Organizations just now learning about the power of digitization in their workflows may envision the end result of a digital revolution as a paper-free workplace. To be sure, the scanning of documents to eliminate the need to store numerous boxes of paper files is one reason to seek out digital solutions for a business. But taking control of a business’ documents means far more than simple document scanning.
Here’s how Ripcord's robotics and machine-learning solution goes beyond mere document scanning to truly understand and enrich an organization's content.
Company personnel spend an average of more than three hours each day doing repetitive tasks that could easily be automated. Automation of tasks such as data-field entry, drop-down-menu selection, various payroll and customer service functions and more can end up giving each of a company's employees back more than four months each year. That's time they could use for problem-solving, critical thinking, and innovation — skills that move a business forward.
Ripcord is a cloud-based platform that enables organizations to not only replace the human element in these rote, repeated tasks (reclaiming revenue and lost business hours) but also get more from their data, faster. For example, in the financial services industry, Ripcord solutions can automate the manual processes involved in banking operations. This allows a bank to eliminate errors and process documentation such as applications and onboarding forms far more quickly.
As part of the enrichment of organizations' files, Ripcord classifies and separates documentation, further removing unnecessary human intervention. When a file is entered into Ripcord’s software, it's not just made digital so the paper it's on can be recycled. Its components are separated and indexed into useful categories for the organization that uploaded them.
Using business rules — learning that is based on samples and identification keys — the system gets smarter the more data that's entered into it. Over time, it comprehends how the company both uses and wants to organize its documentation. For example, when in use by an insurer, the solution recognizes and sorts the component pages of a filed claim, even if those pages have been entered into the system as part of a much larger package of documents. This action saves the insurance company more personnel hours and time, and greatly increases the accuracy quotient.
Using artificial intelligence, Ripcord enables valuable data extraction and enrichment. Advanced techniques in these areas allow for the accurate and properly formatted pulling and porting of data for internal processing — a crucial function for business success.
For example, in the oil and gas sector, Ripcord technologies have helped streamline the acquisition of oilfields and allow for the speedy deciphering of decades' worth of oil-well-log data. Faster, more accurate interpretation and analysis have allowed Ripcord clients in the industry to efficiently cull crucial information that has helped them increase their revenue.
Indeed, being able to find the value in what they already have is a skill many companies wish they could do far better. With organizations collecting and hoarding so much data, the sheer complexity of finding value is the biggest challenge. Underutilized data reserves make it critical for organizations to invest in the tools to normalize data across disparate sources."
Looking for more value from your data? Pull the Ripcord. Get in touch with our team today.