Economies of scale: Cloud processing Document Capture technology has been available for many years and is a proven method to decrease operational costs and improve business efficiency
Process tasks: In the above example – “Money Out” in financial services -- typical tasks may include client input, initial processing, receipt into correct function, acceptance as IGO (in good order). Primary metric: A great metric is the NIGO (not in good order) rate – and you’ll be redesigning your forms process to reduce NIGO rates. Primary cost driver that you intend to change as a result of improving the process: the cost of NIGOs
Many companies rely on a combination of automatic pattern recognition technology and manual data processing. Even with automated forms processing, bad data can get through
Harvey Spencer presented Automate, Automate, Automate: Bridging the Gap Between Capture and Process. Traditionally capture has been centered around automating paper based processes at the front-end of business systems and eliminating key entry. As with many of the back-end systems, it has been batch-oriented and thought of as a โfront-endโ or โfirst-stepโ separated from the processes that it feeds
All of it increases in value when you understand how one document relates to another, to the people who use it, and to the processes it drives. The objective is to improve quality and maximize business process efficiency
In the best case scenario, there are a plethora of forms to fill out, secondary documentation to provide, and days of processing time required
Look for opportunities to add web service and E-Form applications to small, simple business processes...But it is the process and the underlying costs that got me thinking that there must be a better way
While this seems like a simple thing to do, it is also a change in the way the organization conducts business and how content enters its processes. Where once a loan application was completed on a paper form, and passed through to a bank representative, now the consumer can apply online using an electronic form which then is the trigger for the review and approval process
Primarily, I’ve been going over some of my notes on the process of going paperless...(Fun stuff, these paper processes of ours.)...Getting this process cleaned up means faster payments and improved cash flow
However, the user was still forced to print out the tax forms and send them to the IRS for manual processing...This reduced a lot of the stress, process and lag time that every American and the IRS experienced