Automation & Accuracy Toolkit

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Increased competition and changing customer expectations have organizations rethinking how they operate. Speed and efficiency are more important than ever, and enterprises across industries are exploring ways to use and apply Intelligent Automation solutions to reduce manual work, unlock cost savings, and free up employee resources to focus on activities that can drive the business forward.

Intelligent Automation merges Artificial Intelligence [AI], Machine Learning [ML], and automation technologies to streamline increasingly complex processes, achieve greater efficiency and data accuracy, and enable the operational agility and flexibility organizations need.

When implemented effectively, Intelligent Automation enables smarter, more dynamic business processes that can learn and become more efficient and effective over time. 

Intelligent Automation is comprised of both strategy and technology, going far beyond the isolated task automations of RPA.
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But with the wrong tech stack, businesses can find themselves drifting further away from operational efficiency- bound tighter to existing processes and systems with high maintenance and overall total cost of ownership. 

Why Legacy Systems Are Holding You Back

Unlike outdated, legacy tech with more rules-based approaches, Intelligent Automation can handle more complex processes, deliver greater speed and accuracy, and is capable of extracting information that can be fed into downstream systems.

Often, our customers who kick-started data automation projects with legacy tech discovered a large portion of their workflows involve document processing and data extraction. As a result, they needed to find a more intelligent, flexible solution capable of unlocking and lifting the data, so it can be used downstream, like IDP. 

Enter IDP

Intelligent Document Processing, or IDP, is a powerful example of Intelligent Automation in action, providing tangible value for organizations that are looking to increase efficiency and accuracy when dealing with huge volumes of data.

IDP processes documents with greater speed and accuracy than traditional Optical Character Recognition (OCR) technology. While OCR converts scanned images into machine-encoded text, typically transcribing it character by character, IDP captures data directly from diverse document types (e.g., email, text, pdf, and scanned pages), categorizes, and extracts relevant data for further processing using AI.

Robotic Process Automation, or RPA, faces its own barriers when attempting to deliver a robust, long-term automation solution to unlock operational transformation.

“While RPA has been a trigger for organizations to implement broad automation strategies, the level of scale and overall maturity for RPA and adjacent deployments is low.” –Forrester

While RPA can automate simple, existing, well-defined tasks, such as dragging files into various folders or manipulating data, it lacks the flexibility and intelligence needed to handle increasingly complex data inputs and business processes. 

Today, the vast majority of information that enterprises need to run their operations lives in unstructured document formats that are inaccessible to RPA.

More than
80
of data will be unstructured by 2025

This is a major roadblock since reliable, accurate data is the critical first step for decision-making and taking action as a part of a larger business process; whether it’s approving someone for a mortgage, processing a claim, or onboarding a new customer.

RPA also keeps companies bound to their existing way of doing things – even if the underlying process is flawed. Without realizing it, companies that invest in RPA are unable to make changes or upgrade their systems without people attending bots and tracking the systems to ensure the process doesn’t break.

Legacy tech tools aren’t living up to their expectations, and companies are looking for a better alternative.

Why Accuracy is Critical to Intelligent Automation

In your world, accuracy is fundamental. One incorrect digit can be the difference between a claim, mortgage or other application being approved or rejected. The final response can have a big impact on the lives of your customers, and potentially derail their overall satisfaction with your company.

Bad data costs businesses between
$10-15
million
annually

What’s more, once in your system, inaccurate data has the potential to multiply. An account number or invoice tally that is off by one keystroke can cause confusion and errors that impact more than your day-to-day operations – throwing your decision-making a curveball, too.

But what happens to accuracy when you automate? 

Most tech vendors today compromise on accuracy. Legacy extraction software like OCR needs pristine conditions to achieve accurate results, requiring high-quality documents that conform to standard templates with fields for extraction in the same location across pages. In addition, since OCR delivers low accuracy rates with extraction, this incorrect data can cause errors downstream.

Organizations can’t afford to be wrong, so even with legacy data automation software in place, employees are still required to validate transcription outputs or manually identify which fields are incorrect and must be fixed.

If people have to redo the work done by software, it isn’t automated. 

Technology that promises Intelligent Automation must be able to meet your expectations for data accuracy from the start – no exceptions.

Intelligent Automation solutions like IDP are already helping companies surpass conventional performance tradeoffs to achieve new levels of accuracy and automation.

At Hyperscience, accuracy is paramount. Clients set the software to their desired target accuracy based on internal SLAs or other compliance requirements, and the machine automates against it, generally achieving over 80% automation out-of-the-box.

The more Hyperscience is used, the smarter and more confident it gets. Our built-in quality assurance mechanism drives the Machine Learning improvements that make us best-in-class.

Choosing the Right Solution for Your Business

Implementing Intelligent Automation is a practical way to use AI to transform business operations and drive value. With Intelligent Automation, you can eliminate paper backlogs, reduce errors, increase employee productivity and retention, and improve overall customer experience. 

But that doesn’t mean all solutions are created equal. In the case of Intelligent Document Processing, there are varying standards of what an ideal solution is, what capabilities it should have, and the value it can bring. 

So, how do you select the right solution for your business needs? 

It can be difficult to navigate the evolving Intelligent Automation landscape and select the solution that will work for your business now and in the future. A successful framework for Intelligent Automation requires:

An overall strategy, including knowing the what and why for implementing new technologies
An understanding of the breadth and depth of automation capabilities
Robust criteria for evaluating and selecting new technology
Knowing what tech you need to deploy and integrate with to effectively support enterprise-wide Intelligent Automation
A roadmap for deployment, including mapping out the processes and resources needed to design, develop and implement
Organizational readiness and sustainability, including governance, resources and an operating model

Intelligent Automation technology continues to evolve and advance every day, so it’s important to prioritize a robust, full-suite solution that will effectively, and with high degrees of reliability, achieve what you’re looking to achieve and also grow and adapt with your business as your needs change.

What Intelligent Automation Success Looks Like

Every organization can – and should – become good at Intelligent Automation, but it’s important to start out the right way and focus on a first project that will be successful. 

When it comes to introducing Intelligent Automation into your operations, Intelligent Document Processing is a good first step because it’s mission-critical, can be deployed quickly, and has a high chance of successfully automating a time-consuming and resource-intensive business process in multiple industries like finance, insurance, healthcare, transportation & logistics, and the public sector. 

“Processes are highly amenable to automation if they are high volume, high value; or if automating them will yield substantial improvement over the manual process.” -Rich Medina, Doculabs

Change is always a challenge, and it takes time to fully integrate new tech. That’s why it’s important to implement your Intelligent Automation solution in stages and not expect full strength all at once.

But that doesn’t mean there shouldn’t be wins along the way. A top-notch Intelligent Automation solution will deliver high rates of accuracy and automation out-of-the-box, and it will continue to get better over time.

Before you invest in a new solution, map out what success looks like for your company, including benchmarking metrics to compare with future results.

When organizations have access to accurate data, customers receive better and faster service and answers, and employees can turn their attention to a wider range of different tasks that will drive the business forward.

The Hyperscience solution has built-in data automation & accuracy to help you achieve your Intelligent Automation goals.

Ready to learn more about Hyperscience?