“The biggest opportunity for big companies has come by far in the digitization of internal processes.”
This quote from former General Electric CEO Jack Welch illustrates how important the digitalization and automation of internal processes is in order to not only survive the competition, but to win it. Because an essential advantage besides cost optimizations is the following: thanks to optimized processes, also the customer experience can be improved, which in turn can prove to be an advantage over the competition. How Parashift can help to optimize manual processes and which use cases are particularly suitable for this purpose can be read in the following sections.
Status Quo: How most processes work today
In most processes, documents or forms are involved in some form or another. For example, a change of address or name may involve sending a confirmation of residence or a copy of an identity document. More complex processes may involve filling out and sending back and forth over a dozen different documents or forms until the process can finally be completed. If these forms each have to be sorted and analyzed by human hands, it is not only slow and inefficient, but also relatively error-prone. This also affects key KPIs and leads to increased throughput time and costs in complex, manual processes.
A low throughput time is of course super desirable for the customer experience. On the other hand, if it takes several days or even weeks until all documents are sent back and forth and also checked, then this is usually not such a great experience. You have probably experienced this yourself and know how tedious and frustrating this can be.
Fintech companies such as Revolut or N26, for example, have particularly well optimized processes in this respect in their customer onboarding. Many of them are completely digitalized and automated, which makes onboarding possible in just a few minutes. Opening a new account is therefore child’s play and a truly refreshing experience. Some customers are so positively impressed by this experience that they tell friends and family about it right away. This word of mouth marketing is a positive side effect of optimized processes with short processing times and is worth a lot of money.
Process optimization with intelligent document extraction
So how can you concretely go about this and make your processes faster and more cost-effective? One of the possibilities is to implement modern software for document extraction. You can automate document- or form-based processes and relieve your employees considerably.
Straight through processing is a relevant keyword here. This means as much as end-to-end data processing. It describes a concept of data processing with as little manual interaction as possible. The aim is to automate the processes completely, without any human intervention. The throughput times and costs are thus significantly lower. The susceptibility to errors is reduced and the customer experience is positively influenced.
With modern AI-supported document extraction, an important step towards Straight Through Processing can therefore be taken. Thanks to optical character recognition (OCR), documents and forms can be automatically recognized and read. With the help of Machine Learning (ML) the documents can be classified and the read-out data can be interpreted correctly. And you can then keep the whole thing running 24/7, which is an important prerequisite for self-service offers for end customers, for example. In particular, standardized work steps and processes are ideally suited for automation with ML-based OCR. However, intelligent document extraction can also help with documents containing unstructured data, thus significantly reducing manual work in special cases. In principle, however, any processes involving documents and forms are suitable for implementing intelligent OCR software. This article describes what you can automate in the leasing industry, for example. Generally, important things where Parashift is often implemented include name changes or contract mutations, invoice processing, order entry, complaint management and many more. The degree of automation that can be achieved depends on the processes and document input quality involved.
If you would like to optimize your processes yourself, thereby reducing throughput times, costs and error-proneness and taking the customer experience to a new level, then register for a 14-day free trial account via the banner below and see for yourself the effectiveness of a modern extraction solution that will help you achieve greater operational excellence.