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What Cutting-Edge Content Process Automation Offers Your Business

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Have you ever felt frustrated by paper-based workflows? Compliance demands for documents giving you a headache?

This is precisely what Content and Process Automation aims to resolve.

It’s about transitioning from the old-school paper trail to a sleek, digitized document system.

This shift represents a vital step towards digital transformation in today’s fast-paced business landscape–one where data compliance and analytics are baked into your document management strategy.

Let’s explore the transformative power of Content and Process Automation and how it can streamline your business operations.

Document Management: The Cornerstone of Content and Process Automation

 

Content and Process Automation digitizes high-volume, repetitive manual tasks that involve documents and data.

It takes the repetitive work off your hands, like sorting and searching documents, data entry, compliance, and reporting.

Content and Process Automation-enabled software like DocStar captures document-related workflows, whether automatically or through manual mapping, and automates them so they can be executed with one click. Tasks that once took minutes or hours, now take a fraction of a second.

Effective document management is the heart of Content and Process Automation, but to understand the benefits, we first need to understand how costly manual paperwork processes really are.

This has been hotly debated for decades, with studies from the late 1990s and early 2000s suggesting that lost documents cost the average mid-size business $91,500 per year, while document storage space costs $135,000 per year.

Evidence from much more recently suggests that US businesses collectively waste some $8 billion on managing paper each year, with an average cost of $20 to file a document.

Evidence from much more recently suggests that US businesses collectively waste some $8 billion on managing paper each year, with an average cost of $20 to file a document.

Regardless of what figure you stick your pin in, employees waste countless hours manually organizing, filing, and finding paper records.

Important files slip through the cracks, leading to lost information, compliance issues, and compounding costs.

How Content and Process Automation Helps

The benefits of moving away from antiquated paper filing to digital solutions like Content and Process Automation are numerous:
  • Cost Reduction: Going digital not only streamlines processes but also reduces costs. You’ll no longer need to allocate resources to physical storage, printing, or manual document retrieval.
  • Streamlined Document Handling: With a centralized document management system, you can bid farewell to the days of sifting through stacks of paper. It’s about simplifying access and retrieval, reducing the time spent searching for physical documents.
  • Efficiency and Collaboration: A centralized repository enhances efficiency and collaboration within your organization. Team members can access necessary documents from anywhere, fostering better teamwork and enabling seamless remote work.
Digital document management, however, is just the start. Today, smart businesses are investing in Content and Process Automation that intelligently extract and retrieve essential information, turning a traditional storage system into a system of action and insight. For instance, DocStar’s intelligent data capture (IDC) tools automatically retrieve and log data in your database. Only then can you truly begin to navigate your documents without the cost or hassle of manual handling.

The Need for Intelligent Data Capture (IDC)

Digital document systems have been around for decades, but today’s leaders offer much more than simply storing files in a database. Intelligent capture solutions in modern Content and Process Automation eliminate the need for labor-intensive document processing. The software captures paper and digital files and automatically classifies, processes, and routes data based on your workflows.

DocStar provides multiple ways to input documents from scanners, multifunction devices, folders, and email. The system utilizes artificial intelligence to instantly sort and classify files based on type, text, barcodes, and other patterns.

Key insights from DocStar’s research include:
  • Auto-classification to sort documents with up to 90% accuracy
  • Data extraction to reduce manual data entry by 60 to 90%
  • Quick configuration of capture routines without extensive templating
  • Document routing to trigger specific business process workflows
  • Visibility into processing queues and compliance reporting

Enhancing Compliance with Governance, Risk, and Compliance (GRC)

Documents often carry sensitive data, from internal company details and figures to personally identifiable information (PII).

From the California Consumer Privacy Act (CCPA) and Gramm-Leach-Bliley Act (GLBA) to Sarbanes-Oxley, HIPAA, SEC, and EU’s GDPR, it’s vital to maintain compliance for both people’s and businesses’ data.

Additionally, poorly managed documents can pose major cybersecurity risks, particularly regarding data leaks. GRC offers effective compliance and reporting controls, supporting a company’s internal risk management policies.

Here’s how Content and Process Automation effectively supports compliance:
  • Proactive Risk Management: Beyond compliance, GRC facilitates proactive risk management. It empowers your organization to identify, assess, and mitigate risks effectively. By addressing potential risks before they escalate, you ensure the resilience and continuity of your business operations.
  • Upholding Governance Policies: GRC in Content and Process Automation features enable you to define and enforce access policies consistently across your document management processes. This ensures your documents are handled securely and aligned with your organization’s data governance objectives.
  • Security: Storing documents digitally in secure platforms like DocStar ensures data is protected using enterprise-grade security. This lowers the risk of data theft or leaks.

Transforming AP and HR through Automation

In addition to organization-wide benefits, Content and Process Automation provides targeted support for specific business departments, such as Accounts Payable (AP) and Human Resources (HR).

These teams wrestle daily with document-heavy processes and compliance risks from sensitive information like personal and payment data.

Content and Process Automation relieves the burden on these departments by digitizing paperwork and enabling workflows like invoice processing and employee file management. Staff can focus less on manual document tasks and more on strategic initiatives.

And with automated compliance checks, they can rest assured that privacy policies and regulations are being followed. Let’s break this down further:

Accounts Payable (AP)

Female accountant working about financial with calculator at her office, Savings, Finances and economy concept.
  • Streamlining Invoice Processing: Automation within AP simplifies the often complex task of invoice processing. Invoices flow seamlessly through digital workflows, reducing manual data entry and the associated risks of errors. The result? Faster invoice processing times and a significant reduction in time to get approvals and make payments.
  • Enhanced Accuracy: The precision of automation minimizes errors in data entry and invoice matching. No more discrepancies or double payments. This improves the accuracy of your financial records and fosters stronger vendor relationships, as payments are made on time and accurately.
  • Optimized Cash Flow Management: Efficient AP automation means better cash flow management. With real-time visibility into invoices and payments, you can optimize your cash flow and liquidity.

Human Resources (HR)

  

  • Accelerating Onboarding: HR automation streamlines the onboarding process. From collecting and processing new hire documents to setting up access to company systems, automation reduces the time needed to get new employees up and running. This boosts productivity and provides a positive onboarding experience for new hires.
  • Compliance and Record-Keeping: HR departments deal with a multitude of documents, from employment contracts to benefits enrollment forms. Automation ensures that these documents are stored securely and are easily accessible when needed. Compliance with employment laws and regulations becomes more manageable, reducing the risk of legal issues.
  • Supporting Remote and Hybrid Work Models: In an era of remote and hybrid work models, HR automation provides a centralized and secure repository for employee records. This enables HR teams to manage personnel files efficiently, regardless of their team members’ location.

 

 

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DocStar: First-Class Content and Process Automation

As global data volumes explode, manual processes can’t cut it anymore. Businesses need Content and Process Automation to digitize workflows and unlock the full analytics potential of their documents.

Centralized document access via Content and Process Automation breaks down silos for greater collaboration, while automated workflows reduce costs and strengthen compliance. With tailored support for document-heavy departments like AP and HR, it enables both organization-wide and business function-specific gains.

DocStar delivers on all these features and more, centralizing document access for better collaboration while ensuring compliance using enterprise-grade security features.

AI-powered intelligent capture platform makes it easy to classify, process, and extract value from both digital and paper files. At the same time, built-in compliance features support governance and risk management strategies.

Don’t leave money on the table or inside filing cabinets. Make the move to automated document workflows today by booking a demo with us today.

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