Poor data accuracy rates, real-world data challenges like poor image quality and handwriting, and slow turnaround times are a constant source of frustration to COOs and CTOs alike—whether for new business workflows or back-office workflows servicing existing customers.
So, how do enterprises deal with those operational pain points?
In the past, they faced two choices:
Rip and replace current paper-based systems and go fully digital, or
Maintain an inefficient, costly, and imperfect blend of manual data entry and traditional data capture systems.
Now, with Intelligent Document Processing (IDP), enterprises can eliminate manual workflows with a solution that is quick to deploy, cost-efficient, and ensures speed and accuracy on even the most difficult documents, like handwritten or typewritten text, and low-quality faxes and scans.
Despite having a fast, easy, and effective path to automation, many organizations remain slow to adopt. Why? Here are a few reasons:
Paper is still an ongoing reality for most organizations.As much as heavily regulated enterprises in insurance, financial services, banking and healthcare want to go fully digital, it is still nearly impossible to do so.
Lack of prioritization for non-value-add activities.Because back-office service workflows do not contribute directly to revenue, they tend to lack visibility and prioritization with most innovation happening only for new business workflows. The back office is not always a priority.
Digital transformation is not easy.Faced with inventories of existing workflows and business rules, technical challenges in ensuring straight-through processing of any manual workflow, and shifting regulatory requirements, most organizations view the prospect of digital transformation as too complex or too costly. The status quo, as a result, is deemed “good enough.” For many, it is a short-sighted view as digital transformation is not just about digitizing paper-based forms—handwritten or machine-printed—it is about getting the end-to-end solution to work.
IDP, however, makes your data intake format agnostic and fits into existing systems, enabling firms to seamlessly implement automation. Paper workflows become more consistent while your database accumulates better and more digitized data that allows you to spin up new workflows cost-effectively.