Document Chaos is Coming. Is Your Organization Prepared?

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In 2021, Gartner found that more CEOs than ever cited digital transformation as an overall priority for their organization. But where is best to invest, and what exactly does this mean for businesses?

When this group of CEOs described their top strategic business priorities (in their own words), the use of the word “digital” had increased by several percentage points year over year for the last three years. Anyone who has worked at or has run a business during the pandemic could easily tell you that digital acceleration is imperative to success. Without it, we wouldn’t have adapted so quickly to working from home or creating a virtual workforce on such a massive scale. 

Document Chaos: Why It’s Only Getting Started

One of the big issues and challenges facing many companies today is the sheer amount of paperwork and documentation needed to keep companies working efficiently and effectively. Think about the massive amounts of paperwork needed for HR needs alone, not to mention the finance department. The issue isn’t going away any time soon. Companies need a more effective way of sifting through this documentation quickly with little to no error. 

As people continue to communicate using multiple inputs with businesses, the chaos around understanding the various forms of incoming business input/documents in the form of unstructured data continues to grow. But organizations can, and should, proactively seek to remedy this issue. One way of doing this is by utilizing the power of artificial intelligence and intelligent document processing. 

Digital Transformation In Documentation

Every business leader knows that accurate data drives business decisions. Oftentimes, this data is captured in stacks of documents that have yet to be processed. With all of the other forms of incoming business documents that need to be addressed on a daily basis, these can quickly pile up or be neglected.

Luckily, companies like ibml have already developed these solutions utilizing the power of artificial intelligence and intelligent document processing. Their high volume capture systems make it possible to streamline various aspects of your business—whether that’s onboarding, invoice processing, loan processing, or enabling digital mailrooms to understand all incoming documents (digital or paper) so that they can extract critical information and route it to different business processes within the organization. This tool can transform the way companies operate in various departments. For example, this type of document processing is extremely useful in client onboarding. Issues with onboarding generally emanate from too much information coming from too many channels, and businesses can struggle to collect and organize all of it. Intelligent document processing helps mitigate these concerns and creates a smoother onboarding process for all.

New demands and applications for intelligent document processing technologies are coming about from the rise of remote work. Earlier approaches to distributed routing of mail and digitization no longer work since the people who received the mail and enabled the digitization are no longer in the workplace. Consequently, the centralized mailroom is gaining importance. Companies must have a method for receiving mail, digitizing it in a secure manner with a proper chain of custody, and making it available to remote workers in a secure manner without compromising confidential information.

Beyond document scanning, organizations need to extract unstructured data from an ever-increasing number of sources and convert it into CSV, XML, JSON, XLS, and other structured information. This level of digitization incorporates a host of emerging technologies. Advancements in AI are enabling governments, healthcare providers, banks, and insurance firms to process a vast amount of handwritten information, including questionnaires, applications, personal loans, mortgages, claims, and more. 

Advancements in intelligent document processing not only ensure both efficiency and accuracy. Converting unstructured information into a digital format without human intervention also reduces manual errors, lowers cost, allows big data analytics, and makes turn-around considerably faster. 

Investing in a company, system or product that will catalyze digital transformation, especially around issues concerning documentation, will be of utmost importance for leaders in the years to come. In a culture that tends toward chaos, finding efficient ways to manage smaller, more mundane aspects of the business helps leaders and employees alike focus on the big picture—increasing performance and competitiveness.

Image sourced from Pixabay

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

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