When it comes to creating a new – and sustainable – competitive advantage, document management, workflow process and storage may not be the first things that come to mind. However, successfully automating document capture and processing systems can lead to a number of significant business benefits in many key areas.
To understand the overall impact – and potential to realize these gains – let’s take a closer look at the challenges automated document processing can help solve, using an example in the financial services industry.
Pretend that you are a credit collection clerk in charge of processing new loan applications from customers. The volume of applications can number in the hundreds each day, and each application must be processed carefully to ensure that the data is highly accurate and secure. While some applications and supporting documentation may be received as email attachments, the majority are still paper-based, making the overall process extremely manual and insecure.
In order to process documents electronically, you could use your company’s multi-function printer (MFP) to scan applications and send them to yourself via email. Or there is a better way. You can process these documents electronically at the MFP, scan them to applications, and then tag the documents to route them to existing workflows or back-end document management systems. These documents then arrive at your desktop or in a group folder as electronic PDFs for easy editing and collaboration.
Yet while the applications are now in a digital format, you are still responsible for manually keying specific data into the company’s finance system, including customer profile information and loan requests. Accuracy is absolutely critical; errors are costly and can cause delays for your process and company as well as for the customer.
Improved document management, improved business results
By examining this scenario, it’s clear that manual document processing slows business and can negatively impact customer service. Here’s how automated document processing using a capture and workflow solution, can transform all of this.
Consider that automated document capture and workflow solutions often include pre-defined workflows. Applied to the most common documents, the automated workflow enables the document type to be determined at the MFP with pre-sets for scan settings, document format, file name and other details.
It can also link to multiple systems, enabling customer information and loan amounts to be extracted and delivered to the finance system automatically. So what was once an intensely manual process is now streamlined with minimal effort. It also enables faster routing for approvals with fewer errors – all of which means a faster response to customers waiting on loan approvals.
Document processing in real life
Nuance AutoStore can provide this functionality – and the sustainable competitive edge you’ve been looking for – in automated document processing.
Even better, all of these benefits are more than just possible; they are achievable. Consider the example of Union Capital, a mortgage company specializing in the origination of residential mortgage loans. With Nuance AutoStore, Union Capital virtually eliminated its reliance on paperwork and provided documents in electronic formats that could be shared across offices. Not only did this provide significant cost savings and a fast ROI, but Union Capital was also able to create mortgage documents that are now available immediately at any office location.
To learn more, please download the Union Capital success story or watch the Nuance AutoStore video to see how document capture and workflow solutions can provide new advantages in industries like yours.