There has never been a greater awareness of wide-format capabilities than we’re seeing today, largely driven by changes in how we utilize the environment around us to communicate graphically.
Government regulations are the risk averse executive’s most persistent obstacles on the road to profitability. Each time a new measure appears, unexpected twists and turns are sure to follow. This yields numerous headaches in the process.
Yet, given the constantly changing regulatory landscape, the desire to send red flares into the sky each time a new requirement is proposed or passed is understandable. As governmental, financial and data protection regulations increase in number and complexity, they’ve become more difficult and time consuming to manage. This means organizations are exposed to more risk than ever before.
Every year, executives are presented with new reasons to focus on risk and compliance—and more reasons to worry about their organization’s ability to manage it effectively.
Consider, for example, how the COVID-19 pandemic and its aftermath are generating uncertainty across multiple industries and company operations. Today, risk and compliance management has veered into uncharted waters populated with unprecedented hidden obstacles and challenges relating to business continuity, accountability, liability, profitability and worker and customer safety.
Unfortunately, these same disruptions have also led enterprises to reprioritize and detour from long-held plans to digitally transform their business operations. Though organizations prioritized the automation of operational workflows, many of these initiatives have effectively stalled—processes that could make compliance with new regulations easier aren’t yet fully automated. Even more troubling, some remain manual and paper-based. According to a study from Forrester, 51% of decision makers say their compliance workflows remain either partially automated or manual. This means the associated errors and delays of “the paper game” will continue to drive up the cost of compliance.
Although requirements such as the EU’s General Data Protection Regulations and forthcoming Artificial Intelligence Act risk slowing organizations down, there are ways to accelerate compliance. When executives leverage artificial intelligence (AI) for document processing, where many of the compliance issues lurk, they supercharge document workflows, mitigating risk.
Kick Document Processing Workflows into High Gear
One of the biggest problems with regulations—new and existing—is they add time and complexity to operational workflows, increasing the likelihood that something will go wrong. Document processing workflows are especially susceptible due to the inevitability of human error, making manual and paper-based processes a common way for organizations to fall foul of regulators.
Intelligent document processing is becoming de rigueur for organizations to de-risk workflows and kick into high gear. A typical AI-enabled intelligent document processing platform can extract data from millions of documents in virtually any format, and it’s faster and more accurate than human workers. Automation also makes it easier for organizations to verify their digital records’ provenance, allowing them to satisfy the necessary legal evidentiary thresholds for compliance, such as BS10008. Mitigating this risk helps accelerate business objectives across the enterprise.
To keep pace with new regulatory requirements, executives need to put automation efforts back at the top of their priority lists. Adopting machine learning, natural language processing and artificial intelligence with existing platforms will allow organizations to achieve hyperautomation, provide audit trails and compliance reporting, and elevate business to the next level. Even companies in a hybrid state of automation that already capture documents digitally need to re-evaluate processes and map out their next steps toward end-to-end intelligent automation.
How Intelligent Automation Puts Risk-Averse Executives in the Driver’s Seat
Executives seeking the most reliable route to compliance can confidently follow the road to end-to-end workflow automation. Intelligent document processing consistently meets the high demands of the risk-averse, by allowing them to:
- Offer clients an improved customer experience and assurance their data is treated appropriately.
- Ensure data security with content-aware workflows and provide audit trails with a visible chain of custody.
- Apply consistent business rules and data protection policies, including automatic redaction, watermarking and rules-based printing.
- Increase productivity and efficiency with document workflow automation, while also enriching information quality, increasing accuracy and reducing error-prone manual tasks.
- Create higher levels of security and efficiency by leveraging intelligent document workflows in the cloud.
To achieve their financial goals, executives must drive digital transformation efforts focused on automating information-intensive business workflows to improve efficiency while meeting compliance requirements. With document processing at the heart of many businesses, leveraging next-gen intelligent document processing platforms keeps organizations ahead of compliance challenges.
