InfoTrends is pleased to announce the completion of a new multi-client study entitled, Business Process Automation Opportunities for Vertical Markets. The legal, financial services, education, and healthcare industries have been known to be the most paper intensive markets. At the same time, we see that most of these industries are now addressing the shift from paper to digital. However, despite technology advances, compliance initiatives, and automation, there are still manual processes that are taking place in each of these industries. This study identifies manual paper-based business processes that can be addressed with scanning, mobile, and workflow solutions.
The legal industry is very interesting when it comes to the automation of processes. Although there are a variety of solutions that can help legal organizations with case management, paper and hardcopy files are still often used. There are some areas that can definitely benefit from further automation improvements, the largest being the initial case information collection, the communications and collaboration between clients, and the case research discovery/e-discovery phases.
InfoTrends believes there are many opportunities for automation in both the banking and insurance industries. In banking, there are a few hidden opportunities when it comes to eliminating paper and streamlining processes. For example, regarding acceptance or sign-off on applications and loan approvals, signatures are still largely captured on paper which can be eliminated through digital signature solutions.
In terms of insurance, InfoTrends found that this industry processes a substantial amount of policies as well as future investments for consumers and businesses. The application and information collection processes are the two biggest areas for automation when it comes to creating efficiencies that still utilizes paper as part of the workflow. These two areas involve agents (captive and independent) as well as underwriting departments that are collecting new policy information.
There is still a lot of room for growth in the K-12 education industry, which still utilizes paper quite often as part of its business processes as well as communications to students and parents. InfoTrends sees opportunities for improving processes such as those that can be seen in the higher education industry (with parents utilizing portals and websites to receive communications). There are big differences when it comes to K-6 and middle/high school, and understanding the differences between these entities will be important when identifying opportunities for automation.
The healthcare industry is one of the largest industries in the U.S. going through the most dramatic transformations as it relates to electronic records and records processing. Today, InfoTrends sees many organizations well on their way to the adoption. Nevertheless, even those who have adopted new technologies in EMR and HIM systems still have gaps in those systems as it relates to paper-based processes. There was also an overwhelming response in healthcare for the security, privacy, and compliance initiatives as major objections for organizations. InfoTrends sees that paper-based processes that are still prevalent in healthcare open up regulatory challenges, which can be alleviated with business process automation solutions.
InfoTrends’ Business Process Automation Opportunities for Vertical Markets identifies key business processes in the paper intensive legal, financial services, healthcare, and education industries. It provides an understanding of adoption rates or barriers for specific automated business processes in these markets in order to capture opportunities or address obstacles. It also promotes time savings, monetary, compliance and/or audiability benefits utilizing these solutions based on research results.
Due to the success of this study, InfoTrends has also developed a Business Process Automation Consulting Service which will focus in on a number of vertical industries and create workflow solutions for manual paper-based business processes.