We recently took the pulse of Digital Document Transformation (DDX), and published our findings in a benchmark report. While we learned that documents are critical to the Digital Transformation (DX) process, it involves more than just moving from paper to digital documents. Survey respondents indicated that the automation of processes around their documents were just as important to their DDX journey.
As organizations move to digital documents, many are still using manual processes to manage those documents. This includes everything from copying and pasting data to emailing attachments or, worse, hand delivering important documents. These methods are not only inefficient and cumbersome, but error-prone as well. When data points are manually filled in and multiple versions of important documents and contracts float through email chains, inaccuracies are bound to surface.
To address these issues, organizations are placing just as much importance around the processes used to manage their documents as the documents themselves. In fact, our study found that 74 percent of companies have current initiatives focused on the automation of manual processes. Their reasons for doing so overlap with why they’re moving toward document automation via DDX in the first place, with improved efficiency, cost reduction, and quality topping the list. By incorporating processes into their DDX strategies, companies can execute more efficient workflows, reduce errors, enjoy better integrations across solutions, and improve the quality of their documents, resulting in a better overall experience for their customers as well.
With document automation comes artificial intelligence (AI). AI makes more complete document automation possible, contributing to streamlined, integrated business cycles where organizations can free up time for their teams by allowing many tedious, daily operations to be taken over by technology. AI is also capable of digging into the data that’s locked in critical business documents, that most organizations would not have access to otherwise.
We found an interesting divide in our research, between how important companies viewed AI, and AI adoptions levels within those companies. Most of our respondents indicated that AI initiatives have not gone far within their organization, yet they see AI as a critical component for future transformation. In short, businesses don’t need convincing that AI and digital transformation go hand-in-hand. Instead, it’s a matter of what’s happening in their day-to-day, and where they’re investing (or not investing) in tech that can help change the way work is done.
Next week we’ll dive into more metrics, looking at how companies are measuring the success of their DX initiatives, and how they’re choosing vendors along the way. You can also see our complete findings in the full benchmark report.