The Role of Document and Data Capture in Digital Transformation

Today many companies are faced with increased real estate costs, digital information overload, regulatory change, new compliance demands, and increasing competition in markets across all sectors. That’s why organisational leaders seldom need convincing to drive efficiencies and optimise business processes: digital transformation initiatives promise strong yields and remain a high priority.

In my mind, digital transformation is simply about targeting specific areas within an organisation to ensure that routine business processes and standard procedures are followed, which in turn contributes to efficiencies.

The Document Management Perspective

From a document management perspective, it means automating procedures and extracting data for business use and application. Take the example of a law firm, which may receive case matter in paper and digital formats. With the help of document capture and scanning technology, it is possible to capture all the necessary data from the received documents – e.g. case matter number, fee earner, and upload them into the firm’s case management system for further processing. It also provides the ability to store that data in another business system e.g. finance and accounting solution.

When undertaken across the department’s different locations these processes can deliver substantial efficiencies. Taking the example again of a law firm, which is likely to have multiple offices nationwide, they could have a requirement that all mail is scanned in the head/central office, with new matters emailed to fee earners across the multiple offices and departments by 11 am. This would also help enhance a firm’s customer retention rates and reputation for customer service by providing exceptional responsiveness to customers.

Where to Start: Get Rid of Paper

A digital transformation”>digital transformation initiative doesn’t always need to be enterprise-wide from the start and can be rolled out in stages. For many small and medium-sized businesses, physical storage is not only expensive, it can also be problematic to actually sort through paper documents to find the information that has been requested. This is, in fact, a good place to start a digital transformation”>digital transformation project/exercise. In the first instance scanning the files and extracting the important metadata can be put on a backed-up file share. Once digitised, the business can determine exactly what data currently needs to be transferred into the various business systems/processes like document, case and matter management, finance and accounting. The cost savings as a result of decreased physical storage (which can be substantial) can be used to re-invest in technology.

Fundamentally, digital transformation”>digital transformation should be ‘business as usual’. It should also be easy to implement, non-intrusive and cost-effective. Focus on the areas that are likely to deliver the most impact to the business and roll out in order of priority. The programme is often more successful when undertaken gradually in bite-size chunks.

Source: http://www.m-files.com/blog/role-document-data-capture-digital-transformation/

 

PETRONAS-Saudi RAPID Refinery to Offload First Oil Cargo on Monday

SINGAPORE: A supertanker carrying the first crude oil cargo for a refinery joint-venture project between Petronas and Saudi Aramco is expected to be unloaded on Monday, according to two industry sources and shipping data on Thomson Reuters Eikon.

The very large crude carrier (VLCC) Navarin carrying 1 million barrels each of Saudi Arab Medium crude and Iraqi Basra Light crude arrived at Malaysia on Sept. 21 and is now moored off the Pengerang oil terminal.

The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea.

The RAPID complex will have a 300,000-barrel-per-day refinery and petrochemical units with a capacity of 7.7 million tonnes a year. Refinery operations are set to begin in 2019, with petrochemical production to follow in six to 12 months.

Petronas and Saudi Aramco could not be immediately reached for comment. – Reuters

Source: https://www.thestar.com.my/business/business-news/2018/09/24/petronas-saudi-rapid-refinery-to-offload-first-oil-cargo-on-monday/

Restoring Asset Data Integrity to Enable Cost-Efficient Maintenance Outsourcing

The Dutch national agency for waterways and public works is the owner of the lock complex in Terneuzen. A construction firm was selected to carry out the maintenance for a period of five years. To accomplish this task efficiently, this firm asked MaxGrip to restore data integrity by closing the gap between the paper reality of documentation and the actual facilities ‘out there’.

This construction firm is a large building contractor in the Netherlands, active in property development, housing, construction, and infrastructure. The role of the Dutch national agency is the practical execution of public works and water management, including flood protection and prevention. Part of the Dutch Ministry of Infrastructure and the Environment, the Dutch national agency is responsible for the design, construction, management and maintenance of the main infrastructure facilities in the Netherlands. This includes the main road network, the main waterway network, and the main water systems.

Taking on the role of the asset owner and asset manager, the Dutch national agency increasingly outsources its maintenance work to contractors nationwide. This relatively new development presents significant changes and challenges to an organisation that has been doing a great job for centuries but is now gradually being downsized.

Assets as-built

“One of those challenges is data integrity,” says MaxGrip expert Erik Hogervorst. “The asset data are a critical aspect of the contracting process. They determine the analysis quality, the necessary corrective maintenance and the overall maintenance strategy. Over the years, many data such as drawings, reports, piping & instrumentation diagrams have not been registered properly or were kept in different places. Consequently, for some assets, it is unknown which data are available, where the remainder can be found if a complete picture can be composed and, most  importantly, whether that picture actually represents the asset as-built.”

Critical spare parts

MaxGrip worked closely together with the Dutch national agency to restore data integrity for the lock complex which, for the purposes of this project, consisted of three locks and two vertical lift bridges. “We were already familiar with the actual locks, as we prepared a list of critical spare parts for the construction firm in 2014. Moreover, we have ample experience with restoring data integrity in a range of industries.”

Discovering differences

After devising an action plan, MaxGrip proceeded with extensive desk research to discover as much as possible about the lock complex. ‘We cross-checked digitally available data with the paper archives, highlighting all differences to be cleared up. We led the team of the construction firm’s subcontractors to check the as-built drawings and inspect the actual versions on site. Step by step we managed to restore data integrity, enabling the construction firm to determine the right maintenance plans.”

Keeping it simple

MaxGrip also advised the Dutch national agency on safeguarding data integrity by managing changes in a standardised process. “We prepared an improved asset breakdown structure for the lock complex, with a complete description of the entire system, down to the last bolt and nut. Keeping it simple is a precondition for effective data management.”

 

Source: https://www.maxgrip.com/case-studies/outsourcing/

 

Health Plans – The Modern-Day Tortoises

Who’s the Hare and the Tortoise?

With digital disrupting businesses, industries can be identified as hares and tortoises in the digital race. Industries such as Media, Retail and Banking can be identified as the hares of the digital race*. These industries leveraged digital at an early stage and altered their service delivery models, offering services to customers beyond the limitations of time and place. The tortoises, however, are the process-oriented industries such as Healthcare, Energy, Logistics, and others, which are just beginning to adopt digital technology.

In the era of enhanced member experience, patient-centricity and increased provider network, Healthcare Payers cannot bank on this adage. To thrive in the digital race, Health Plans need to jump over the hurdles:

  • Health Plans in Silo– With multiple departments such as Configuration, Operations, and Credentialing working on disparate systems, it results in duplication of work and lower productivity. Lack of an integrated system across departments leads to broken processes, low transparency and unintentional delays.
  • Members in Distress– The tech-savvy members are used to anytime-anywhere services. However, Health Plans still favouring manual handoffs and physical documents leave members confused, offering low accountability and ‘less-than-expected’ member experience.
  • Providers in Turmoil– Provider contracting remains a document-heavy process with multiple administrative overheads such as access, printing, and validation. Also, multiple levels of negotiations lead to multiple draft versions and various state policies further, add to the complexity.

And, if all these were not enough, compliance remains as one of the biggest challenges with the myriad rules and regulations coming into play.

Make Way for the Modern-Day Tortoise

In the older version of the story, the tortoise with his steady efforts, and because of the hare’s negligence won the race. However, in the modern-day version, the tortoise analyses his capabilities strategizes for the race and ensures his victory by using a hoverboard.

Just like the modern-day tortoise, Health Plans also need to analyze their business needs and leverage technology that empowers with the right mix of automation and human intervention. Digitized processes backed with agile workflows and content management capabilities are critical for a modern Health Plan to cater to its members’ needs. A Business Process Management (BPM) platform with its agile workflows, extensive integration and exception handling capabilities can facilitate Health Plans to transform and enhance their service delivery model.

Here’s how BPM can ensure victory for Health Plans:

  • Streamlined Appeals and Grievances – Don’t let your appeals and grievances process hurt your star-ratings anymore. Make your members smile with real-time updates, timely and effective resolution of cases. Capture complaints from multiple channels and fast-track resolution through auto-routing and auto-prioritization of cases.
  • Simplified Provider Contracting – Provider contracting is no more a back-end operational activity, but a business lever. Gain the competitive advantage and speed by streamlining the end-to-end contracting process from contract creation to termination.
  • Mobile Enrollments – Enhance members’ enrollment experience by eliminating errors and irregularities in your enrollment process. Empower your field executives to capture information on-the-go, auto-validate data, and drive contextual member interactions.
  • Faster Claims Processing – Leverage BPM’s extensive integration capabilities to integrate with core systems and optimize claims processing. Consolidate critical information, enable faster and accurate claim settlements, leading to greater customer satisfaction and adherence to regulatory mandates.

Well, it’s time for Health Plans to take the winning leap with BPM and ensure victory in the Digital race.

Source: https://newgensoft.com/blog/health-plans-modern-day-tortoises/

Relationship between Digital Transformation and Intelligent Information Management: 10 Data Points You Need to Know

Digital Transformation Journey

Every organization is on — or should be on! — a digital transformation journey. The heart of this transformation journey is understanding, anticipating, and redefining internal and external customer experiences.

Point 1: Over 53% of organizations are “living on the edge” in terms of a potential serious disruption in their business model.

Point 2: 81% of organizations believe that digital transformation”>digital transformation is important OR very important to their organization.

Point 3: Only 18 months from 2020, less than 1 in 5 organizations are near where they want to be in the core transformation challenge of “understanding, anticipating, and redefining internal and external customer experiences.”

Digital Transformation Effectiveness

Digital Transformation effectiveness is imperilled by a rising tide of information chaos and confusion.

Point 4: Despite major improvements in information management capabilities over the past 10 years, organizations have only marginally kept pace with the new wave of “Big Content” challenges.

Point 5: The average number of content systems in use continues to rise; the average number of systems has grown by nearly 30% over the past 5 years.

Point 6: While most organizations continue to increase the number of content systems they use, a rising portion of critical business content (now 54%) remains OUTSIDE those content management systems.

Demand for New Information Management Practices

The rising tide of information chaos and confusion is creating a demand for new information management practices that extend beyond traditional ECM.

Point 7: In just three years, we’ve moved beyond the cloud “tipping point.” Even for organizations that were initially sceptical, for over 8 in 10 organizations, cloud capabilities are now a key part of the solution.

Point 8: For 70% of organizations, the monolithic model of the ECM era has been replaced by a desire to consume content capabilities as needed — i.e., content services.

Point 9: 92% of organizations believe that something needs to change and that they must modernize their information management strategy.

Point 10: Pricing and purchase models are changing dramatically from CAPEX to OPEX — 57% of organizations prefer subscription pricing models.

So that’s the core message of the eBook: Organizations need to transform, and a modern approach to information management needs to be at the heart of that transformation.

+ 3 Bonus Data Points

In that context, I thought I might also share three bonus data points that I did NOT include in the “State of Intelligent Information Management – Getting Ahead of the Digital Transformation Curve. They make the point that lagging organizations are at risk of falling even further behind as the waves of digital disruption accelerate.

In the survey, we asked organizations to evaluate their overall performance relative to other organizations in their peer group or industry. 66% of the poorest performing organizations believe they face a serious disruption in their business model in the next two years – but they struggle with what to do about it.

 

+ 1: Organizations with lagging performance DO understand they have a problem.

+ 2: But are three times more likely to be lagging in their digital transformation”>digital transformation journey (less than 25% of where they want to be by 2020) than leading organizations.

+ 3: Unmanaged information lies at the heart of the Transformation problem facing lagging organizations

 

LEADING ORGANIZATIONS LAGGING ORGANIZATIONS
% saying “chaotic” or “somewhat unmanaged”
Scanned documents 19% 70%
Office documents (Word, Excel, etc.) 31% 68%
Emails 30% 61%
Design files & IP assets 27% 61%

What organizations are doing with content and information has outgrown the traditional definitions. We need a new framework to think about the information management practices and methodologies that are critical to digital transformation”>digital transformation and to meeting the challenge of radically redefining experiences with customers, employees, and partners. We need a new way to talk about what organizations are doing with content and information, and how they are doing it. The framework is “Intelligent Information Management.”

Source: http://www.m-files.com/blog/digital-transformation-intelligent-information-management-10-data-points/