Written by: Spencer Wyer
Publish Date: Jan 27, 2019
Read time: 8 minutes
Document Process Automation (DPA) is a high value automation strategy. The ability to ingest documents from the users channel of preference, accurately extract data from those documents, and push data down stream 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:
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 paper hangs around, to be filed, stacked on desks or boxed up around the office. AIIM found that the average physical space paper records takes up in offices is 13.5%.
This number varies greatly across different industries and divisions. For example, in the Legal sector we have found this to be significantly higher at 20%. AIIM also found that respondents believe electronic document management solutions would cut this number in half.
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.
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 EDM Group 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.
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.
Last but not least, an obvious outcome of utilizing a Document Process Automation Solution is the cost savings.
A recent 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.
"Going paperless" is more than reducing paper, toner and storage costs – going paperless is about optimizing a solid long term Document Process Automation Strategy.