COVID-19 has changed how we function as a society. Every aspect of our daily lives from personal interactions to multi-billion corporations has been affected by the global crisis. Understandably, it has changed the way we look at enterprise operations and businesses now and in the near future.
Most companies are expanding digital transformation initiatives to get ahead of these challenges and stay relevant in the market. Despite that, businesses are finding it difficult to extract value from these initiatives.
One study shows us that almost 73% of organizations fail to gain any business value from digital transformation with only 22% succeeding in gaining their desired results. This is preventing businesses from expediting remote work and evolving digitally.
In this article, we will outline 6 technologies to accelerate remote work for enterprises.
First, your company needs to prepare the groundwork for remote work and keep the business running from a distance. They must solidify and procure an “in-office” environment for workers.
Not only is it important to provides remote access to employees but also give them VPN connections, meetings, and collaboration apps, as well as several other remote-enabling technologies.
At the same time, they must increase digitization and automation. 36% of firms depend on paper invoicing with 47% sticking to manual processes for approval and the rest of them making 49% of payments by check. To keep their businesses afloat, they must eliminate paper from their workflow.
CIOs need to update client/server architectures, legacy applications, and non-cloud-ready apps to enable remote work. IDC COVID-19 Tech Index Survey cloud environments will be a top priority for enabling remote work.
Several companies now have to handle inordinate volumes of documents and data, especially in healthcare. To remove bottlenecks across their workflow, they need instant scalability from their solutions and the ability to handle large bursts in processing power.
By doing so, they can avoid overwhelmed systems that suffer from large wait times. Moving to the cloud or hybrid applications will allow these companies to auto-scale and expand their operations.
One way every enterprise can benefit from using cloud-based services is by implementing their “Cloud Faxing” in their AP department. Cloud Faxing is a new technique for faxing important messages using a cloud-based service instead of legacy fax machines. It provides companies several operations such as online faxing, internet faxing, and faxing via email.
A virtual hosting solution can help you access, store, and process data via remote servers and share important information safely between teams. You can put away the agonizingly slow analog fax machines and utilize a safe & transparent medium for faxing and sharing documents.
Unstructured data such as emails and documents (PDFs, spreadsheets, etc.) will always create roadblocks for your remote team. Remote workers have to analyze and understand the information in each document.
These simple things make document processing extremely inefficient and increase operational costs. According to Deloitte, the cost of managing records physically is five times higher than digital records, even after factoring in Data Recovery (DR). This cost trickles down to your customer and ultimately impacts the quality of your service.
Cognitive document automation is an intelligent solution that leverages OCR and artificial intelligence (AI) to automate the extraction, understanding, and integration of documents required in organizational processes. CDA enhances the ability of robotic process automation RPA, enabling businesses to automate their processes more effectively.
RPA is a technology that automates repetitive tasks. Here it can replace your employee’s keyboard activity by supplementing it with structured and verified information. Although is mostly used in the RPA system for databases, applications, PDF, or even spreadsheets, businesses can use it to store valuable information from business documents and messages.
Context-Driven Productivity or CDP is an innovative way of organizing information from multiple data resources effectively. It uses both internal and external data sources to give organizations a complete picture of their processes.
CDP transforms disparate flat data (data stored in legacy silos such as emails, spreadsheets, PDFs, and even relational databases) into meaningful semantic data.
For knowledge workers, semantic data gives a 360-degree view of a dataset’s key features and background. This is contextually driven information that helps both humans and machines understand multiple data points and their relationships.
Knowing the context of data helps companies gain deeper insights using Artificial Intelligence and machine learning. These insights enable businesses to boost productivity and efficiency and gain an advantage over their competition.
Remote workers are detached from the office environment. In this isolation, they lack the necessary knowledge to make on-time decisions. Curated and enriched data can help remote workers maximize productivity. Giving context to data gives remote workers a complete picture of what the data stands for, enabling them to reach deeper insights and perform faster decision-making.
Companies relying on paper-based systems lack a secure and cost-effective solution for digitizing essential emails. They struggle to automate, classify, and distribute documents in emails and create silo important data, as a result.
In the absence of digital mailroom automation, financial data in emails becomes isolated, affecting processes like invoice processing, as well as the end-to-end flow of information. DMA allows you to use technologies like Intelligent Data Capture.
Your remote workers can enjoy a single point of entry to access all important documents regardless of whether they are paper or digital. This also helps them ensure compliance, replace traditional systems with smart business processes, increase efficiency, and reduce operational costs.
DMA also gives remote managers a holistic view of their entire mail system. Using these solutions, you and your team can execute several digital transformation initiatives, prevent unnecessary delays, cash-in discounts, and create a seamless workflow.
If you have an enterprise resource planning (ERP) system, providing remote access to workers becomes extremely important, especially for your AP department. You should consider an advanced AP solution that integrates easily with your existing systems and provide a seamless experience, even to remote workers.
The ideal remote AP automation solution should reduce manual handling and accelerate invoice processing. A solution that ensures fast payment helps businesses earn early payment discounts and nurture strong relationships with vendors.
Similarly, for the sake of efficiency, your remote AP automation solution should support all virtual payment methods. Virtual payment methods help companies pay suppliers on time without sending their staff to cut checks. These virtual payment methods also allow businesses to earn cash-back rebates if they use a card.
Remote work is becoming incredibly difficult for businesses across the spectrum. However, by investing in essential technologies and providing your team with the right tools, your company can overcome social restrictions and maximize your company’s output.