Straight Through Processing | Knowledge Base | Definition
What Is Straight Through Processing & Why Is STP Important?
Straight through processing (STP) is most simply defined as a workflow process that is automated and completed successfully without human intervention. STP is an automated electronic process that is used by enterprises large and small. Tasks can move “straight though” in a fully-automated manner. This capability relies upon a very important factor: the ability to determine with high precision that a task was not just executed, but that it was executed correctly. This appears deceptively simple.
For very basic, routine tasks, straight through processing is regularly achieved by organizations today. For more complex processes, STP has proved more elusive. Gaps exist between expectations of organizations and the realities that many enterprises face today in truly achieving STP. Bridging this gap through modern technology solutions is now possible.
However, STP requires a different way of thinking and approaching automation challenges. For example, instead of thinking about information within documents as a page-level construct, consider the data as the data, irrespective of the page on which it exists. Consider each data element as an entity in and of itself, just like you might think about a cell within a record of a database as a single element. The key is to consider each individual task.
There are practical steps for adopting technology that can get your processes achieving much higher STP. First of all, you may want to consider conducting a Proof of Concept (PoC) to access the straight through processing potential of any intelligent capture system. The main value provided by intelligent capture software is the ability to extract as much unstructured, document-oriented information as possible at the highest levels of accuracy. So while the user experience and operational management capabilities are also important, if the software fails to deliver high levels of accurate data, then you might as well stay on a manual process. To understand the keys to a successful PoC focused on straight through processing, check out the eBook below. It delves into STP and how it can be best achieved.