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How does intelligent document processing help a company reduce risk?

Businesses derive numerous benefits from choosing to deploy intelligent automation for their document processing needs – scalability, reliability, predictability, accuracy, cost effectiveness, standardization, speed. And the list goes on, because among these basic categories are countless other advantages, specific to particular niches of business or especially relevant during a time of crisis. For example, the right deep learning-based automation solution that can process complex and variable documents is just about as Covid-proof as it gets, considering the ways lockdowns and temp worker shortages have been affecting entire industries over the past year. But let’s look at the bigger picture.

By many counts, the most game-changing advantage of intelligent document processing is ultimately the reduction of risk – on many levels. As a long-term solution to a wide range of variable challenges, deep learning-based automation can minimize exposure to risk of fraud, to risk of error-based non-compliance, and to risk associated with the budgeting and/or management of document processing. The secret lies with choosing the right solution that integrates most seamlessly with a company’s workflows and delivers benefits in all relevant areas. Let’s analyze some of the specific ways Applica optimizes different risk scenarios crucial to business success.

First – wherever there are people involved, there is risk of error, both of fact and of omission kind. Yes, the better, faster and more accurate the worker, the fewer errors per page, hour, or task, but this risk is never zero. And often it’s the slower, weaker, and less accurate workers that a company winds up being able to afford – or outsource on short notice. The weakness lies with the way people have such highly selective focus. This makes us great at tasks requiring problem solving toward a specific goal, but relatively incompetent at scanning text with a permanently alert and open mind. Applica has that inexhaustible attention-agnostic ability to not miss a thing. It never spaces out, never dozes off, never allows thoughts to wander. This means less risk of dropped data points or missed opportunities.

Second – whenever people are the ones combing through sensitive data, there exists some plausible risk that one of them might use this data in illicit ways. No matter how careful the vetting, how solid the CV, how airtight the NDA, or how fair the compensation – some people lie, cheat, and steal from clients and employers. Now imagine never having to wonder whether that human you handed that document is going to walk out with a copy of the confidential data you’re hired to protect. Imagine instead being able to direct all of that sensitive information to a system that tempts no one. Just your very own Applica instance, run by trusted folks from inside your company. No nameless data analysts, no temp workers, no outsourcing anything to people you never even got to interview for the job. Instead – an intelligent document processing platform that gives new meaning to security.

Third – aside from risk of liability, whether due to error or to fraud, companies must also assess risk whenever budgets are involved. And in most industries, document processing is notoriously hard to plan for because the influx of documents rises and falls in unpredictable ways, sometimes inundating a company, at other times slowing to zero. Traditional contingency plans tend to veer wildly between too much and not enough – that is, between too costly up front or too costly in the long run. Applica has the unmatched benefit of being entirely scalable. This of course protects against work overflow and resulting lag, as well as against bearing the cost of redundant staff. Plus, there’s not having to budget in extra mystery expenditures that a human workforce invariably requires because of unpredictability. Especially during a pandemic, especially during a recession.

Fourth – speaking of cost, extracting and classifying information from documents manually is laborious and expensive. With a human workforce, the tendency is to specify very narrowly what must be found, in order to keep costs minimal and deadlines reasonable. But with Applica there are no limits on the number of data points you can extract and/or classify. The availability of angles that can be examined as you turn raw documents into business strategy is limitless. If information is power, there’s simply more of it to be had with the right platform.

Interested in learning about the ways Applica can help reduce your exposure to risk? Connect with one of our experts today.