Special Report Getting Smart about Compliance Automation
The Gift of Compliance
Documents, documents, documents. The business world is fullof them—and there’s no indication there will be fewer in the future. In fact, the trend line is going in exactly the opposite direction. Not that long ago, when people talked about “documents,” it was clear that they meant written materials, usually on paper. In today’s world, the definition has expanded considerably. A “document” could resemble its paper antecedents, as a memo, a contract, or a report, but in electronic form. Storing documents electronically is vastly more efficient than sticking paper into file cabinets...
Getting Smart About Compliance Automation
When it comes to automation, most organizations are rightfully focused on top-of-line processes that aid with improving revenue through customer acquisition and retention or through the ability to enter new markets. Also, redesigning processes are usually on the “automation docket” so that they are less costly to support—in essence, to do more with less.
Increasingly regulated organizations such as those involved with lending or in healthcare are turning to automation to streamline compliance-oriented processes. Traditionally, organizations viewed compulsory requirements associated with regulations or internal policies as a “necessary evil” to be dealt with in the least costly and disruptive manner possible; a case of “good enough” is fine. Often “good enough” means a lot of manual effort. This is largely due to the complexity of the processes and the information contained within them.
Buried within many compliance-oriented requirements lies the opportunity to improve business outcomes. It is more than just complying with a regulation. The underlying enabling benefit common to these processes lies in the ability to access and use key information, which without automation would remain largely untapped. This is where document automation comes into play....