With most CEOs anticipating that their business models will shift in the next three years, it’s unsurprising that digital transformation (DX) remains a strategic organizational priority for businesses of all sizes and industries. But what does DX entail for procurement, finance, and legal teams? And what role do they play in its execution?
Procurement, finance, and legal teams play a critical role in digital transformation because they are responsible for managing the organization’s contracts. By digitizing their documentation processes, they can improve efficiencies across departments, decrease paper waste, and speed up approvals.
What’s more, digitized documents can be stored in a secure central repository, which makes it easy to track and manage them. This is a huge benefit for organizations that need to comply with strict regulations, such as those in the healthcare and financial industries.
How Decision Engines Digitize Documentation
Global Healthcare Provider (GHP) has selected Decision Engines to streamline and digitize its document management processes. The company needed to improve its document management system, which included digitizing vendor, payer, provider, and clinical research agreements.
Every day, GHP received thousands of health insurance forms that needed to be processed. These forms included handwritten sections, checkboxes, multiple-choice questions, and more. Because of the variety of data on the form, other systems were unable to effectively extract all the information. This required manual processing which was time-consuming and often resulted in errors.
Using Decision Engines, GHP was able to digitize their forms and automate the data extraction process. This not only saved the company time and money but also reduced the risk of human error. As a result, GHP’s employees were able to focus on other tasks and the company saw an increase in productivity by 90%.
The digitization of documents has helped GHP to achieve the following benefits:
- Increased Productivity by 90%
- Decreased Paper Waste by 97%
- Eliminate manual processing by 100%
- Reduced Risk of Human Error ten folds
Decision Engines digitized GHP’s documents using the following process:
- Scanned and uploaded all handwritten forms into the system
- Created digital workflows for each type of form
- Trained the system to recognize and extract data from the forms, utilizing our Intelligent Character Recognition (ICR) solutions
- Automated the data extraction process
- Stored all digitized forms
This process not only helped GHP to save time and money, but it also increased their productivity by 90%. digitizing their forms.
If you’re looking to digitize your organization’s documents, we can help. Contact us today to learn more about our services.
Document Digitization Resources
What is Document Digitization?
Document digitization means transforming physical documents into digital formats that can be stored, managed, and accessed electronically. This process can be done using a variety of methods, including scanning, OCR, and digitization software.
What are The Benefits of Digitizing Documents?
There are a number of advantages to digitizing documents. Here are 5 of the most important ones:
- Improved security: When documents are digitized and stored in a central repository, they are much less likely to be lost or stolen. In addition, digitized documents can be password protected and encrypted for an extra layer of security.
- Greater efficiency: Digitizing document management systems enable organizations to automate tasks, such as data entry and document retrieval. This can free up employees’ time so they can focus on other tasks.
- Reduced costs: digitizing documents can help organizations save money in a number of ways, including reducing paper waste, storage costs, and printing costs.
- Improved compliance: Storing documents in a central repository makes it easy to track and manage them. This is a huge benefit for organizations that need to comply with strict regulations, such as those in the healthcare and financial industries.
- Better customer service: When customers can easily access their documents online, it leads to a better overall experience. In addition, digitized documents can be easily shared with employees or other departments, which can help to resolve issues more quickly.
Is digitizing the same as scanning?
No, digitizing and scanning are not the same thing. Scanning is simply the process of converting a physical document into a digital image. Digitizing, on the other hand, is the process of extracting data from a document so it can be stored in a digital format. This data can then be used to create workflows, populate databases, and more.
What’s the difference between digitizing and OCR?
OCR, or Optical Character Recognition, is a type of digitization that converts images of text into digital text. This is different from regular digitization, which extracts data from documents so it can be stored in a digital format. OCR is often used to digitize scanned documents, such as PDFs.
What’s the difference between digitizing and digital transformation?
Digital transformation is the process of using technology to improve business processes. This can include a wide range of initiatives, such as implementing new software, redesigning workflows, and changing organizational structures. Digitization is just one part of digital transformation. It refers to the process of converting physical documents into digital formats.
How can I digitize my organization’s documents?
If you’re looking to digitize your organization’s documents, we can help. Contact us today to learn more about our services. We offer a variety of document digitization solutions, including scanning, OCR, and digitization software. We can also help you to implement a document management system so you can better manage your digital documents.
Still, have questions about digitizing your organization’s documents?
Let’s talk today.