Business leaders are grappling with the realities of today’s economic environment. The volatility of rising interest rates, continued supply chain shortages and an impending recession have many evaluating their strategies for the road ahead. As a result, organizations are looking for ways to make their businesses more efficient and give their end customers more competitive services. Digital transformation efforts that have an immediate return on investment are going to be critical to CEOs and business leaders at this time.
Investing in the future and evolving workflows beyond the limitations of legacy technology is what creates a competitive edge and supportive infrastructure that can adapt to the ever-changing business landscape. Now is the time to pick up the pace of digital transformation efforts.
Where Organizations Should Focus During Downturns
Not only did an astounding 4.4 million people quit their jobs in April, but there are 11.4 million vacant positions today, according to the Bureau of Labor Statistics (BLS). Nearly every industry is feeling the constraints of a tight labor market, some even watching the mountains of work grow, unsure how to execute amid the worrisome gap in resources. What’s more, one of the biggest impacts of this trend is the often negative ripple effect it creates for the end consumer who experiences the delays and backlogs first-hand.
Doubling down on digital transformation efforts can better support strategy and performance, proven to create better experiences, increase agility, improve productivity, and support the bottom line. Investments in advanced technology will equip businesses to outperform others, or as McKinsey has so wisely stated, “Digital is not a destination; it’s a permanent state of operating based on learning and adapting faster than the competition.”
The Rise of Intelligent Document Processing
To date, businesses that rely on data to deliver products or services have struggled to untrap document data, relying heavily on manual and error-prone processes to extract and convert vital information from complicated legacy workflows. Even with the current approaches to automation—which lack the necessary intelligence and flexibility required to scale increasingly complex processes rooted in unstructured data formats, which make up around 80% of all enterprise data—businesses are not empowered to accelerate digital transformation at the very time when it is needed most.
Intelligent Document Processing (IDP) bridges the gap between mounting information and human capacity to help businesses and society move forward. Particularly amid these trying times, IDP affords a real opportunity to improve both the employee and customer experience, while decreasing operating costs and risks, and improving overall organizational agility.
Since Hyperscience’s inception, our proprietary artificial intelligence and machine learning solutions have been core to our differentiation. We remove the burden legacy technology creates and are not limited by strict rules-based approaches.
We have a proven solution—one that the Everest Group has spoken about. Anil Vijayan, Vice President at the Everest Group has shared that our “success is driven by enterprise-friendly features, such as the ability to configure accuracy thresholds, quality assurance capability for measuring the model’s accuracy and improvements, and comprehensive analytics dashboards that provide a unified view of human and machine performance.”
As organizations weather the storm ahead, leaning into digital transformation and introducing intelligent document processing will be crucial.