Customers Globally Achieved Cost Savings and Business Benefits, Finds an Independent Research
According to Deloitte, “While 85% of CEOs accelerated digital initiatives during the pandemic, most can’t articulate their overall strategy and progress beyond that they made a tech investment.” Realizing the emerging needs and goals of organizations, Newgen provides and continuously upgrades its low code and cloud-based digital transformation platform, NewgenONE, to help organizations across industries accelerate their digital transformation journeys.
The Total Economic Impact™ of Newgen Software, a Forrester Consulting Study Recently, Newgen commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying its solutions in digital transformation. The study provides readers with a framework to evaluate the potential financial impact of Newgen on their organizations. Forrester interviewed three decision-makers with experience using Newgen Software to better understand the benefits, costs, and risks associated with the investment.
The study found that Newgen provided a 371% ROI and a $29M NPV for a composite organization over three years with a payback period of less than six months. The study further described how a composite organization experienced improvements in areas like employee productivity, workflow efficiency, customer experience, and regulatory compliance, leading to significant cost savings and business benefits after deploying Newgen’s solutions for digital transformation.
Key Benefits Unlocked with Newgen
Here are some of the key benefits that the composite organization experienced after investing in Newgen’s solutions:
Improved Productivity with Automated Enrolment and Data Entry
The interviewed organizations were able to eliminate mundane, manual data entry processes using Newgen solution features such as auto-extraction, auto-validation, and single-screen data entry. This helped organizations reduce errors and accelerate the enrolment process. Digitizing manual data entry allowed interviewed organizations to reskill between 8% and 20% of FTEs per year and enabled 50% in time savings.
Accelerated Delivery with Workflows Digitization in the Call Center
Investing in Newgen’s solutions helped enhance the agent’s visibility on key processes through Newgen’s unified dashboard. The dashboard offers capabilities to centralize repository for archiving all contract documents, streamline the approval and review process, and leverage intelligent automation and AI capabilities to better inform the agent’s decision-making. Furthermore, agents were able to reduce the average time spent on handling customer queries like appeals and grievances by 75% after streamlining and automating various processes.
Operational Cost Savings from Decommissioned IT Systems
Newgen’s solutions allowed interviewed organizations to simplify their complex business needs and workflows supporting them. The organizations were able to leverage a singular cloud-based platform that integrated multiple processes and disparate IT systems. This helped organizations to decommission legacy IT systems and bridge information silos, unlock simpler processes, and improve productivity. Repurposing the resources dedicated to maintenance, patching, and IT support per decommissioned system helped cut operational costs.
Faster Invoice Processing
Invoices processing can be complex, as one of the interviewed organizations reported several challenges in processing invoices efficiently, which resulted in a lack of visibility into cash flow. The organization found a solution in Newgen’s cloud-based digital transformation platform to tackle the issues like dependency on multiple systems, delayed payments, and lost invoices. After investing in Newgen’s solutions, the organization was able to handle invoice processing from initiation to archival. Standardizing and automating invoice processing helped the organization accelerate the process by 60%– from an average of 5 to 2 days.
Enhanced Customer and Employee Experience
After deploying Newgen’s solutions for digital transformation, the composite organization saw an improvement in its customer and employee experience. The organization could enhance its customer experience by leveraging an integrated customer portal for accessing communication materials and self-service tools in a timely manner. Furthermore, Newgen’s intelligent automation capabilities reduced the volume of manual paperwork, freeing up the organization’s capacity to upskill and fulfill greater responsibilities, enhancing the employee experience and satisfaction.
Better Adherence to Regulatory Compliance
With Newgen’s solutions, the composite organization could comply more fastidiously by virtue of its capacity to prioritize transactions relative to the financial and regulatory risks they pose. Thus, enabling the organization to address those risks in advance and avoid any regulatory fines on account of delayed processing.
Quicker Provider Onboarding and Contracting
By deploying Newgen’s solutions, interviewed organizations were able to accelerate their provider onboarding and contracting processes. The organizations could tap on intelligent features such as the auto-generation of letters which enabled them to accelerate turnaround time to onboard providers from weeks to days, elevating the overall experience and level of provider satisfaction.
Apart from these quantified and unquantified benefits, the study also highlights the analysis of each benefit, cost analysis, and financial summary of the entire study based on the composite organization.
Your enterprise’s critical information may exist in different forms, such as paper, digital formats, office documents, and across multiple locations. Gathering and capturing the sheer volumes of information effectively and accurately from the deluge of organizational content is a tedious process, especially when it is done manually. To overcome these challenges, it is important for business leaders, like you, to streamline the process of data acquisition and information capture.
What Is Information Capture?
It is the process of capturing unstructured information from paper-based or digital documents and translating the same into structured data, readable by a digital device.
The first step in an organization’s digital transition starts with digitizing its paper-based processes. With the help of information capture software, you can streamline data management while replacing traditional paper-based forms.
Understanding with a Use Case
A financial institution can leverage an information capture tool to extract relevant details from a supporting document provided by the customer, such as identity proof. The software will automatically retrieve information, including name, address, contact details, etc. from the document. This helps minimize manual errors, boost employee productivity, and drastically reduce the time for account opening.
Business Benefits of Leveraging Information Capture Software
In the above example, it is evident that enterprises can maximize their organizational efficiency by using information capture software. Let us dive deep into some of the other business benefits of the software:
Reduction of operating costs through automation of document-intensive business processes, such as document handling, storage, and manual data entry
Resource optimization through automating time-consuming and error-prone manual tasks, including document classification, data separation, and data indexing
Faster document processing through concurrently performing bulk scans, classifications, image enhancements, and extractions
Furthermore, the information capture software can be advanced to the next level by combining data capture functionalities with content management, process automation, and workflow capabilities. It can unlock new avenues for enhanced data capture, efficient content management, smarter decision-making, and improved workforce productivity.
A content services platform is the ideal approach for optimizing business performance through efficient utilization of enterprise content. It can enable your organization to create, collaborate, share, transform, and leverage content for deriving business value.
The platform, backed with capabilities such as audio-video management, content analytics, cloud computing, records management, and others, enables secure document collaboration, facilitates anytime-anywhere information access, and helps derive valuable insights.
Unleash the Power of Content with Content Services Platform
Here are six ways in which a content services platform can help you efficiently leverage content:
Ensuring Content Governance and Compliance: Ensure complete content governance for regulatory compliance. Create labels and policies, such as retention, disposition, and storage, to manage records while complying with various regulatory standards.
Enabling Efficient Content Extraction: Extract critical data from paper and digital documents to enhance operational efficiency and reduce errors. Aggregate documents from disparate sources, make them legible, extract data with precision while continuously improving extraction accuracy.
Facilitating Secure Information Access: Enable anytime-anywhere information access and real-time collaboration. Empower employees with smart search and intelligent recommendations.
Driving Contextual Engagement: Capture, manage, and consume content generated in the context of business processes. Derive context from information, residing across various sources, and deliver personalized communications to customers across multiple touchpoints.
Streamlining Content Lifecycle Management: Create, manage, share, and archive different types of content while enabling easy and secure access.
Enabling Hybrid Records Management: Manage various records, including e-mails, physical, and electronic records, while retaining their integrity and authenticity. Create and manage multiple classification schemes for records that help in easy search and retrieval.
Digital transformation has undoubtedly become a critical part of the boardroom agenda for organizations of all sizes and scales. Gartner states that organizations accelerate digital transformation processes for long-term growth and profitability. Yet: “53% of the organizations surveyed remain untested in the face of digital challenge and their digital transformation readiness therefore uncertain.”
But you can be ready to face the digital challenges by utilizing hyper-automation tools. The range of tools includes automation technologies such as robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), process discovery, and others. A digital transformation platform helps business leaders like you build a connected enterprise. These automation solutions will help by engaging employees, customers, and third-party across regions, functions, and departments through their preferred location, time, and channel. It helps fulfill your initiatives and bring together people, processes, and systems seamlessly in real-time. Furthermore, by leveraging an automation platform, you can transform your complex business processes, spanning across multiple siloed departments, dozens of disparate databases, and millions of files into unified and streamlined business applications.
How digital transformation platform helps business:
Optimize and Automate Business Processes
AI-driven digital transformation platform automates and streamlines end-to-end business processes, including content, processes, and communication. This hyper-automation technology allows you to do away with repetitive tasks and manual tasks and enable the business user to function at an increased level of efficiency and decision making. Using adaptive algorithms and advanced analytics, It can respond quickly to organizational demands, reduces business risks, and takes preventive actions based on AI predictive analysis. Furthermore, it helps improve service level agreements, enhance operational efficiency, and optimize operational costs by a significant margin.
Accessing Contextual Information
Organizations generate a high volume of content, making it exceedingly challenging to store, classify, mine, or draw insights from this information. Here’s where a digital transformation platform comes into the picture. The platform enables your users to access search content from federated repositories, maintain data confidentiality, leverage content-centric workflows to drive productivity, mine data and employ content analytics, and apply appropriate retention and compliance policies
Leveraging an ideal digital transformation platform, you can keep your customers engaged through their preferred channels, including mobile, web, chatbots, social media, etc. Furthermore, you can provide consistent interactions and customer experiences even if the customer switches the channel in-between
Developing Applications Faster
A robust digital transformation platform reduces time-to-market with drag-and-drop and point-and-click configurability to build and deploy applications faster. Low-code/No-code features empower you to expand your application portfolio by rapidly developing critical business applications and facilitating enhanced collaboration between business and IT teams
Key Takeaways
In a nutshell, an ideal digital transformation platform helps streamline content, automates business processes, accelerates digitization, and enables you to deliver a superior experience to customers and partners. It also empowers employees to focus on customer-centric activities while boosting their day-to-day productivity.
Traditional ways of managing content are now passe. The burgeoning amount of content being generated today is forcing enterprises to look beyond traditional ECM systems. Enterprises are now looking towards pervasive utilization of content. And this has spurred the need for artificial intelligence (AI) and machine learning (ML) based technologies in-built into content services platforms. With the pace at which the content services space is evolving, AI/ML and other modern technologies have long shifted from being “areas of interest” to the actual “roadmap items.”
Decoding Intelligent Content Services
Intelligent content services are about utilizing modern technologies to help analyze, organize, and deliver content at a larger scale. It provides opportunities like automated categorization and classification of documents, extraction of data, sentiment analysis, identification of sensitive content, and more.
Modern technologies like advanced OCR, NLP, AI/ML, and others have transformed the way content is handled. Enterprises now expect data to lead them in the right direction. For example, visual recognition services can now detect a missing signature on a contract seconds after it is uploaded, rather than waiting for days for a human to inspect its quality.
Intelligent Content Services Capabilities That You Can Leverage
Automated categorization and indexing of documents for eliminating redundant tasks
Identification of sensitive content and masking it for meeting compliance and governance goals
Extraction of entities from content for providing insights and automating business processes
Execution of sentiment analysis on customer communications for quick identification and solution of customer requirements and more
All the above capabilities can help your employees by making them more productive, more effective, and more compliant. This ultimately translates to delivering the best customer experience possible.
And There’s More…
While intelligent content services have a host of advantages which can help employees in a multitude of ways, its benefits can percolate and amaze your end customers too! For instance, through self-service web portals, your customers can verify their identity and documents through intelligent video recognition capabilities. Another very real and tangible benefit would be prompting your customers at a document collection portal to ensure that the correct set of documents are uploaded.
With intelligent content services, the opportunities are endless! Newgen’s contextual content services platform has comprehensive intelligent content services capabilities that can help you boost your employee productivity and offer a superior customer experience. Recently our content services platform has received the highest possible rating for its intelligent content services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.
Low code, which emerged onto the technology scene in 2014, has taken the application development market by storm. Enterprises across all industries are rapidly adopting low code solutions, especially following the unprecedented demand for digitization in 2020as a result of COVID-19. A recent Gartner survey estimated that by 2024, more than 65% of application development will be done on low code platforms and 75% for both IT application development and citizen development initiatives.
Practical Application: Understanding the Scope of Low Code
Imagine you’ve successfully purchased and implemented a low code solution, investing a significant amount of money and time into achieving your digital goals. What can you do to make sure your success isn’t just a one-time thing?
Especially at a time when most organizations are thinking about cost efficiency and practical efficacy, you must consider ways to scale your low code solution and increase your ROI.
Drive standardization through rapid application delivery
The rapid application delivery capabilities of a low code solution are integral to large-scale digitization, standardization, and governance. The ability to quickly develop applications enables data access and integrity, privacy, security, integration, and more. By quickly developing applications and updates, you can set a standard model for workflows and execute processes in a uniform way across different parts of the organization. You can even incorporate feedback from current users to develop quick fixes for future projects
Optimize results through integration
Avoid building all your applications and workflows natively using your low code platform. Instead, seamlessly integrate with other tools and technologies to fill business gaps and specific requirements that your low code solution cannot address. Maximizing external tools enhances the overall productivity of your operations and eliminates the need to expend your resources on building a similar tool internally
Use the right mix of technologies
To ensure that you are getting the maximum return on your low code investment, you must use an appropriate mix of technologies, rather than relying on a single tool. Think of ways to incorporate a variety of new-age technologies into your operations, especially the more complex processes. Strategically augment your low code solution by implementing robotic process automation, dynamic case management, rules and decisioning engines, artificial intelligence, machine learning, and more
Capitalize on citizen developers
Tap into your non-IT talent and expand their skillset by training them to use your low code development tools to create applications and updates. Share the IT team’s workload with your citizen developers, allowing your IT to merely oversee application development and focus on more complex issues. Additionally, commit to creating a community platform, like a developer forum, to quickly collaborate with all types of developers on best practices, ideas, and resources
Respond to the unexpected
Quickly respond to unforeseen changes, problems, requirements, and more by leveraging the agility and scalability of your low code platform. Create a customized solution for any business need, without sacrificing on speed or quality. Deliver results within days, or even hours, rather than waiting months for application and workflow updates
The future is, unequivocally, based on low code. And as we continue to navigate the unprecedented in 2021, it is imperative that you optimize your investment and get a bang for your buck!
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