Expectations vs. Reality in Document Automation
Document automation solutions help organizations expedite and simplify business processes. Through automated document workflows, businesses can swiftly create, negotiate, execute and share up to date documents in a time and cost-efficient manner.
Businesses that routinely work with complicated, data-driven documents benefit the most from document automation solutions. Such solutions enable employees to focus their time on critical, team-specific tasks that require their expertise.
Document automation solutions are fraught with myths and unrealistic expectations that discourage organizations from adopting them.
Document Automation – The Expectations
The concept of document automation has quite a lot of baggage when it comes to the general public. The notion of implementing document automation may trigger negative assumptions about its repercussions. To claim that “the world is transitioning to document automation” is an understatement. Some of these apprehensions may be due to how document automation has been perceived outside of specialized industries, with worries that the technology will fundamentally alter business models.
Other common expectations about document automation include:
High implementation or integration costs: One of the most common reasons for not transitioning to document automation solutions is the potential integration and implementation costs. When considering whether or not to invest in automation, the business’s long-term potential savings must always be considered. With little manual intervention required, automated technology can operate longer and quicker than the human workforce. Therefore, businesses must consider document automation workflows as an investment in increased efficiency and productivity, saving them time and money in the long run.
Human labor replacement: Another expectation about document workflow automation solution is that technology would take over human labor and leave humans unemployed. Surprisingly, many believe that technology will eventually replace humans in the workplace. Technology today does 30% of overall tasks, while humans conduct the remaining 70%, a ratio that is likely to shift to 50:50 in the coming years.
Document automation is intended to improve business efficiency while also boosting customer satisfaction. This stands true for all business operations, be it the onboarding processes, communications, productivity levels, or turnaround time. In essence, document automation is an immensely useful tool for teams and individuals to improve both their own productivity and overall business efficiency.
Document automation also enables businesses to effectively scale and adequately manage their employees’ time and expertise.
Inability to process complex documents: Finally, some businesses are apprehensive of adopting modern technology based on assumptions that it will be a time-consuming and complex process for their employees. As a paperless and digitized solution, document automation workflows are designed to be user-friendly, accessible from several devices, and capable of managing extensive documentation. In this way, document automation solutions ensure a seamless documentation experience for employees and businesses alike.
These myths regarding document automation might deter businesses from automating, which can be catastrophic in industries including retail, legal, financial services, education, healthcare, and insurance. Therefore, a quick dose of reality is in order.
Document Automation – The Reality
Modern technology and document automation are, in fact, significantly more user-friendly than first impressions suggest. Global spending on technology and systems that allow the digital transformation of business practices, products, and organizations will reach $1.97 trillion in 2022, representing a 16.7% annual growth rate. Here are a few realities that have a positive impact on businesses and their processes:
Reduced costs: It’s a prevalent misconception that document automation is prohibitively expensive for small enterprises. Businesses may assume that hiring someone and continuing to do what they’re doing is less expensive. The truth is that several levels of document automation can be customized for your business. Businesses can enjoy long-term benefits and thus save money, time and labor by investing once in a document automation technology. This includes reduced expenses for printing hard copies of documents, as well as savings on shipping and courier costs.
Improved productivity: Businesses can address unique challenges in their documentation and compliance processes by implementing customized document automation workflows. It allows for document storage, retrieval, version control, processing, and collaboration that can boost the business’ overall productivity levels. Automated document workflows also speed up reviews and approvals and keep corporate operations fluid.
Improved TAT: Automating document workflows for smooth business processes is critical to reducing turnaround times, allowing the business to perform tasks faster. Document workflow automation offers a number of benefits for improving the organization’s turnaround time through faster collaboration, easy accessibility to documents, and processing of complex documents in bulk. All of these features, when paired with the ability to set custom rules and logic for the creation and exchange of contracts with relevant stakeholders, make such solutions a business asset.
While there are many factors to consider when deciding to implement a document automation solution, SignDesk’s document automation workflows can help businesses improve productivity and optimize turnaround time. By focusing on the realities of document automation rather than its misleading expectations, businesses can make better decisions on practical solutions for their growth. Providing employees with a document automation tool can equip them to function in an efficient and effective manner.
Learn more about using document automation tools to empower your business. Schedule a free demo with SignDesk today!