It all comes down to data. Data is all around us. And that is the fundamental challenge for companies today — the need to make data work for their business. What are the chances of you working with accurate data every time? The trouble with continuous business operations is that data and documents are not pushed into workflows at the first point of contact with a company — sales and purchase orders received at an off-site location rarely make it to the central repository on time for processing. It is difficult to capture data from within as well as the edges of a company when people, processes, and operations are running non-stop. Added to this is the human element — manual paperwork is almost always error-prone, making it difficult to derive at and use the right data for optimal business outcomes.
We discuss a few key mission-critical scenarios where intelligent data capture and document processing becomes indispensable, especially given the limited time and manpower resources businesses are having to deal with in this economy.
Of course, the most plausible explanation for maintaining up-to-date financial data is money, and how it is being spent. No one likes to pay more than they should, and for companies, it also is a question of integrity to manage your books well — will your supplier serve you the best merchandise if you haven’t settled previous dues? But a simple task like accounts payable or payments reconciliation can be cumbersome. More time is spent retracing and matching the right PO to the corresponding invoice than in actual accounting and bookkeeping work. Intelligent document processing resolves this. A single transformative solution takes care of data entry, validation, approval routing, and verification of vendor invoices before exporting them to an ERP system for final reconciliation and payments.
It is almost proverbial to assume you’ll be working the files and folders forever to reimburse for medical claims. Traditionally, insurance and medical claims processing means heavy paperwork. And who is responsible for early payments to the aggrieved party? In a tough insurance market, nothing is more detrimental for payers than to lose business due to delayed payments. Medical claims processing starts with tedious data entry work, and a thorough validation process that could involve the payer, providers, care givers, as well as expert witnesses. And filing claims also involves adhering to medical standards and regulatory frameworks like HIPAA. How does a 9-5 staffer claim to be productive when he is bogged down by just the sheer volume of paperwork and compliance involved? There is bound to be an error. Claims Processing Software, built on intelligent document processing technology, offers a single platform solution to capture, extract, validate, verify, and automatically generate 837P and CMS-1500 forms, expediting the payments process manifold.
People make companies. And with them comes a bulk of business data that is confidential as well as vital to the continuous engagement of employees. Functions like payroll, recruitment, onboarding, training, etc. demand accurate employee and business data. Company success is determined by employee engagement at every stage of management and this engagement starts with data on the employee. Intelligent document processing relieves HR staff from mundane paperwork, allowing them to focus on initiatives and employee engagement programs that will help lower turnover and retain skilled workers.
Compliance in the legal department begins and ends with a credible audit trail. Legal proceedings hold weight when there is credible documents and data to back them up. Archiving, investigation, case review, research, administrative work, etc. all need a system of accurate data management and governance. Intelligent document processing facilitates these.
Never keep a customer waiting. To attract new and existing customers for return business, you need to deliver beyond their expectations. Intelligent document capture handles the most cumbersome yet indispensable task of sales order processing to expedite delivery in the most efficient manner. No missed orders, no wrongful billing — intelligent document processing ensures a single view of customer order fulfillment by providing a single platform for the acquisition, validation, and approval of sales orders before final delivery to the customer.
Don’t wait till your workload piles up before you transition to intelligent document processing. Start today. Artsyl can show you how — Contact Us.