As the name suggests, content classification classifies structured, semi-structured, and unstructured documents based on layout, content, and object-based type.
Incoming documents come in various types, including application forms, claim forms, invoices, identity proofs, etc. In a manual setup, employees are required to open documents, skim through them, and classify them, which is not a very effective technique. Here’s when an intelligent content classifier comes into the picture. It enables enterprises to classify documents and organize information quickly and easily. It provides valuable information that can be leveraged to understand the trend and gain meaningful insights.
What are the facilitators for intelligent content classification?
Newgen has been recognized in the Gartner® Magic Quadrant™ for Content Services Platforms. Are your documents slowing you down? Read this eBook to know how a contextual content service platform can help you streamline your documents and ensure business continuity.
Robotic process automation (RPA) automates manual, labor-intensive, time-consuming, rule-based, or repetitive tasks. Typically, a bot performs these tasks more efficiently than humans while also being available 24/7 and easily interacting with in-house applications, websites, and user portals. They work well in a static environment and can log into different applications, copy, and enter data, open emails, and attachments, carry out calculations, and much more.
In the modern business landscape, robotic process automation use cases have expanded beyond the horizon. Different industries employ machine-based programs and systems to perform tasks and roles that don’t require micro-management at minuscule levels.
Use cases of RPA can be enormous across industries. To know what they are continue reading.
Account opening is a data-intensive process. RPA can capture the data from account opening, lending, trade finance, or KYC forms and documents, eliminating data transcription errors, enhancing the data quality of the overall systems, and delivering error-free results. It can also detect fraud by identifying discrepancies in documents.
Moreover, incorporating RPA in banking allows for smoother transactions of information and faster delivery of services. After deriving inspiration from several business process automation use cases, the industry has employed robotics in its systems to boost productivity and enhance the time required to process, approve, or deny applications within various banking procedures.
Robotic process automation use cases in insurance have only recently been implemented. The complicated and time-consuming process of starting and reviewing an insurance policy has been simplified by automated systems. The task of updating relevant information and reaching a decision is simplified, cost-effective, and satisfying for customers.
Robotic process automation simplifies the underwriting process. It captures data from applications and fills the data in core insurance systems. Bots can analyze data from incoming applications, identify any concerning areas triggering risk, or alternatively forward for straight-through processing. It can also help with rule-based automatic case classification, reducing the turnaround time for policy processing and servicing.
Robotic process automation has revolutionized the industry by making a once-cumbersome process relatively easier. The intensive manual work required in this category was unproductive. Eliminating the need to have a physical supervisor at all levels of the process helps various institutions recover a large amount of money from daily expenses.
Government organizations deal with a considerable volume of citizen requests and applications. RPA brings efficiency to government organizations by automating the application life cycle. It facilitates data extraction, file creation, diary entry, indexing, cross-referencing, search, and retrieval. It automates data processing activities in citizen-centric services, property registration, compliant management, legal case management, etc.
It’s an apparent fact that the government in each country has access to the largest database of information. All the relevant information needs to be combed through in various situations to verify the legitimacy of consumer applications.
Earlier, without the help of AI and robotics, completing a single process could take years of inspection and discussion. With the help of RPA, queues lining up outside government institutions have been reduced dramatically. Every level of governmental responsibility is streamlined with the introduction of robotics and AI-based technology.
Robotic process automation in accounts payable and receivable also boosts the process’s overall productivity. Not only does it make the process of keeping a record of transactions owed or easier and faster, but it also ensures the dismissal of errors and inaccuracies.
Moreover, robotic process automation has a crucial role in bringing efficiency and accuracy to accounts payable and receivables. It verifies, classifies, validates, and segregates all the incoming invoices and routes them to either approval for non-PO invoices, discrepancy resolution, or register invoices. Finally, the data is automatically entered into ERP systems.
Irrespective of the industry, RPA-powered chatbots help organizations deliver smooth customer service. It can help you while updating account information or processing customer request. Based on massive, stored data, it can interact with the customer like humans, with 24X7 availability and added security.
Almost every industry now uses robotics and AI-based systems to improve customer service. Given that the customer-facing team is sometimes unaware of internal developments, these systems can be integrated with valuable information to ensure that they are always prepared to answer a variety of questions.
Robotic process automation use cases can be numerous. Per Gartner, 90% of large organizations globally will have adopted RPA in some form by 2022 as they look to digitally empower critical business processes through resilience and scalability while recalibrating human labor and manual effort. It can be easily integrated into existing processes at comparatively low costs, giving quick results, reducing processing times, creating happy customers, and helping you do well against competitors. Read the whitepaper here to gain detailed insights into how bots are viable to create significant business value.
The pandemic has forced organizations globally to reinvent and realign their digital transformation strategies. Today, digital transformation is no longer a matter of choice. And the energy and utilities sector (E&U) is no exception to this trend. Many E&U organizations have made significant investments in their digital initiatives to sustain their market share and thrive in the aftermath of the pandemic.
Despite the investments in modern, digital technologies, E&U organizations have not been able to fully harness the power of digital. This is primarily due to:
Huge number of documents involved
Disjointed technical processes
Multiple rounds of submissions, approvals, and rejections
Complex peripheral processes like invoicing
Persisting dependence on manual interventions
Short timelines and expensive delays
The Right Step Forward
The need of the hour for E&U organizations is to leverage a unified project management system for the entire project lifecycle that connects documents, processes, people, and devices. A unified interface will enable these organizations to streamline all functions like submittals under multiple disciplines. The interface will bring these functions to the appropriate processing channel, be it through a document-intensive or template-based workflow.
This would enhance operational efficiency, reduce various maintenance-related overheads, and help E&U organizations become future-ready.
Webinar: Accelerating Digital Transformation in the Energy and Utilities Sector ? A Use Case
Recently Newgen and Wipro hosted a joint webinar, where Carlos Santos (Head of Western Canada and Canadian Alliance Partnerships, Wipro) and I shared our thoughts, experiences, and insights on why E&U organizations must accelerate their digital transformation efforts.
Our overall discussion featured the following:
Significant trends and drivers influencing digital processes
Various challenges associated with document engineering and management of documents
Case studies and best practices
Watch the full recording of the webinar and gain insights into how E&U organizations can accelerate their digital journeys.
Intelligent workflow automation is the need of the hour!
Workflow automation software streamlines the business processes – from the simplest departmental functions to complex business-wide operations. Transactions are automatically triggered and routed between people and technology based on pre-defined rules. It brings agility to the business workflow and provides superior customer services.
Workflow automation can be utilized to automate the business processes irrespective of the industry.
Here are the top eight use cases of workflow automation software
Workflow helps in automating different functions of the finance department. It provides real-time integration with ERP systems like SAP, creating a robust ecosystem for faster accounts payable processes. Similarly, it automates the approval process, CAPEX requests, salary changes, account payable, grants management, to name a few.
Workflow automation software optimizes the procure-to-pay lifecycle while connecting resources, systems, processes, and people. It enables organizations to eliminate paper-driven procurement processes and streamline the complete cycle from start to finish. It also helps in automating vendor management.
Workflow automation software helps effectively manage complaints, appeals, and grievances (CAG). It streamlines the inflow of CAG from various sources, a rules-based engine prioritizes transactions, enables intelligent case routing, and results in faster and more accurate resolutions.
Service Request Automation
Workflow software auto-routes the service requests to the concerned department based on predefined parameters and routing paths. It reduces the turnaround time and simplifies the approval processes.
Legal Process Automation Streamlines
Workflow automation software in legal space manages clauses and templates and supports seamless integration with other systems. It provides security to the information by placing right-based access to the repository.
Workflow automation helps in automating various HR processes. It digitizes your end-to-end employee onboarding processes creates, manages, and deploys employee-centric solutions with speed and agility. Same way, it simplifies employee offboarding, timesheets, and other benefits.
Workflow automation facilitates different functions of the sales departments. It streamlines pricing, discounts, proposals, approvals, etc. Based on pre-defined paths, proposals and approvals are independently sent for immediate action by the designated personnel. It simplifies the process with decentralized decision making, enhancing employee productivity and reducing turnaround time.
Security Access Requests
Information security builds trust with your customers. Workflow automation software leverages robust security features, such as access permissions, role-based rights, password policies, multi-factor authentication, audit trails, LCAP/SSO support, and more. It enables secure access to contextual information to your employees based on pre-defined rights.
So, do you want to explore workflow automation software further?
A workflow software can transform your individual departments and the organization, connecting them and creating a truly digital organization. To know more about workflow automation software, contact us and we will be happy to connect with you.
Customer communication management (CCM) enables businesses to deliver personalized, context-rich communication, maximizing selling opportunities across various touchpoints.
A strong CCM, if appropriately implemented, can reduce operational costs, streamline communications, increase opportunities for cross-selling and up-selling. It can enhance your omnichannel communication and branding strategy and become a valuable tool for customer engagement with personalized customer communications.
Sneak-peak into the top 5 ways a robust customer communication management platform benefits your organization:
Customer communication management platform empowers employees with flexible designing and authoring capabilities by leveraging reusable designs, images, graphics, company policies, disclaimers, and graphs. CCM allows multiple users to collaborate via effective version control, check-in/ check-out, and approval workflows. Employees can also seamlessly and efficiently use external data sources and repositories to create effective contextual communication.
Personalizing Customer Experience
CCM helps you to deliver personalized communication to each customer on time, every time, with consistency and standardization through their preferred channel. You can add a personal touch to each communication by arranging variable data and information in structured templates in the customer’s preferred language. Welcome kits, negotiated insurance policies, appeals, and grievances communication are some of its best examples. Sending e-cards on birthdays and anniversaries improves your customer engagement.
Enabling Multichannel Delivery
Customer communication management enables marketing teams to configure, validate, and send contextual communications/offers to customers through their preferred medium, increasing offer effectiveness. It can be print, digital, social, or a mix of all.
Once delivered, CCM tracks its delivery status, like delivered, undelivered, read, unread, clicked or bounced, etc., to get a 360-degree view of the customer communication lifecycle. CCM recommends complimentary offers for its customers based on the result, thereby increasing its selling opportunities. It also helps with the omnichannel branding experience with the same logo, color, font, design, and message, assembled in a structured template distributed across various mediums.
CCM ensures the security of various documents. Encrypted data, digital signatures, password protection, and user-based access to copy, paste, and print help secure documents as per compliance.
A robust customer communication management platform helps you deliver a personalized customer experience using a ready-to-use template design with security and compliance.
Read one of our case studies with a leading insurance company to learn how Newgen helped them enhance their customer service.
Today, low code application development platforms are becoming the go-to option for enterprises to accelerate their digital journeys. According to Gartner, “low-code application platforms (LCAP) are expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8 billion in 2021.”
What do you need to know about low code application development platforms?
A low code application development platform empowers professional IT developers and streamlines enterprise-wide workflows by enabling rapid development and deployment of complex, context-aware, and customer-centric business applications. It can help enterprises deliver a frictionless and hassle-free experience to their customers, employees, and partners.
With a low code platform, enterprises can:
Enable end-to-end automation of complex and content-centric business processes
Create domain-rich solutions to cater to dynamically evolving business requirements
Rapidly design and develop enterprise-grade applications for web and mobile
Drive continuous process improvement and enable a rich user experience with new-age technologies
Key business benefits to unlock
Ensure happy customers: Today’s tech-savvy customers want you to respond quickly to their evolving needs. Here, low code arrives as a savior by allowing you to rapidly adapt to the changing market and customer needs.
Empower IT: IT teams are burdened with the maintenance of systems with periodic updates, compliance checks, and various performance measurements. You can minimize this technical burden by automating such recurring tasks through low code capabilities, thereby letting your IT team handle more critical and dynamic processes.
Enable Faster go-to-market: The platform can help reduce application development duration through reusable components and drag-and-drop tools. This enables enterprises to bring their applications to market quickly and timely incorporate any required changes.
Enhance IT governance: Shadow IT is one of the most significant areas of concern for enterprises as it accrues technical debt and affects its overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on third-party applications and ensuring a collaboration-driven work environment. Low code boosts IT governance by doing away with data, process, and security vulnerabilities.
Your enterprise can gain much more than speed and agility by leveraging low code with a suitable platform. Read this whitepaper to learn how a low code-based digital transformation platform can help organizations unlock simplicity by managing their content, processes, and communications.