InfoTrends completed a multi-client study on Business Process Automation Opportunities for Vertical Markets. This study reveals ways by which manual paper-based business processes can be automated using scanning, mobile, and workflow solutions.
Generally, fields like legal, financial services, education, and healthcare are considered to be paper intensive. But most of these industries are striving to reduce the usage of paper and move to digital solutions. But technology advances, compliance initiatives, and automation have not eliminated most manual processes in these industries.
The legal industry can use automation processes in case management, but paper and hardcopy files are still used. Automation can optimize the initial case information collection process and the communications and collaboration between clients. Automation will also help in the case research discovery/e-discovery phases, said analysts.
Considering the field of financial services, InfoTrends highlights opportunities for automation in both the banking and insurance industries. In banking, the acceptance or signing process for applications and loan approvals involves receiving signatures on paper, which can be eliminated through digital signature solutions.
InfoTrends reveals that in the insurance sector, several policies and investments for consumers and businesses are made. Automation is possible in the application and information collection processes where paper is extensively used in the workflow.
In case of the K-12 education industry, paper is still prevalent as part of business processes and in communication among students and parents. InfoTrends recommends eliminating paper in institutes of higher education where parents receive communication via portals and websites.
The healthcare industry has made efforts to move toward electronic records in the United States. Although many organizations have made advancements toward automation and have adopted new technologies in EMR and HIM systems, there is still reliance on paper-based processes. In the healthcare industry, security, privacy and compliance initiatives are critical and regulatory hurdles can be overcome with business process automation solutions, said InfoTrends analysts.
The InfoTrends study highlights how certain business processes in legal, financial services, healthcare, and education industries can adopt automation. It also reveals the barriers to automated business processes adoption in these markets, besides giving details on advantages relating to time savings, monetary savings and compliance.
In a recent study, InfoTrends revealed how \ print media remains a strong medium of communication. According to InfoTrends’ study, Understanding Vertical Markets: Enterprise Communication Requirements, print will remain a major component of communications spending. But the budget is reducing as firms are moving to mobile and online channels. Print’s future role depends on its ability to integrate with the mobile and online channels.
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Edited by Brooke Neuman