The Importance of Document Automation for Scalability

Is your company like others where a huge portion of consultants' time is spent on manual tasks that could be automated?

Professionals spend an average of 41% of their day on ‘low-value’ activities that do not use their primary skills. Assuming the 1 billion professionals in the world work eight hours a day, that’s 3.28 billion hours a day of highly trained experts dedicated to work that does not add long-term value to their organisations or significantly improve their projects.?

In offices around the world, automation software is transforming busy work – particularly solutions that incorporate artificial intelligence (AI).

The State of AI and Automation

AI chatbots, such as ChatGPT, are attracting attention, especially across social media. Chatbots use large language models (LLM), natural language processing (NLP), and machine learning (ML) to generate helpful answers to questions that are written in plain language.

In professional services fields, such as finance and law, organisations must approach AI automation with caution. In one highly publicised mistake , a U.S. judge imposed sanctions on two New York lawyers who submitted a legal brief that included six fictitious case citations generated by an artificial intelligence chatbot, ChatGPT.?

Technologies such as document automation – enhanced by AI – will benefit professional services and consultants the most. At Advance, we’ve managed to reduce our clients’ document processing time by up to 90%, by implementing document automation.

Defining Document Automation

Document automation is the strategic use of software to assist in the creation and management of electronic documents. The process begins with identifying common elements and functions in an organisation’s documents. Then, organisations use document automation systems to create templates and modules that users can access to generate individual documents.

The Benefits of Document Automation

The most significant benefit of document automation is the substantial time savings it offers professionals. These individuals frequently engage in creating, editing, reviewing, signing, and approving documents as part of their regular responsibilities.

By quickly generating new documents from pre-existing templates, professionals can allocate more time to complex problem-solving and high-level decision-making tasks. Implementing document automation systems also enhances consistency and ensures that both internal and external documents are always up-to-date with the latest information.

Document automation also offers significant cost savings, enabling companies to reduce document processing expenses by up to 63% through automation .?

Document Automation: How It Works

With a document management system, accessing a document automation system is simple:

1. Select a Template: From the document automation system interface, users select a relevant template for the type of document they want to create. Document templates can be anything from a Request for Proposal (RFP) to lease documents.
2. Answer Questions: After the user answers a series of interview-style questions, the document automation system creates an editable first draft of the document. Some conditional fields may already be populated; others may require user completion. The structure and, in many cases, the bulk of the wording will be created for them.
3. Edit and Review: From there, users can edit and review the created document as needed. They can also share information and export to common digital file formats such as Microsoft Word or Microsoft Excel.

Document Automation in Management Consulting

Document automation in management consulting is particularly important given the essential role documents play in client engagements and project management. Despite advancements in technology, many consulting firms still rely heavily on manual document creation and management, which can be time-consuming, costly and inefficient.?

Firms that embrace digital transformation are experiencing significant time savings through digital document management. Automating just 60-80% of routine document-based processes can also result in cost savings of 25-75%. Document automation systems represent the logical next step in workflow automation.

These systems enable consultants to quickly draft proposals, reports, presentations, and other key documents, allowing them to focus more on strategic analysis and client interaction. By leveraging document automation, consulting firms can ensure consistency and accuracy in their deliverables, ultimately enhancing the quality of service they provide to clients.

Document Automation vs. Document Control

Document control encompasses the processes by which organisations manage the creation, review, modification, and distribution of documents. While document automation is a key component of both document creation and management, comprehensive document control systems offer much more.?

Essential functions of document control include:

1. Document Identification - Assigning unique identifiers to documents for easy tracking and referencing.
2. Document Storage - Organising documents in a secure and accessible manner.
3. Version Control - Maintaining records of document revisions to ensure the latest version is used.
4. Document Review and Approval - Ensuring documents undergo appropriate scrutiny and authorisation.
5. Distribution - Managing the dissemination of documents to relevant stakeholders.
6. Document Archiving - Preserving documents for future reference or legal compliance.
7. Document Retrieval and Access Control - Facilitating easy access to documents while protecting sensitive information.
8. Document Retention and Deletion - Establishing policies for how long documents should be kept and when they should be disposed of.
9. Training and Awareness - Educating staff on document control processes and best practices.

Both document automation and document control are crucial for efficient workload management and effective knowledge sharing within an organisation. By integrating these systems, organisations can enhance productivity, ensure compliance, and maintain high standards of information management.

How to Choose a Document Automation System

Selecting the right document automation system is crucial for management consultants to enhance efficiency, ensure consistency, and improve client service.?

Key considerations include:

1. Identify Specific Needs - Determine document types, volume, and frequency.
2. Integration Capabilities - Ensure compatibility with existing tools and data sources.
3. Ease of Use - Look for an intuitive user interface and easy template management.
4. Customisation and Flexibility - Opt for a system that offers tailored solutions and scalability.
5. Security and Compliance - Verify data protection measures and regulatory compliance.
6. Collaboration Features - Seek real-time editing and strong version control.
7. Cost and ROI - Consider initial and ongoing costs, and evaluate potential ROI.
8. Vendor Support and Training - Ensure comprehensive support services and training resources.

By considering these factors, management consultants can select a document automation system that enhances productivity and delivers high-quality client deliverables.

The integration of document automation systems can transform how consultants manage their workload, enabling them to focus more on strategic analysis and client engagement. By automating the creation, review, and management of key documents, consultants can significantly reduce the time spent on administrative tasks and enhance the quality and consistency of their deliverables.

Ultimately, embracing document automation allows consulting firms to leverage technology for greater efficiency and effectiveness, positioning them to deliver superior value to their clients and stay competitive in the market.