Documents, as instruments of storage and transmission of information and data, assume a critical role for every organization. Industries in key sectors like Retail, Banking, Financial Services and Insurance (BFSI), Education, Healthcare, and Real Estate undertake countless transactions replete with critical information making proper documentation the backbone of a company’s efficiency.
However, human involvement in document creation makes it an error-prone and time-consuming process. Take the instance of executives filling customer information manually in documents such as intimation letters. Often, they commit mistakes such as entering incorrect amounts. This leads to delays in execution of tasks, and in some cases, even unforeseen litigations. On the other hand, document automation improves an organization’s efficiency by using templates and automated workflows in a significantly lesser time.
Here are three ways in which this process can benefit businesses:
Turns documents into strategic tools
Gartner’s Top Technology Trends for 2022 mentions ‘Decision Intelligence’ among the key emerging trends in technology. Document automation allows managers to realize the benefits of Decision Intelligence. It extracts and analyzes key document data fields such as names, amounts, and payment due dates. This transforms documents from being a blind spot into strategic tools as managers can base their decisions such as sending overdue reminders or issuing litigation notices by analyzing, sorting, and retrieving documents based on these fields. Such decisions create value by making better predictions and providing insights from past trends.
Delivers an enhanced user experience
Storage issues, difficulties in retrieval and delays in execution, and paper-based documentation present multiple challenges to employees, consumers, and managers. Automation of documents overcomes all these drawbacks with cloud-enabled storage, indexed-based search and retrieval, and faster turnaround times. Document automation delivers an enhanced user experience with a clutter-free UI, autofill capabilities, and ease of access from any location by being completely virtual. In the long run, this contributes to accelerated growth for the organization.
Leverages AI for ‘smart’ documentation
According to McKinsey’s Top Trends in Tech report, Applied AI (Artificial Intelligence) is all set to eliminate labor inefficiencies in document preparation and fasten it multifold. Document automation integrates AI to pick diverse data such as form fields, table entries and even handwritten text to create smart documents. It even flags unreadable data leaving room for human intervention wherever necessary.
Currently, enterprises stand at a crucial juncture as technologies are undergoing rapid transformation and the need to embrace better solutions has become more pronounced. They quickly need to make their operations future-ready by adopting efficient solutions from established players such as SignDesk, the segment leader with its bespoke Document Automation solutions. These solutions create error-free documents with significant savings in time. More importantly, they offer strategic tools that help to navigate common challenges, thus enabling smarter business decisions.