The top analytic firms have been studying just that this year. It turns out the differentiators for these multi-billion dollar business service providers are about creating a culture of innovation where business processes are reimagined, new technologies adopted, and the entire enterprise actively promotes digital maturity. Across industries, banking and insurance tend to lead in digital transformation in five key areas: strategy, adoption of technology, business process transformation, organization and innovation.
Whether the enterprise is large or mid-sized, many businesses are considering robotic process automation (RPA) as part of their technology platform. In fact, when AIIM polled over 100 leaders in document capture this year, most everyone was actively in the process of—or considering—further automation.
Improving Accuracy with RPA
For example, the ability to automatically improve accuracy of a document capture system through machine learning was considered important to just over half of the AIIM survey respondents (51 percent). And yet, only 33 percent of these businesses were actually implementing machine learning technology to improve their system’s accuracy.
It’s one thing to automate the classification and processing of different types of documents to extract invoice data, claims data, applications data etc., but assessing and tuning the system itself is also critical. Relying on manual spot checking or constant human review is inefficient and expensive, but most importantly manual processes are prone to inconsistent errors. Of course, automation can also produce errors, but fortunately, it’s always consistent. Therefore, identifying and removing these errors is a much more manageable task.
Assessing Your Systems
RPA can be leveraged to assess the system so that it continues to classify, locate, extract and verify data with the same accuracy over time despite dynamic environments where documents change and new types are added to the system.
Many businesses have been relying on labor-intensive processes to do the work that artificial intelligence can do much faster with lower error rates. Today, many businesses are still reliant on labor-intensive activities for their document processes, and the leaders are moving to RPA.
Becoming a Business Processes Service Leader
Millions of dollars are spent each year in unnecessary labor-intensive processing and the resulting downstream problems it causes. And that’s actually okay—as long as everyone is doing it. The businesses that adopt RPA are moving ahead of the pack and their culture of innovation will position them for the future.
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