Embracing Digital Transformation in Document Management

We live in a fast-changing world in which the digital revolution is settling in with more determination than ever. Modern technologies are changing the way we interact, communicate, conduct our businesses and consume products and services. Needless to say that it’s only in our power the way in which we integrate this crucial new aspect in our lives and how can we leverage it in our businesses. Many companies have already made steps towards embracing digitalisation in their production and development processes. One of the most important aspects to keep in mind is how will all this change impact the customer journey. The goal is, of course, to ease this process and facilitate the communication and experience that your customers have with your business.

But what is digital transformation and how does it take effect?

Digitalisation is a transformation process that affects several or in some cases all areas and levels of a certain company. It requires thorough strategic planning, budgeting and getting your team on board and accustomed to the new digital environment that is proposed. It could be a slow process in which some clear objectives must be set and of course some realistic expectations. But one of the most important aspects that need to be considered is the impact that this will have on your market, your clients. Is this solution practical enough to offer a better customer experience than the one your competitors offer?Innovation is seen as the primary growth driver of the future. Everyone who wants to stay afloat and ride the technological wave must start thinking about this aspect sooner rather than later. Most of today’s innovative solutions are created by the new generation of businesses that are almost entirely digital or have a considerable digital component at their core. A company like this knows exactly how to harness technology to offer more appealing products and services to its customers, thus changing the competitive landscape significantly. This may not come as easy for already established companies that have a few years behind them on the market. These types of companies are being urged to innovate their processes as a matter of survival. Digitalisation is providing companies with new ways of evolving and creating value for their customers. If you’ve identified your business in this category, you’re probably wondering where to start and more importantly, how. There are quite a few ways to innovate your business processes and leverage innovation but it does depend on your priorities. So in which ways can digital transformation help your business grow?

  • Becoming more customer-centric

Ask yourself this, what is the only thing that still makes a difference to people looking for a certain product or service? Why do they choose one brand over another? Because that winning brand knew to reach its clients on a more personal level. It knew exactly what was the most important aspect for their customers and leveraged it fully. Personalisation in this new digital era we live in is one of the most important tools any company can possess in order to fully win over their customers. Customisation is at the core of the digital revolution and this can only be done by making good use of your customer data. Most new companies nowadays have set the bar high by offering only tailor-made, on-demand services and products, and they also have the digital infrastructure to match the increased demands. Companies that know and make proper use of their customer data can actually compete on this ever-changing market. Offering services and designing products that are tailored to every customers’ needs. Affordability is the new way to go, and the secret lies in making smart use of data.

  • Rethinking monetisation models

Digitalisation is opening up new opportunities for companies to leverage their customers’ needs and buying journeys. Among the most popular monetisation models is the subscription-based one and is emerging in almost every industry. For many software development companies, the SaaS - Software as a Service model has been a monetising method of choice because in this way they have been able to offer customised subscriptions for their customers, rather than off-the-shelf software packages that may or may not be the answer to some of their needs.A digital transformation strategy in this particular environment can put a company on the map to success instantly and without too much effort. It shows an outside the box thinking regarding their clients and they own profit-generating products and services.

  • Improving those daily tedious processes

When you’re thinking about change, one of the first areas you have in mind is, of course, optimising some of those operational processes that take forever to complete and spend a lot of your team’s precious time. Speed and efficiency are definitely considered the markers of digital innovation and more companies are looking to improve some of their in-house processes that are consuming time and resources. Making good use of technology especially when we’re thinking about processing large amounts of data that would take an army of people and forever to handle is becoming more and more necessary. Document management systems are becoming a go-to solution for every company that has this type of data workload. They offer a simple solution to many operational problems and with a clear strategy in mind, they can represent an excellent first solution towards a digitalised way of conducting business.

Digital transformation in document management

The new digital world has dramatically changed the way in which we handle our documents and data. Over the past 20 years, we have experienced a fast-paced transformation in regards to our day-to-day processes and the way in which they are integrated into our business ecosystem, and it was just the beginning. The transformation that this area is undergoing is only increasing as the years pass. Physical documents are replaced by virtual ones and companies nowadays need the technological infrastructure to handle this information processing in order to make a smooth transition from analogue to digital. Advancements in software development, in particular, and in artificial intelligence solutions have made all of this possible. A DMS (Document Management System) is the use of computer software for storing, managing and tracking electronic documents and images of paper-based information captured through the use of a document scanner. Many companies still struggle with paper documents. Whether they are generated in-house or needed for government or business purposes, they waste precious time and human resources to handle. This only leads to poor data management and can cause errors and losses in the overall operational process.A DMA (Document Management Automation) solution is the next step when it comes to digitising this important process that is document management. Using artificial intelligence and machine learning-based solutions, the integrity of the workload is significantly improved and common business operations are no longer at risk of becoming redundant. But how does this work exactly? Narrow AI and machine learning systems are built on algorithms that can follow certain patterns and improve their own performance. Unlike traditional data processing systems which are designed to follow the same logic and pattern, AI systems have the power to constantly improve themselves as more data is given to them. They are designed to find trends, patterns and provide predictions in complex analytical situations. Here are some of the improvements that DMA brings to this field.Data classification. Unlike traditional DMS, these revolutionary solutions are capable of reading documents, analysing their content and classifying them accordingly. Not to mention how many hours and money this is practice saving.Reliable digitisation. AI and OCR (Optical Character Recognition) technologies are already considered reliable enough to perform character scanning without any human intervention. After the OCR system is well trained, it can recognise large numbers of scanned documents with near human-level accuracy.Data extraction & analysis. These AI and ML software tools are now capable of extracting specific data from documents without any human intervention. They can read it, understand its context and successfully extract the needed data. Not to mention the benefits and help it brings to the data analysis and business intelligence processes. Security. By using these innovative technologies, document management systems can be set up to understand and use efficient techniques to detect sensitive information and also protect it when and if needed. AI and Machine Learning can detect unusual activities and patterns that can mean security breaches and other threats. They can safeguard the files and generally create a secure system. Let’s take a look at how an innovative tool like this can ease the document processing workload for the logistics industry. Dox Detect is a newly developed product that is aimed at helping companies in the logistics sector process heavy amounts of data that come from documents. Having a high-accuracy and self-learning algorithm, logistics companies with a high document processing demand can obtain up to 90% reduction in costs implementing such a tool. How is this possible, you ask? Here are a few reasons. Lower processing costs. The tool is there to support and decrease the workload of the human operators. This only means that the tedious, repetitive work is assigned to the virtual helper and the human can focus on more complex tasks, thus increasing and optimising the overall capacity.Faster invoicing. If the documents and the invoices are gathered and processed as they come, the whole process moves a lot faster and the primary outcome is a newly improved cash flow.Fast feedback loops. There are a lot of situations where your collaborators send over unintelligible documents. The system is designed to accept them or send them back to be corrected on the spot. So no more going back and forth and waiting forever for bits and pieces of paper, the machine does that also for you. Reduced discrepancies. When you have extremely high-volume document scenarios to process, mistakes are made. Having such a system in place, the chances of mistakes are greatly minimised. So how does Dox Detect actually work? It uses classification procedures like dividing the documents into specific categories and it learns as the people process those documents. The more data and new scenarios it gets, the more accurate will become. The second process is data matching. All the documents are passed through a matching algorithm that contains data from the client’s system, it recognises them (or not) and from that point on, it can trigger further manual or automated actions.The software is versatile, mainly because it has the capability to self-learn the more it is used. It reduces repetitive and tedious tasks by 90%, thus freeing a lot of the time usually spent by people performing those actions. It is easily integrated with other systems without compromising its performance. If you’re curious to know more about this tool and try out a demo, you can do so by reaching out to our colleague Botond, here.Change is inevitable, especially in this industry. So by working towards new advancements, your company will be set on a path to success. Add AI and Machine Learning to the mix and you have the perfect setting to conquer this innovation game. We are at the very beginning of an inevitable technological revolution and those who are open enough to see and understand it are going to be the ones who will be around long enough to tell the tale. The amounts of data we need to process nowadays are immense and there’s no way a traditional document management system can sustain all that workload. The future is here whether we like it or not and the more we accept it, the easier it will be for our businesses to thrive in this new age. Since 2008, Qubiz has been building new products and software solutions that help small, medium and large companies grow and reach their technological potential. In the last few years, we’ve dedicated an important section of our business to innovation. We believe that technology is here to stay and the sooner we learn how to harness it, the better outcome our businesses will have.

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