4 risks that are hovering over businesses that are not automating their document-centric processes in 2022.

The Intelligent document processing market is expected to reach 4.15 Billion by 2026. It is clearly evident that all smart digital transformation leaders are shifting to automation when it comes to their document-centric processes.?

But, the most obvious question is - Why on earth are we witnessing this document automation wave in 2022??

Thus, I am listing down 4 major risks that smart digital transformation leaders want to avoid exposure.?

In simple words, these 4 are the most important factors that are forcing businesses to automate their document-centric processes.?

1. Human Error - “To Err is human”. Document-centric processes in every business demand extremely high accuracy and precision. Owing to high churn in and Churn out there are always fellow team members who are novices to the game. This exposes the business to the risks of making errors while processing documents. Automation on the other hand normally guarantees higher accuracy.

2. Penalties - Owing to the high dependability on human capital there is always a threat of missing deadlines. Deadlines in many document-centric processes attract a high amount of penalties. Automation helps businesses avoid penalties if implemented and executed properly.?

3. Manual Processing lacks scalability and Agility - Document-centric processes often experience unpredictable workloads. For e.g. Document centric processes normally have very high amounts of workloads during financial year closing and peak/festive seasons. However, on the other hand during a recession/slump ( which is expected to hit the market before May 2023). This unpredictability in the workload planning makes it difficult to identify the number of employees to have for manual processing.

4. Non-Compliances - In many manual document-centric processes businesses end up being non-compliant. This has been a major problem statement when it comes to taxation and government/statutory compliances. The automated processes on the other hand help you keep up with the compliances using reminders and standard operating procedures.

To conclude, digital transformation is a long journey. However, automating document-centric processes is an essential step in your digital transformation strategy.

Thus, many businesses are leveraging Ai empowered document automation tools like KlearStack to shift the focus of their human capital from mundane work to more critical tasks for the success of the business.?