Extraction & automation: the next critical step in your digital transformation

Thursday, March 5, 2020 | By Richard Clark, Head of Product Strategy, SS&C AWD

Extraction & automation: the next critical step in your digital transformation

In my last blog, I talked about front-end digitization and why it’s the easiest and most obvious step in your digital transformation journey. After all, what’s not to like about speedy cost reduction over a short period of time?

Unfortunately, that’s where most transformation journeys end. Lifted by small upticks in customer satisfaction and slight bottom line improvements, most organizations stay put. In doing so, however, they run the risk of losing market share to competitors willing to play a longer digital game by taking the next step in the transformation journey.

That next step—extraction and automation—is proving critical in separating organizations known for great customer experiences in the digital world from the merely good ones.

Extraction and automation influence how you ingest information as a business after your customer has filled out a form or written a check, scanned it or sent it by fax; essentially transforming information from an analog format to a digital one.

Think OCR and ICR.

OCR stands for “optical character recognition” while ICR is “intelligent character recognition.” OCR basically means reading machine-printed text on a document. ICR, on the other hand, enables organizations to read hand-printed text on forms.

OCR/ICR technologies have been around for decades but a new breed of technology offered by firms like Vidado leverages artificial intelligence and machine learning to produce higher confidence recognition than we’ve ever seen, thus enabling more streamlined integration of analog and digital capture for an organization.

These technologies are critical for organizations that want to take the next step in their transformations. Specifically, they open the door to robotics process automation (RPA). RPA can simplify work, automate repetitive processes, allow you to collect valuable data, drive continuous improvement and fill critical integration needs.

With better integration comes an improved customer experience, which is an absolute requirement for customers who have access to simple, streamlined and user-friendly digital experiences in almost every aspect of their lives, not to mention companies who wish to remain standing when the smoke clears on this next phase of the digital revolution.

While front-end digitization can provide you with short-term cost savings and slightly improved customer satisfaction, you’ll be doing your customers and your organization a disservice by stopping there. As I’ve written before, digital transformation is a journey, and your next step—extraction and automation—will set you up for even better returns in the digital world.

Stay tuned for more on this topic, where I’ll cover more steps you’ll need to take on your digital journey in upcoming blogs. In the meantime, see how AWD, SS&C’s leading digital business process management platform, helped a client cut its firm’s task time by more than 50% in this short, one-page case study.

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