In 2017, Information — and work — is being created at a record pace.
According to EMC, by 2020 the data we create and copy every year will reach 44 trillion gigabytes (that’s 44 zettabytes). Just over 35% of that data will be available for analysis.
Artificial intelligence (AI) and Robotics process automation (RPA) are already enabling businesses to cut costs and do more with customer data. Researchers at Accenture expect AI to “boost labor productivity by as much as 40% by changing how work is done and reinforcing the role of people to drive business growth.”
AI delivers impressive gains even in automated functions — going beyond AI to intelligent automation. Automation can make back office routines more efficient, increase efficiency, help make the most of your talent, slim bottom line costs and give better, faster access to data, based on rules programmed into the software.
The promise of a scalable, automated workforce that keeps data quality high is tantalizing to today’s businesses — but for some workflows, it has remained stubbornly out of reach.
Data aggregated from handwritten or typed paper documents isn’t often considered available for automated processes like RPA until it’s already digitized. Today, most of the repetitive, unskilled work of data digitization is done the old-fashioned way: with manual data entry that slows productivity and creates backlogs during periods of high business activity.
Now, thanks to intelligent automation, even these high-touch workflows can be automated.
The next big thing brings big benefits
For today’s enterprise, staying competitive means finding ways to maximize efficiency while providing a great customer experience.
Paperwork mistakes and human errors bog down data processing. According to Louis DiModugno, former Chief Data and Analytics Officer of AXA US, “When a document is not in good order, it causes rework. Rework costs money. It is an efficiency drag.”
With Intelligent Automation, data — even from handwritten form fields — can be captured at 99%+ accuracy. When that data is invalid, Captricity’s CaseCorrect Intelligent Automation tool can automatically send that data back to an easy-to-use remediation interface accessible by the original data sender. Intelligent Automation can also be used to detect which form fields most frequently contain invalid data.
IA gives the enterprise tools to eliminate costly rework and improve overall customer experience and revenue. The ability to automatically enhance form data with information from public records and internal databases is another key benefit of IA. For example, with a better view of insurance customers, underwriters can limit risk and create profitable fast-track underwriting products, all while keeping rates competitive and holding retention rates steady.
Analytics also get a boost from Intelligent Automation. Thanks to IA, all input channels, including handwritten forms, can be auto-remediated and augmented with normalized, validated data. When you lower the time it takes to make business intelligence requests, your analytics teams can spend more of their time seeking insight and performing analysis instead of gathering data.
Preparing for change
Adopting IA means changing the traditional ways organizations operate, regardless of the industry. Cindy DeArmond, Managing Director and Accenture P&C Core Platforms Lead for North America, offers these three valuable tips:
Cost-cutting is only one aspect of IA. “Regard intelligent automation as a co-worker along the journey as you plan for the impact on people, the effect on organizational culture and the new skills that will be required.”
Focus on creating a data-driven environment and building digital trust. “This is the time to overhaul or eliminate old, inefficient processes rather than simply transferring them to a new environment. It is also the time to infuse your intelligent technology with business-domain expertise so it can learn from the beginning.”
Stay open to innovation. “There is no single technology solution that an organization can buy and install to get where it needs to go. Instead, it will need to employ a constellation of technologies along this journey. With new products coming out all the time, that won’t be difficult.”
Captricity is at the forefront of creating IA solutions to help insurers make the most of their data, energy and resources. There’s a reason that 13 of 20 the largest insurers in the U.S. trust Captricity, and you can find them at www.captricity.com