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

Source: DQ Global,'Why Data Should Be a Business Asset' - The 1-10-100 Rule. Accessed October 2018.

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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 missed, or receives a reply months too late, then it can damage the brand’s reputation. Or, if an invoice is lost, or processed with the wrong amount, it could result in substantial losses.
 
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 labor, the processes were also completed far more quickly, and at 70% lower cost. The employee time was then re-assigned to more complex areas where they were able to add extra value to the business.

Chapters

Business process in the age of big data

Chapter 1

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Is BPaaS The Solution?

Chapter 2

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Managing Entire Workflows

Chapter 4

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Focus On Key Business Areas

Chapter 5

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Enhancing The Customer Experience

Chapter 6

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