Business Process Automation at Scale: Wielding the Power of Intelligent Document Management
Ripcord customers span multiple industries, but they share a handful of core need states and at least one foundational requirement: the need for speed. From insurance and finance to healthcare and energy, Ripcord clients want operational optimization, and a large part of that involves increasing the pace of functions across all their organizations.
Business process automation and high-quality digital document management are the keys to optimizing processes, no matter what services or products a business provides. But simply throwing software marketed as a 'digital solution' into the mix for an organization is unlikely to result in business optimization.
"Digital business presents tremendous opportunities for innovation and competitive advantage," Susan Moore shared in a piece for advisory firm Gartner. "Creating this value requires a complete rethinking about the work itself. Merely inserting digital technologies into the existing process is insufficient to realize the full value of digitalization."
A large part of "rethinking the work itself" means considering an entity's unique needs and desires, and then choosing the right platform to meet those needs and desires. The following sections explore some of the current process challenges in four core industries and discuss how they can be overcome using a top-of-the-line, customizable solution such as Ripcord.
Using a well-engineered intelligent document management platform such as Ripcord, property, and casualty as well as life insurers can take far better control of the many files in their organization — files being generated constantly and at a constantly increasing rate. A greatly improved handle on documentation means fewer mistakes, less risk, and higher productivity. These qualities have become more necessary than ever before in the wake of the global pandemic.
"The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers," a McKinsey paper reads, in part. "Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution and upgrade their online channels. While most organizations likely didn't invest heavily in AI during the pandemic, the increased emphasis on digital technologies and a greater willingness to embrace change will put them in a better position to incorporate AI into their operations."
Ripcord was constructed with AI at its very foundation and, as a result, has been ahead of the curve since its inception. For policy enrollment and claims management, Ripcord's portal is both customer-friendly and capable of handling a multitude of tasks. It extracts and enriches entered data to ensure accuracy the first time.
Although it is the bane of many insurance policyholders, the claims process can be streamlined considerably with the use of Ripcord's platform. With the quick capture and classification of information, Ripcord reduces headaches for everyone by quickening the pace of claim validation and approval.
Underwriting, too, benefits enormously from the introduction of intelligent digital document management. A series of steps that frequently involved thousands of pages of documentation per case file, underwriting can make use of Ripcord's subsecond search capability, reducing the need for hours of expensive employee time on a manual task and greatly increasing accuracy.
Data is the bread and butter of banking, fintech, and investment companies, so it is essential that these organizations have a firm grip on their documentation. With the many manual processes it involves, the financial services sector is a prime candidate for intelligent automation and the huge increase in accuracy it can bring.
"Automation is a particularly important component of digital transformation for financial services companies," Zeynep Deldag shared in a piece for EY. "Banking and insurance, in particular, are highly transaction-based industries that generate large amounts of data. Automatic processing of this data allows them to operate far more efficiently and make use of technologies, such as AI and data analytics, to retain and expand their customer base while managing their risks."
At banks, Ripcord can streamline and automate many of the manual processes performed daily, while reducing the instances of error and greatly lowering risk. This is especially so for customer onboarding, applications for lines of credit and new cards, and overall security and fraud claims.
Loan origination is another area of finance that is potentially rife with pitfalls for manual tasks. Ripcord’s user-friendly portal offers a single source of information for all loan-related documents, consolidating data from numerous file types to simplify search, research, and management operations. Then, Ripcord’s extraction and enrichment capabilities of both a financial institution's structured and unstructured data allow for seamless, quick, and intelligent automation, as well as integration with extant enterprise software.
Using first-rate digital content management can help ensure that risks are better avoided in the creation and management of titles and deeds, too. Here, a first-rate content management system such as Ripcord's can take on, with ease, the great variability of involved documents so clients no longer have to manually extract required information themselves.
Ripcord solutions also effectively automate trade processing, a capability that speeds and smooths operations at financial institutions. Trade documents are often received in various formats, including email and PDF. Ripcord extracts the relevant data and ignores the rest, eliminating the need for manual moves and saving time.
Healthcare is another sector in which legal compliance is a major hourly consideration for the companies involved. Not only is patient privacy of the utmost importance but so, too, is transparency when it comes to regulators, making routine functions often difficult to navigate.
Luckily, a well-engineered data management tool, such as Ripcord, will ably straddle the line between security and visibility, and make the company using it more efficient and effective while doing so.
By using intelligent optical character recognition (OCR) and deep learning, Ripcord enables healthcare companies to streamline both patient and insurance registration. Ripcord’s machine learning algorithms allow the solution to better 'learn' each client's data needs and trends the longer it works for them, giving our clients the capability to differentiate between document types, hone in on meaningful data, and locate and link to the correct patient records.
Ripcord’s AI-fueled technology is also able to improve the billing and claims process. It captures and extracts data from all institutional claim forms, including the CMS-1500 and CMS-1450T, streamlining a healthcare company's revenue-cycle workflow by automating tasks rather than having human workers do them. Ripcord works seamlessly with Healthcare Common Procedure Coding System (HCPCS), easily pulling data and setting up documentation for export to formats required by the Health Insurance Portability and Accountability Act (HIPAA).
Energy companies both generate and receive huge influxes of data on an hourly basis. Given the highly regulated nature of their industry, it is imperative that they can maneuver that data and separate that which is important from that which is not — and do so quickly. By taking control of their data, energy firms can increase the productivity of their operations and access valuable information sooner.
"To reap the advantages of digitization to the full, companies should be prepared to embed an agile working culture in order to facilitate designing and implementing innovative solutions," a recent PwC study reads, in part. "Only by taking a holistic approach that is supported by a long-term vision will oil and gas companies be able to substantially and materially improve their core efficiency, profitability, and sustainability."
Ripcord's use of business process automation (BPA) is just such a holistic organizational approach, making our platform ideal for the oil and gas sector. Our solutions are capable of storing and making granularly searchable not only huge volumes of modern and current documentation but backlogged legacy documentation as well.
This is a crucial point for O&G companies, many of which have mountains of files dating back decades. But no matter the volume, Ripcord can quickly digitize, enrich, and connect documents, including oil-well logs and various geographic data, to give Ripcord clients in this sector far greater visibility into their own assets.
There Is Power in Your Data
No matter what your industry happens to be, there is considerable power in your data. Ripcord can help you access that power and wield it for the good of your company and your clients. Contact us to learn how.