While typically slow to embrace change, insurance companies are widely adjusting to a digital marketplace and focusing on digitally transforming from risk assessment to claims processing. There are many digital tools available to enhance any insurance company, including machine learning, robotic process automation and more. Discover what digital transformation looks like in this industry and how traditional insurers can adopt digital solutions and benefit from them as well. At the end, we will go over the five major benefits of digital transformation for the insurance industry.
How do you take the information in the paper or digital invoices you receive and put them into your accounting and other software? Digitizing your accounts payable process is important for several business functions, including making approving payment as simple as possible, generating accounting reports, planning your purchases and using resources wisely. Capturing that data, without a ton of errors or a ton of staff time manually inputting that information is now simple with automated data capture or invoice scanning software. It is one of the most important ways to streamline your accounting. Learn more about it below.
Topics: accounts payable
How much of their time do your employees spend creating documents? It may be more time than you realize, and it could certainly be used elsewhere. Further, when employees create paper documents those have to be stored, taking up your space and creating the need to manage the documents.
Topics: document automation
With most businesses going digital, more personal information is left vulnerable than ever before. The General Data Protection Regulation, or GDPR, was put in place to ensure private data stays private. The law covers national data across the EU and countries that sell to or interact online with EU citizens. That means that while the GDPR is an EU regulation, Canadians are still affected.
Long gone are the days of backlogged accounts receivable and accounts payable departments, cluttered with paperwork. Financial process automation removes the clutter, disorganization, and confusion of traditional finance and accounting paperwork.
Taking on a document imaging project involves organizing by the type of document, integrating document management software, and staying committed to the goal. Many document imaging projects fail because of hardware and storage issues. Being limited by the technology you choose is a big setback in and document scanning project. Fortunately, you can avoid setbacks by getting organized early.
More Canadian companies are choosing to ditch paper filing and go digital. Partnering with a professional document scanner will help you get started and stay on track. Digital filing has multiple benefits, including:
Data archiving is a time-consuming yet crucial process for all businesses. Once you archive documents you free up space, become more organized and can easily locate old information should you need it. Because archiving requires storage, it might also seem like a costly endeavor.
Have you ever considered how much of your office space is taken up by filing cabinets? It isn’t just about having a filing room, but all the filing cabinets located at individual desks and areas throughout the office. You might be surprised how much space is wasted by filing cabinets, and also how much time is wasted finding files by your team.
Cloud storage streamlines processes and improves the security of confidential information. However, you might find the cost of document storage is getting expensive. If your business has a higher volume of documents, whether you have paper files and folders, digital documents, or both you still have to budget for storage.