ACCURACY, EFFICIENCY, AGILITY
One of the key benefits of using a BPaaS platform to manage data inflows is that it can greatly increase both the efficiency and the accuracy of the process. When companies only rely on manual processes, they subject themselves to the possibility of errors and process flaws. Humans are fallible and can make mistakes, especially when handling large volumes of repetitive tasks in short time spans. When it comes to manual data entry, the average error rate is estimated to be approximately one mistake for every 300 key strokes.6 These quickly add up, and the average organization believes that less than 20% of its total data is accurate.7 These mistakes can cause huge costs for an organization because a simple error can quickly escalate and cause exponential damages.
Figure 3: The 1-10-100 rule
Figure 3: The 1-10-100 rule
When companies only rely on manual processes they subject themselves to the possibility of errors and process flaws
Mishandled or lost documents can impact brand reputation
With only manual processing there is also the potential for important documents to get lost or mislaid. Around a third of companies have problems locating key information in unstructured documents,8 and this can have serious ramifications. If a customer has an urgent request that is
The company could also face regulatory problems if the information it misplaces is sensitive, such as health or financial data. The European Union’s (EU) new General Data Protection Regulation (GDPR) increases the pressure further, as it requires companies to be able, upon request, to locate any piece of data they may have on a customer, with major fines for those in breach.
Improving efficiency and maintaining agility with intelligent automation
Automation, which follows set rules in a repeatable fashion, can operate in many cases far more efficiently and quickly than manual processes, and also has the potential to greatly reduce mistakes while facilitating process innovation, development and implementation. For example, an insurer that was working with SPS was struggling to cope with a growing volume of consumer requests via email, each of which had complex information and attachments in various file formats. The company was receiving 2,000 emails a day and only 30-40% were being classified correctly.9 SPS implemented an automated system based on AI, which doubled the accuracy rate. Importantly, by reducing the need for manual
8 Changing Working Practices Driving Demand for Business Process Improvement, June
2016, IDC #EMEA41529316
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AND DIGITAL WORLDS
Business process excellence is a journey. If you are interested in finding out how a BPaaS solution can help you combine the best aspects of digital technology with the advantages onshore, near-shore and offshore labour, in a single platform, then fill in your details and one of our solution architects will be in contact.