Shashi Bhargava: Top 4 Business Cases That Leverage Cloud-Based Intelligent Document Processing To Streamline Paper-Intensive Workflows
Shashi Bhargava, Executive Vice President - Solutions & Products, 0
Many business sectors such as BFSI, Shared Services groups, and Manufacturing & Logistics still use paper that leads to process delays. As the paper documents exchange many hands, the process inherently brews tendencies to misplace them and confidential information along with it. This scenario leads to long winding processing and rework many times over at best and fraud at the worst. As teams grow and continue to work in shifts, the scope of error and document misplacement goes on increasing.
As these sectors are governed by stringent laws, statutory compliances, and service level agreements, they cannot afford to lose precious time in rework. Intelligent Document Processing improves productivity and efficiency. It improves the scope of first time rights or FTRs. The Cloud improves the scalability and the reach of the solution. The Artificial Intelligence (AI) / Machine Learning (ML) algorithms allow continuous learning and improvement in data capture accuracy.
How Does Intelligent Document Processing Over The Cloud Work?
Robotic Process Automation (RPA) easily processes structured documents. However, almost 90% of the data today is available in unstructured format. The AI / ML enabled Intelligent Document Processing extracts data from the document without using a template, with high confidence levels, and routes it to the core business systems.
It has pre-processing and post-processing features. The pre-processing reduces noise, deskews it, improves the document hue, brightness, and contrast such that the data is captured with high confidence and accuracy levels. The captured data accuracy and validation is improved by post-processing features that eliminates common OCR errors such as S/5, I/1, etc.
It intelligently auto-classifies the digitized document and indexes it so that the digital asset can be affixed proper metadata. It improves the search ability and storage of the document. The executives have to just eyeball through the document and the captured data before routing them to the storage.
The Cloud offers a staging platform for storing the digitized assets from where they are processed one by one through pre and post processing, ingested / extracted, auto-classified, and then routed to the Cloud Enterprise Content Management system or Cloud ECM system. The extracted data is integrated with the core business systems.
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Top 4 Business Cases For Cloud-Based Intelligent Document Processing
Before: A paper workflow based claim processing is tedious and long winding. It is replete with unnecessary back and forth between the stakeholders leading to SLA breach and unhappy customers.
After: The processing executive receives the paper forms and digitizes them. The Intelligent Data Processing tool ingests the data, auto-classifies the document, moves the data to the core system through staging, and the digitized asset to Cloud ECM storage, from where it is accessed by the assessors. The process is culminated in a few of days as against a number of weeks earlier and improves efficiency.
Before: Long winding contracts are not easy to read and decipher. The legal and procurement teams have to read them many times over to extract key points especially during due diligence.
After: The solution extracts key terms from the document during the ingestion process itself, which is then attached as a summary and metadata to the digitized document before storage. The summary is linked back to the main pages to read the finer details of the contract. This auto-summarization allows the legal and procurement teams to understand the details of the contract within a short time.
Video Know Your Customer (Video KYC)
Before: KYC is a highly confidential and sensitive process that needs to be initiated periodically in all BFSI enterprises. The paper based process usually captures the name, address, contact details, social security number, passport number, signature and much more depending upon the prevalent laws and statutory requirements. This data is available for unauthorized access and to all the hands through which it finally reaches the files.
Intelligent document processing improves productivity and efficiency. It improves the scope of first time rights or ftrs. The cloud improves the scalability and the reach of the solution
After: Intelligent Automation enabled Video KYC over the Cloud bypasses the entire manual data capture journey executed through a paper form. In this intelligent process, as soon as a customer registers online for a particular service, a pin and Video KYC link gets triggered to a bonafide bank executive and the customer. Both of them then use their pins to join the call. The bank executive captures images of the statutory support documents, signature, etc. The confidential data is auto-captured and moved to Cloud ECM repositories through Cloud Staging. Once the data is integrated in the core system through the RPA component a KYC completed email is triggered to all the stakeholders.
Before: The process takes a lot of time for data entry and onboarding at a point when time is very crucial. Moving patients between different facilities for advanced care also consumes time due to long on-boarding processes.
“Intelligent automation enabled video KYC over the cloud by-passes the entire manual data capture journey executed through a paper form”
After: The intelligently automated process eliminates delays caused during onboarding. Defining common fields and mapping the rest of the fields through Intelligent Automation allows faster information dissemination between healthcare facilities with improved STP. It allows the healthcare workers to digitally review the case quickly beforehand.
Template Free: Ingests any type of document without a template due to the AI / ML algorithms.
• High scalability: Offers high scalability and reach due to the intelligent automation and cloud combination and handles increasing workload with ease.
• Multi-structured data: Allows to manage any type of data with ease and at high speed.
• Interoperable: Integrates data with any downstream system, including ERP, cloud, mainframe, etc.
• High STP: Provides high STP and avoids rework, translating into savings in operational expenditure.
• High efficiency: Improves throughput and efficiency allowing executives to handle increasing workload with ease.
• High accuracy: Offers high confidence level in data capture and improves accuracy.
• Easy to use: Provides an intuitive interface that facilitates easy and faster data capture.
Cloud-based Intelligent Document Processing allows to expedite processes even in a paper workflow based environment. Improves turnaround time with long winding processes involving globally working teams. It reduces scope for error and retains confidentiality of information.