Achieving non-linear operational growth through Smart Technology
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The document discusses the challenges faced in operational processes, such as low productivity and high errors, and proposes solutions through smart technology and automation to enhance efficiency. It introduces a smart document processing platform that incorporates intelligent data capture and business process management principles, leading to significant reductions in processing time and operational costs across various business functions. Several case studies illustrate the successful implementation and benefits of automating processes like invoice processing and trade finance, demonstrating improved accuracy, reduced workforce needs, and faster turnaround times.
Achieving non-linear operational growth through Smart Technology
- 1. Achieving non-linear operational growth through Smart Technology September 21, 2012 Punit Jain Global Head – Document Management Solutions
- 2. Current Challenges in Operations Low productivity in manual work resulting in high cost High level of errors Long cycle times High attrition rate due to monotonous work Handling seasonal fluctuations of transaction volumes Long time in implementing business change requests in processes Less focus on building business and domain knowledge
- 3. How to Overcome these CHALLENGES?
- 4. Essentials Of An Efficient Process Automation of routine manual work Higher productivity and quality Use of Business Process Management principles Transparency of processes through web based dashboards, giving Real time visibility Analytics and data mining Early alerts for exceptions & errors Lower TAT with higher accuracy
- 5. Smart Document Processing Platform Platform used to automate, streamline and standardize business processes Intelligent data capture, integrated with process workflow Hosted document management solution
- 6. Smart Document Processing Platform
- 7. Key Features of Intelligent Capture Tool - iQ 1. Artificial intelligence and fuzzy logic 2. Validation / Business Rules 3. Auto template creation 4. Simultaneous Location, Capture, Correction and Validation from doc types; * Structured * Unstructured * Semi Structured 5. Pattern Recognition & Zoning
- 8. Key Features of Workflow Tool – i-PM 1. Email or Queue based document approval/resolution 2. Real-time monitoring & reporting through dashboards 3. Duplicate document check and resolution 4. Rule-based routing with exception handling 5. Complete audit trail for each and every document
- 9. ePM (Smart AP Workflow) Hosted Secure Web Solution SOX Complaint - SAS 70 Type II Certified ePM, eRM, T&E Suppliers/Management Reporting ERPIntegration –SAP,Oracleandlegacysystems Routing & Approvals Audit Trail e-Invoicing Management Auto Capture using i-Q Archive and Storage Efficient Lookups e-Payable Manager
- 10. Integration options for ERP supported by ePM: 1. Batch upload – using import-export feature of ERP • This involves scheduler based master database dumps and batch uploads to ERP. For example simple flat files. 2. Real time integration • This is direct backend integration with ERP’s using direct connectors, web services and or APIs with proper authentication. For e.g. • Standard BAPI based integration for SAP • Open interface tables in Oracle 3. Robo-keying (Datamatics proprietary GUI based integration) • This is a GUI based integration method to auto post invoice in ERPs • All front end validation configured in ERP will still be executed Integration to ERP’s
- 11. Smart Benefits Minimum of 99.5% at character level By 25 to 50% By 20 to 50% Real time dash boards, reporting & Analytics Higher Quality Reduce Cycle Time Lower Costs Better Decision Making
- 12. Automation achieved S.no Document Type Processing Time Per Transaction Before Automation After Automation 1 Shipping Invoices 8 min 4 min 2 Bill of Lading 5 min 65 Sec 3 Purchase Order 12 min 8 min 4 Packing list 3 min 1 min 5 Account Opening Form 10 min 6 min 6 Legal documents 4 min 1 min 8 Medi claim Policy Schedule Sheets 1 min 25 sec
- 13. Automation achieved S. No. Document Type Processing Time Per Transaction Before Automation After Automation 1 HCFA Health Claim 180 secs 24 secs 2 RCMA Health Claim 180 secs 3 secs 3 UB Health Claim 240 secs 60 secs 4 Invoices 135 secs 37 secs
- 14. Smart solutions offered for SSC Accounts Payables/Invoice Processing Mortgage & Loan Origination Health Insurance Claims Processing Sales Order Processing Trade Finance Shipping Bill/ Bill of Lading Processing Customer Account Opening Forms Customer Service Requests AMC & Warranty Management
- 15. Accounts Payables - Value Proposition Cost Advantage Exception Management Quality Assurance Operations TAT Compliance Rebate Management Standardization & Centralization Compliance Single Version of Truth Fraud Avoidance Business
- 16. Delivery & Pricing Options Platform based software solution (licenses) • SaaS Model Pricing • Per Transaction Pricing Platform driven services • Per Transaction Pricing • Outsource lower end work
- 17. Case Study: Trade Finance solution for a Bank Challenge :Highly Manual and paper based processes Document scrutiny within 2 hrs TAT Increasing trade business volumes Solution :Trade Finance Document processing solution with smart technology Approach :Datamatics team designed a solution to automate the trade process with iQ and iPM Simplification of trade document verification process against L/C Validations of Import collection documents to the customer information and SWIFT database Compliance to UCP and ISBP practices for the process Benefits :Reduction in head count by 30% REDUCED HEADCOUNT BY 30%
- 18. Case Study: Invoices - Manufacturing Company 18 Challenges :Not deriving required efficiency in Accounts Payable Dept even after implementing SAP FICO. Lack of visibility on Cash Flow requirements Solution :Platform based Accounts Payable Solution. Approach :Assessment of the current process. Imaging / Digitization solutions deployment. Intelligent data capture, e-payables workflow and integration with SAP Benefits :TAT reduced to 1 week from 4 weeks From 7 operators processing 50,000 invoices per year, to 5 operators processing 100,000 invoices per year REDUCED TAT BY 75% & HEADCOUNT BY 60%
- 19. Case Study: Health Insurance Claims Processing Challenge :High Operational Cost of processing HCFA forms Low auto adjudication rates (55-60%) Long cycle time due to manual Processing Solution :Outsourced Claims processing, powered by iQ Approach :Datamatics project team did scanning at their US locations Automated Claims processing using iQ and output conversion to EDI 837 Validations against business rules and master database tables Hosting of images of claims and data using DMS Benefits :Cycle time reduced to 2 days from 7 days Time to process a HCFA Claim reduced to 24 sec from 180 secs REDUCED HEAD COUNT BY 80%
- 20. Case Study: Automated Processing Of BOL Challenge :Highly Manual and complex document processes Maintain character accuracy of critical data High cycle time for processing Solution :BOL processing solution with smart technology Approach :Datamatics team setup a SFTP where the electronic BOL are shared by the customer iQ is used for intelligent data capture and validations 99.995% quality output delivered Standard EDI 404 output file generated Benefits :Time taken to process a BOL reduced from 5 mins to 65 secs Total TAT reduced from few hours to 30 mins REDUCED TAT BY 70%
- 21. Conclusion Smart Document Processing Technology helps the work to be done Better, Faster & Cheaper
- 22. Thank You! 22 Contact Information : Punit Jain Global Head – Document Management Solutions punit.jain@datamatics.com Direct: (022) 6102 5263 Mobile: +91 90046 78010