Document Process Automation Solution will keep your data and documents safe from most catastrophic events.
4) Flexible and Scalable
An important feature of any electronic Document Process Automation Solution is that it needs to grow with your organization.
Whether the change is in document volume, data extraction changes and/or complex business rules flexibility and scalability remain a key value add. This means long-term strategies and critical business objectives can confidently be executed.
5) Cost
Last but not least, an obvious outcome of utilizing a Document Process Automation Solution is the cost savings.
An AIIM report found that an impressive 77% of organizations that have executed a Document Process Automation Strategy achieved ROI on their investments within 12 months.
Final thoughts
“Going paperless” is more than reducing paper, toner, and storage costs – going paperless is about optimizing a solid long term Document Process Automation Strategy.
References:
https://www.novoshore.com/2016/10/06/research-shows-searching-information-work-wastes-time-money/
https://www.mckinsey.com/industries/high-tech/our-insights/the-social-economy
