RPA & Automation 101
Updated: Mar 20
Automation is the process of utilizing technology to perform repetitive or manual tasks with little or no human intervention. It has become a popular way for organizations to improve efficiency, reduce costs, and increase productivity.
Two types of automation that have gained significant attention in recent years are Intelligent Process Automation (IPA) and Robotic Process Automation (RPA). These two technologies provide a new way for companies to streamline their operations, reduce costs and errors, and improve overall performance. In this blog post, we will discuss how the automation of document intake, coupled with hosting and human-in-the-loop, presents a massive opportunity for businesses.
Industries and Problems with High Volume
The need for document intake automation is widespread across various industries, including healthcare, insurance, finance, legal, and government. These industries have a significant volume of documents that need to be processed regularly, such as insurance claims, loan applications, medical records, legal documents, and tax filings.
These industries often require manual processing of large volumes of documents, which is time-consuming, error-prone, and costly. Additionally, processing these documents manually can lead to errors, delays, and inconsistent quality.
The automation of document intake presents a variety of use cases for businesses. Here are a few examples:
1. Insurance Claims Processing
Insurance companies process a large volume of claims every day. These claims often come in various formats, including emails, faxes, and digital documents. Automating the document intake process can help insurance companies streamline the claim processing and reduce the time it takes to resolve claims. This can lead to faster claim processing, reduced manual errors, and improved customer satisfaction.
2. Loan Applications
Banks and other financial institutions process numerous loan applications every day. These applications often require the collection of various documents, such as pay stubs, tax returns, and bank statements. By automating the document intake process, these financial institutions can streamline the application process and reduce the time it takes to approve loans. This can lead to improved customer satisfaction and reduced operational costs.
3. Medical Records Processing
Healthcare providers handle a large volume of medical records, including patient charts, lab reports, and radiology images. Automating the document intake process can help healthcare providers streamline the record-keeping process, reduce the time it takes to access medical records, and improve patient care. This can lead to improved quality of care and reduced operational costs.
Stealth Scaling for End-to-End Streamlining
Stealth Scaling is an approach that combines the power of automation with the expertise of human-in-the-loop. It is a new way for businesses to streamline their operations, reduce costs and errors, and improve overall performance. This approach combines automation and human-in-the-loop to provide a comprehensive solution to document intake processing.
Stealth Scaling can streamline the document intake process end-to-end. This includes document classification, data extraction, validation, and data entry. The technology can identify and classify different types of documents, extract relevant data, and validate it against business rules. The extracted data can then be entered into the relevant systems, such as ERPs or CRMs.
Stealth Scaling can also provide a human-in-the-loop component, which enables the validation of data by human operators. The technology can flag any data that requires validation and route it to a human operator for review. This can improve the accuracy of the extracted data and reduce the risk of errors. Additionally, the human-in-the-loop component can ensure that the business rules are followed correctly.
Disrupting the BPO Space
Business Process Outsourcing (BPO) is an industry that has been around for decades. BPO involves outsourcing non-core business functions to third-party service providers. These functions may include document processing, data entry, customer service, and accounting. BPO has beena go-to option for businesses looking to reduce costs and improve efficiency.
However, the rise of automation technology, such as Stealth Scaling, is disrupting the BPO space. Companies are realizing that they can leverage automation technology to reduce costs and improve efficiency while retaining control of their processes. By combining automation with a human-in-the-loop, businesses can improve the accuracy and quality of their data while also reducing costs.
Financial Benefits of Automation-as-a-Service
The financial benefits of document intake automation-as-a-service are significant. By leveraging automation technology, businesses can reduce the time it takes to process documents, reduce errors, and improve the accuracy and quality of their data. This can lead to improved efficiency, reduced costs, and improved customer satisfaction.
For instance, a company that processes 10,000 documents per day can save significant costs by automating the document intake process. By reducing the manual processing time by 90%, the company can reduce its operational costs and improve efficiency. Additionally, the improved accuracy and quality of the data can lead to better decision-making and improved customer satisfaction.
More Labor Savings with a Human-in-the-Loop
One of the benefits of outsourcing the human-in-the-loop component of document intake processing is the cost savings it offers. Outsourcing the human-in-the-loop component can be more cost-effective than hiring full-time employees to perform the same function. This is because outsourcing providers can offer specialized expertise and economies of scale.
Outsourcing providers can leverage their expertise and experience to identify and classify different types of documents, extract data accurately, and validate it against business rules. Additionally, outsourcing providers can leverage economies of scale to reduce the cost of performing the same function in-house.
In conclusion, the automation of document intake processing presents a massive opportunity for businesses to improve efficiency, reduce costs, and improve overall performance. By leveraging automation technology, businesses can streamline their operations, reduce errors, and improve the accuracy and quality of their data. Additionally, by combining automation with a human-in-the-loop, businesses can improve the accuracy and quality of their data while also reducing costs.
Stealth Scaling is a disruptive technology that combines automation with a human-in-the-loop to provide a comprehensive solution to document intake processing. This technology can help businesses streamline their operations, reduce costs, and improve efficiency while retaining control of their processes. The financial benefits of automation-as-a-service are significant, and outsourcing the human-in-the-loop component can be more cost-effective than hiring full-time employees to perform the same function.
Overall, the automation of document intake processing is a powerful tool that businesses can use to stay competitive in today's market. With the right technology and approach, businesses can unlock significant value and improve their performance.