Rather than wringing our hands about robots taking over the world, smart organizations will embrace strategic automation use cases. Strategic decisions will be based on how the technology will free up time to do the types of tasks that humans are uniquely positioned to perform.
Clara Shih
AI has been and continues to be a highly disruptive force across multiple industries. Why? According to a Deloitte trends survey, the top five benefits of AI were identified by survey respondents as:
- Enhancing current products: 44%
- Optimizing internal operations: 42%
- Enabling better decision-making: 35%
- Optimizing external operations: 31%
- Freeing workers to be more creative: 31%
Which of those outcomes sounds desirable for your business? Your answer is likely that you would like to see improvements in all those areas. Just how much of a business impact can leveraging AI confer?
Consider just one area wherein intelligent automation can have a significant impact on your business: the area of document understanding. Here are four positive impacts of utilizing a document understanding solution that leverages AI.
Cost Reduction
It’s no secret that doing anything the manual way takes longer, but what many businesses still fail to realize is that it also costs significantly more. To be sure, a high-quality document understanding solution represents a monetary investment, but there’s a sizable return on that investment in relatively short order.
When a bank uses the Instabase Automation Platform to digitize required documentation for lending, for example, it reduces the need for expensive full-time sales and underwriting analysts to manually review, validate, cross-reference, extract, and key in data.
“If you can automatically classify your documentation, you don’t have to pay humans to do it, so there’s a clear cost advantage,” Tom McCann of Instabase’s financial services department said. “There’s also a speed advantage.”
Companies that choose to continue using staff effort and hours to perform tasks that could be better and more quickly done by machine are sacrificing far larger cash gains on the back end for short-term savings in the near term. One large American retail bank partnered with Instabase to automate document digitization, classification, and prioritization in its loan process.
The business impact: Processing 1.4 million pages each month, the bank projects savings of $4.8 million over the course of just three years.
Scalable Growth
By using document understanding software, a business can grow without incurring significant costs for each new customer. One major US insurer chose the Instabase Automation Platform for Unstructured Data for its mailroom operations with three major goals in mind: (1) to identify and prioritize incoming documentation in such a way that the company could meet its service level agreement (2) to reduce errors caused by manual processing and (3) to establish a scalable model. Within just two weeks, the company used Instabase to build a solution to digitize and classify incoming documentation, extract vital metadata, and automatically route the incoming data into the appropriate queues in the company’s workflow tools.
The business impact: With intelligent automation at its core, the insurer now is able to classify 96% of incoming documents, all while freeing 40 full-time employees for more high-value work with the company.
Operational Efficiency
Manual review inevitably means delays in results and responses. With intelligent automation, organizations can speed up their processes, a move practically guaranteed to enhance customer satisfaction and lead to business growth. One top 5 US insurer that processes hundreds of thousands of complex claims each year worked with Instabase to train a classifier model with intelligent automation, configure an extraction solution, and build an end-to-end app that could integrate with its existing workflow tools.
The business impact: Using the Instabase Automation Platform, the insurer has sped up its operations, reducing the average handling time for a claim from 10 days down to just 2 days.
Reduced Risk
Particularly for companies involved in finance, there is a relatively high level of operational risk in all processes. Using intelligent automation, however, can limit this risk. In an effort to comply with evolving anti-money laundering regulations, a leading UK commercial bank needed help with a backlog of over 200 million pages of client information that had accumulated over a 20-year time span. The information was locked in messy documentation that included structured, semi-structured, and unstructured data. The bank turned to Instabase for help to meet the objectives of their compliance program and position the organization for future success. Using the Instabase Automation Platform for Unstructured Data, the bank was able to quickly assemble an automated process that integrated fully with its existing workflows.
The business impact: Rather than an expensive rip-and-replace transformation, the bank was able to use existing tools and models to meet compliance program objectives. Achieving 97% accuracy, the company mapped the first 320,000 customer profiles in under 3 months and saved an estimated $2 million in Phase 1 of the project.
Create Business Impact with the Instabase Automation Platform
Artificial intelligence, with its subset of machine learning and deep learning, has ushered in a new world of possibilities for seeing big business impacts from appropriate technology choices for document understanding and intelligent automation.
Instabase’s Horizontal Application Platform packages the most advanced models and techniques to customers always experience the state-of-the-art. Our solutions are purpose-built to integrate with your existing workflows and make them better, faster. Get a demo today to create workflows without the wait.
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