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
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!
Reading people’s minds is a superpower that most of us would love to have. While social listening is not exactly mind reading, it is as close as it gets for modern business leaders.
In today’s sense-and-respond environment, the importance of customer experience cannot be overemphasized. You must know what your customers are saying about your organization—how much do they love your brand? Are they satisfied with your services? What’s bothering them the most?
However, despite having a digital presence and a willingness to transform customer experiences, efforts often fall flat. Sound relatable? Keep reading to learn how you can bridge the gap between expectations and reality.
Quick Rewind … What’s Social Listening?
As the name suggests, social listening allows you to figure out what your audience is saying on your different channels and track conversations as well as mentions related to your brand, your peers, and their products and services. With the right approach, you can analyze the gathered data and take immediate actions in response.
Why Don’t Brands Listen? Where’s the Gap?
With the overwhelming amount of noise on social media platforms and other customer engagement channels, including phone, live chats, messaging apps, SMS, and websites, separating the signals from the noise becomes a daunting task. Organizations often:
Fail to deliver personalized experiences across the customer journey
Lack an omnichannel approach to reach out to customers
These statistics highlight the importance of being where your customers are and leveraging the right technology to deliver consistent, contextual, and omnichannel customer engagement.
Leverage Digital and Social Sensing for Listening to Your Customers Anytime, Anywhere
To help you meet your customers’ expectations, an integrated digital and social sensing solution—backed by machine learning and artificial intelligence capabilities is the key. The solution will help you understand the pulse of your customers’ needs and:
Understand their point of view and expectations from your organization
Monitor and capture cross-channel conversations
Analyze each interaction’s content and context to provide meaningful insights
Analyze important keywords and identify the right sentiments
Send and track relevant communications
The Final Word
The time is now for you to shift your focus from process or channel to your customers, and understand their needs, expectations, and perceptions to be able to successfully transform their experiences.