Fully Activated Data: Achieve Accuracy and Efficiency at Scale
Businesses are at the receiving end of a firehose of documents and data. The global data sphere is expected to double between now (2022) and 2026 with enterprises creating a majority of that data. Successful organizations are those that have in place workable, intuitive, and intelligent document management software, like Ripcord.
Below we detail the top three ways that having such a solution in place to fully activate your data will benefit your organization as a whole.
1. Gain Efficiencies at Scale When Manual Processes Give Way to Automation
One of the primary reasons organizations choose to digitize their documentation is to reduce the volume of manual work that employees must do. In document-heavy industries like financial services and healthcare, the amount of time employees spend doing repetitive document management tasks is staggering — and costly.
Ripcord's document management solution automates such tasks, eliminating much of the manual work in favor of automation. Automation leads to more efficient business processes, more time for employees to work on value-added tasks, and an increased ability to scale as circumstances dictate.
For example, the manufacturing industry is a prime candidate for the business process optimization that automation can bring. The process of matching purchase orders, invoices, and proof of delivery, for example, requires numerous steps involving disparate documents as well as field filling and like rote functions.
With Ripcord's intelligence document solution, its quick and accurate data-point capture and classification capabilities, human-personnel hours spent recalling, cross-checking, and entering data are slashed, along with their associated costs.
2. Ensure Superior Compliance and Risk Management
In many industries, risk management and compliance are front and center every day. In health care, financial services, and others, the regulatory environment is always changing, yet the price for errors and failure to meet regulations remains high and punitive. Sensitive data is the lifeblood of these sectors, and the increasing sophistication of ransomware and other cyberattacks looms large.
Organizations in such industries must ensure their data and documentation are secure, accurate, and compliant with local and federal laws. Intelligent document management can provide a solution on all three counts.
With the use of advanced optical character recognition (OCR) and deep learning, Ripcord's platform allows healthcare organizations to streamline patient-related data entry and insurance registration. Ripcord utilizes machine learning algorithms to enable its solutions to better address the unique needs of each healthcare client organization so that clients can find the data they need exactly when and where they need it.
As Ed Holms writes in Corporate Compliance Insights, "Digital transformation projects are incredibly important to the healthcare industry to change the privacy game while delivering better care and improving interoperability. [Digital transformation] also ensures compliance remains a priority for health care systems."
3. Increase Productivity
All businesses share the goal of accomplishing more in less time for fewer dollars. Using the right intelligent document management system can help.
Ripcord uses machine learning to classify documents and extract key data, enabling efficient processing and automation. Higher efficiency yields greater productivity for an organization. Ripcord also helps companies glean insights from their own data, improving decision-making intelligence and streamlining workflows.
By freeing up the time and effort of human workers, a company can reap the benefits of focusing their workforce on strategy and innovation, drivers of economic growth.
"The way firms use digital technologies on the ground amply demonstrates the productivity dividend that is possible," a McKinsey Global Institute briefing note reads. "Sectors with a high level of digitization also display the largest productivity growth."
Activate Your Data with the Power of Intelligent Digitization
Whether your organization is at the beginning of its digital transformation journey or you are nearing digital maturity, activating your data by using intelligent content management is the way to next-level process automation. Ripcord is an intelligent digitization solution that enables organizations to gain efficiencies at scale and increase productivity while maintaining compliance with all applicable regulatory requirements.