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For many businesses, the need to manually process documents — think invoices, receipts, purchases orders, statement of accounts, delivery notes, air waybills, bills of lading, packing lists and more — is a real pain point. Indeed, many companies are now rushing to embrace Intelligence Document Processing (IDP) to automate the extraction of data from structured, semi-structured, and unstructured documents. IDP applies several technologies including Optical Character Recognition (OCR), Artificial Intelligence (AI), Natural Language Processing (NLP), Computer Vision (CV) and Machine Learning (ML), and can bring about significant benefits, including: - 35% cost reduction compared to manual document processing - 52% decrease in errors that mitigates the risk of rework and related losses - 17% reduction in time employees spend on document processing - 40% increase in employee productivity or customer satisfaction And do you know which are the top 5 documents that are most commonly automated in the Asia Pacific region? They are: 1. Identity Documents 2. Air Waybills 3. Invoices 4. Bank Statements 5. Sea Waybills Interested to learn more about how the processing of invoices can be automated in a straight-through manner for your accounts payable team? Check out the case study in the link below: https://bit.ly/4aFEDw0 #idp #intelligentdocumentprocessing #ocr #opticalcharacterrecognition #cv #computervision #nlp #naturallanguageprocessing #genai #generativeai

Have you heard of zero-sum automation? It’s a term coined by Harvard Business Review to described their findings that the productivity gains from automation tend to be offset by the losses due to process inflexibility. There are a few reasons for this: - The automation are not readily adaptable to changes in the external environment. - The automation require specialized, highly technical skills to reprogram and debug. - The automation tend to be “black boxes” that directly replaces a specific task without human-in-the-loop. In other words, automation work until they don’t. And in today’s VUCA world, automation tend to be made redundant fairly quickly. To avoid falling into this productivity-flexibility conundrum, companies should consider the following: 1. Adopting a bottoms-up approach in the identification of automation opportunities, i.e. involving the end users at all stages of the automation program. 2. Invest in technologies (i.e. low-code/no-code tools) and training to make it easier for business users to reprogram and debug robots. 3. Choosing the right metrics of measuring success. KPIs like cost and time savings might be easy to measure, but ignore the vast and varied potential of automation. https://bit.ly/4aJ7UWy #rpa #roboticprocessautomation #ai #artificialintelligence #strategy

Everyone thinks about ROI and payback period when they consider RPA solutions. Everyone wants to have their bots deployed as quickly as possible. And especially for companies who are new to RPA, issues like governance and cybersecurity tend to be much lower on their priority list. But this shouldn't be the case. While RPA is a powerful tool for boosting productivity and optimizing costs, neglecting security might bring about breaches that cost your organization far more than the time and cost savings of your automation—so you should definitely pay attention to security. The following is a list of the top 10 security risks that anyone implementing RPA should be aware of: 1. Poor governance of RPA 2. Inefficient implementation of RPA 3. Gaps in Identity and Access Management (IAM) controls 4. Lack of Business Continuity preparedness 5. Inadequate change management 6. Inadequate vulnerability management 7. Inconsistency of results produced by RPA 8. Regulatory non-compliance 9. Reputational damage 10. Insufficient data protection Here are 4 simple steps you can start taking to ensure Robotic Process Automation security. Have a look! https://bit.ly/3J28uCJ #automation #roboticprocessautomation #rpa #lowcode #nocode #governance #compliance #security #cybersecurity

“The road to hell is paved with the pursuit of volume. Volume leads to marginal products, marginal customers, and greatly increased managerial complexity…Hard work leads to low returns. Insight and doing what we want leads to high returns….Strive for excellence in few things, rather than good performance in many…It is not shortage of time that should worry us, but the tendency for the majority of time to be spent in low-quality ways…The 80/20 principle says that if we doubled our time on the top 20 percent of activities, we could work a two-day week and achieve 60 percent more than now.” — Richard Koch So much to unpack here: - 80% of the value that your business (or you) creates derive from a mere 20% of the work that you do - A significant portion of the remaining 80% are often mundane/menial tasks that neither generates value nor inspires you - This gels with current research that around 60% of jobs have at least 30% of activities that are automatable - That’s not even taking into consideration the rapid advancements in AI which is upending traditional assumptions about work - In today’s age of efficiency, if you are not already incorporating automation and AI into your productivity stack, you will be overtaken by your peers who do - The trick is to systemize and automate what is repeatable so you can innovate what isn’t - To succeed requires a fundamental mindset, not just blindly adopting the latest technology #automation #ai #80/20 #paretoprinciple

According to a report by Paro, there remains a significant gap in adoption of artificial intelligence (AI) and machine learning (ML) within finance. While 83% of surveyed executives say adopting AI is important, almost half of businesses have yet to do so. The top barriers to adoption cited include: - Lack of proficiency in advanced analytics, data governance, and technology - Concerns about security and the loss of human judgement or oversight - Lack of trust in data - Difficulty translating data into insights Among the adopters, the top AI use cases are: 1. Predictive analytics and forecasting for sales, marketing, etc. (67%) 2. Process automation for internal workflows (56%) 3. Personalization, e.g., tailored recommendations for customers (54%) And if you are looking to adopt automation and AI within your finance department, consider the readiness of the respective areas. For example, financial reporting, accounts receivables (AR) and accounts payable (AP) are fairly mature areas which are ripe for digital transformation. If you are interested to learn more, check out our case study on how Owndays, a fast-growing Japanese eyewear retailer, slashed 40 hours of data entry work every week with RPA. https://bit.ly/49kirG8 #automation #ai #digitaltransformation #financetransformation

“A man who has committed a mistake and doesn’t correct it is committing another mistake.” — Confucius We know that to err is human. But do you have any idea how big this issue is in the workplace? Consider the following statistics according to a recent survey by Gartner (link below): - Eighteen percent of accountants make financial errors at least daily - One third makes at least a few financial errors every week - Fifty-nine percent makes several errors per month Needless to say, such financial errors can lead to tangible and severe business consequences. We need to start taking the robots out of our employees, and begin eliminating the mundane and menial tasks from their work. To learn more about how Automation and AI can help to digitize and transform your Finance & Accounting function, get in touch with us now: https://bit.ly/3GqLgF6 https://gtnr.it/3T6NvDs #automation #ai #digitaltransformation #financetransformation

Data is commonly being described as the new oil. Just like oil, extracting meaningful value out of your existing data is non trivial. After all, the data you possess is usually dirty, difficult and/or diverse. Here’s where Intelligent Document Processing (IDP) technology comes into play. In essence, IDP software enables you to convert unstructured documents (think invoices, delivery orders, airway bill and more) into structured data which can then be utilized effectively downstream. Modern day IDP solutions typically encompass multiple tools including Optical Character Recognition (OCR), Computer Vision (CV), Natural Language Processing (NLP), Generative AI (GenAI), etc. These solutions typically cover the entire document value chain, from capture and classification to extraction, validation and integration. Some of the key trends to watch out include: - Possible consolidation in the IDP market given the large number of vendors currently. - IDP vendors increasingly incorporating GenAI technology to augment their existing products. - Traditional barriers to the adoption of IDP technology will be gradually removed. Think pay-per-consumption with no minimum volume requirements, and IDP as a Service via REST APIs. - Integration of IDP into RPA platforms and/or enterprise systems. And do check out the latest IDC MarketScape: Worldwide Intelligent Document Processing Software 2023–2024 Vendor Assessment for the leading vendors in this market. #idp #intelligentdocumentprocessing #ocr #opticalcharacterrecognition #cv #computervision #nlp #naturallanguageprocessing #genai #generativeai

Process mining is a data driven approach to understanding and optimizing the processes within your organization. By automatically extracting, transforming and loading (ETL) system logs, process mining provides an easy way to audit your processes, and uncover process deviations and non-compliance with Standard Operating Procedures (SOPs) for immediate remediation. For the Finance order-to-cash (O2C) process, delivery time is a key metric that tends to be closely monitored. After all, late deliveries can adversely impact the O2C process in several ways, including: - Lower customer satisfaction and loyalty - Greater strains on cash flows as invoices are often issued only upon delivery confirmation - Delayed revenue recognition affecting financial reporting and forecasting - Increased costs arising from expedited shipping, customer compensation, etc - Disruption to inventory planning and supply chain management To learn more about how process mining can help to perform a root cause analysis on late deliveries, check out our latest blog post below: https://bit.ly/48LtJTP #processmining #processdiscovery #processexcellence #operationalexcellence #continuousimprovements #ordertocash #o2c #latedeliveries

Driven by the rapid advancements in technologies like AI and automation, "digital employees" are entering the workforce in droves, augmenting (and in some cases, replacing) their human counterparts. As the Future of Work evolves rapidly to encompass a hybrid workforce, it is important to understand and leverage the strengths of both digital and human employees. In this regard, the Strategy Canvas for Digital/Human Employees can provide intriguing insights into this new business landscape. For the uninitiated, the Strategy Canvas, developed by Chan Kim and Renée Mauborgne, is a central diagnostic tool and an action framework for building a compelling blue ocean strategy. It graphically captures, in one simple picture, the current strategic landscape and the future prospects for an organization. Looking at the Strategy Canvas, it is clear that digital employees offer efficiency and cost savings, while human employees bring creativity, innovation and a personal touch to customer service. So what does this mean for businesses? As companies sail into this blue ocean of opportunity, they will increasingly be adopting digital workers that execute business processes and are supervised by human managers. The key is to balance technology with humanity, ensuring a future where digital and human employees work in harmony to achieve business objectives. #blueoceanstrategy #futureofwork #digitaltransformation #humancapital

Like it or not, "digital employees" are entering the workforce, driven by the rapid advancements in technologies like AI and automation. Compared to their human counterparts, digital employees offer businesses certain distinct advantages, including: - Ability to work 24/7; no need for lunch breaks and annual leaves - Gets work done (almostly) instantaneously, consistently and without errors - Does not come with the burden of people management - Can be easily scaled up and down (read: hire/retrench) based solely upon business needs And according to Assistant Professor Lingyao (Ivy) Yuan, there are 4 types of digital humans, namely: - Virtual agents: Designed for specific, one-time tasks, these agents have a human-like appearance. - Virtual assistants: Also help people with specific tasks, but unlike virtual agents, the relationship with the user is ongoing. - Virtual influencers: Similar to human influencers on social media. - Virtual companions: Provide emotional support and form personal relationships with the user. An interesting finding by Assistant Professor Yuan is that the fundamental key to treating AI as a human equivalent is to evoke the process of anthropomorphism. For example, realistic human faces can be a strong stimulus for people to treat digital humans as if they were real. What's your opinion about digital humans entering the workforce? Please share them in the comments below! #digitalworkers #digitalemployees #digitalhumans #automation #ai #artificialintelligence