As we have seen, HyperAutomation (HA) is becoming an important strategic trend for organizations seeking to rapidly identify and automate the latest possible number of business processes to drive efficiency, agility and productivity.
The HA label, as identified by Gartner, brings together a range of AI and automation technologies – and, most importantly, a determination to break away from a siloed approach to address multiple labour-intensive workflows holistically.
Typical use case applications for Intelligent Document Processing (IDP) and Intelligent Process Automation (IPA) technologies can be found in both front and back office processes of organizations of any size in any industry, including Public Administration.
Some typical use cases include the following:
- Banking and Insurance customer onboarding operations that require the reading of ID documents, financial documents and income statements.
- File verification and validation in Public Administration, requiring data extraction from very large and varied sets of documents.
In the field of legal contract management, support for terms and clauses interpretation and verification.
- Automated reading and classification of contents from regulatory compliance reports for Risk Management and Internal Audit purposes.
- Automating procurement and sales operations processes, like reading and extracting data from orders, payments, contracts, invoices and bills, is becoming an increasingly common practice.
Some even more advanced use case scenarios include:
- Automated documents and images processing for insurance claims management.
- Automated data collection from balance sheets, notes to balance sheets, business plans and financial statements for credit scoring purposes in the mortgage and lending management process.
- Automating ESG (Environmental Social & Governance) company profiling, based on the information and data extracted from multiple sources, like annual reports, sustainability reports, websites, news, etc.
- Supporting NPL (Non-Performing Loan) and UTP (Unlikely To Pay) portfolio evaluation, by automating data extraction and collection from complex documents for the effective assessment of distressed credit.
- Automated reading of medical records and clinical trial results for patient management and new drugs development in the Healthcare and Pharma industries
Typically, the end-goal of these applications is to drastically reduce the manual work time required to read and interpret documents, to cut down data entry operations and to enable automatic verification procedures in support of sophisticated operational and decision-making processes.
A comprehensive IDP solution such as the Altilia Intelligent Automation™ platform can bring important advantages both in terms of efficiency and cost reduction, leading to end results often exceeding a 100% ROI, based on the total costs of ownership.
This is possible as an organization gains the ability to:
- Speed-up business processes by up to 10 times.
- Upscale document processing capabilities, according to real data volumes and business needs.
- Reduce manual errors and oversights.
- Drastically reduce the manual work (often by more than 80%).
- Improve employee satisfaction, by reducing the time spent on tedious and repetitive manual tasks (like data entry, document reading and inspection).
- Improve customer satisfaction as processes are handheld more quickly and accurately.
- Increase overall margins, as the improved access to data and information allows business leaders to make more informed and timely decisions.
For Altilia’s customers, an IDP platform represents a strategic investment to meet all their HA needs arising over time, allowing them to both scale up existing use cases to meet increasing business demand, as well as creating and deploying new domain-specific use cases with a unified approach.
To learn more and have a chat with Altilia’s automation experts, contact us here.