Paper-Based Processes Don’t Meet Today’s Business Needs
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Transcript of Paper-Based Processes Don’t Meet Today’s Business Needs
Paper based processes don’t meet today’s business needs.
Challenge
68% of respondents agree that “business-at-the-speed-of-paper” is unacceptable.
50% of organizations have made only 5% progress towards becoming paper-free. (18% haven't even started yet…)
46% consider that the biggest single productivity improvement is to remove paper.
50% of contracts, orders, booking forms, etc., are signed on paper.
Source: AIIM
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Slide 2
1 What the source of this data?STEVEN KOLIHA, 10/23/2015
Problems with paper.
Challenge
RISK …easily stolen, lost, destroyed, or misfiled
SLOW …average response is four days
COSTLY …massive labor costs (sorting and data entry)
FTE DEPENDANT …paying for the tedious tasks (…docs that started out electronically!)
BOTTLENECKS …processes built around the handling, moving, storing and destroying
HOUSING …paper documents require significant dead space
The cost of this clutter.
Challenge
Inconsistency and lack of standards in storage, naming, management and retrieval.
Challenge
Digitizing paper documents create even more challenges.
Challenge
High cost of labor Low validation rates Long processing cycles
• Document prep for compliance
• Document Deduplication • Risk assessment
• Improve client insights • Re-categorizing document for gap analysis
• Data Validation
Document due diligence is a messy business.
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Slide 6
2 This Chart does fit here; kill it?STEVEN KOLIHA, 10/23/2015
Paper Micro-graphics ERP DM and
Workflow ECM
5 LEGACY ERAS
THE 6TH ERA
“It will be more disruptive than the other 5 legacy eras COMBINED, saving you tons of money, reducing complexity in your systems, and reducing your risk.”
Evolution of Information and Resource Management
As John Mancini reviewed, decades of evolution have led us here.
THE 6TH ERA
Constellation
Constellation
Constellation
Constellation
ECM
Organization
Document Chaos
Clean Documents Insights
Value Proposition
Constellation is an intelligence layer between your organization, its documents and data, and your Enterprise Content Management system.
System Improvements
Value Proposition
Improves ECM Usability
Creates Data Intelligence
Improve and Scale Document Imaging
Decreases Need For Manual Labor
Constellation works within the existing document ecosystem to be able to create efficiencies and improve performance.
Scanning
Importation/File Ingestion
OCR
Digital File Management
File Format Standard
Compression
File Cleanup
Naming
Splitting
Redaction and Cleanup Service
Quality Assurance
AccountServicing
Data Extraction
De-Duplication
Data Analytics
Data Validation
Standardized File Formats
Custom
ImportationProcess
Missing Document Reporting
Chain of Custody
Web Access
Indexing
Process Improvements
Results
FAST SCALABLEAUTOMATED
Financial Services Loan Advisory & Sales
Case Study - First Financial Network
• 6,200 Paper Loan Files
• Constellation identified, split & named up to 252 different document types within
• Extracted data points from within the loan files
The Requirements
The Value
• Provided organized, named documents segregated by document type in return
• Aided in identifying required and missing documentation for the sale of portfolio
• Approx. 5.1 million pages / Project Completion = 3 months
• Quicker access to specific documents and data which drastically reduced valuation timeline of the portfolio
Case Study - Strategic CS
Debt Settlement Agency
The Requirements• Consistent flow of documents from credit card companies – multiple formats
• Standardize to electronic PDF format, includes document scanning
• Name and capture specific data points from the credit statements and supplemental docs
• Match the extracted data and merge to an existing account within Strategic
The Value• Provide organized, named documents with extracted data points tied to accounts for seamless load to internal processing software (specific to industry)
• Eliminate the upfront document handling process, reducing overall labor requirements
• Reduced turn times by average of four business days on identifying and providing most recent documents and data associated to accounts in litigation
• Increased compliance associated to regulations associated to debts in litigation
