The True Benefits of Modern IDP Solutions in Shared Services Centers
Some shared services centers are reluctant to transition to a new IDP solution due to the potential for disruptions, but the truth is that a modern IDP can make all the difference.
Shared services centers have been forced to bear a greater burden than many other organizational wings throughout the pandemic and beyond. In recent years, moving from an in-person working environment to a hybrid or remote setting placed additional strain on shared service centers — and it looks like remote work is here to stay.
87% of surveyed global shared services providers said that transitioning to work-from-home was a significant factor in determining their business plans over the next two to five years, and 61% said digital acceleration was a main critical focus.
Not only are shared services centers facing rapidly changing professional environments, but they’re also up against economic challenges. It’s up to leadership to make decisions that will boost efficiency both in the physical settings of their buildings and on the digital frontier while simultaneously bridging the gaps between physical and digital.
Modern Intelligent Document Processors (IDPs) and their ability to reduce both document prep and post-processing with powerful, secure artificial intelligence (AI) may be the key to setting a foundation for the future of your organization’s shared services centers.
Specifically, modern IDP solutions can benefit shared services centers by:
Bridging the Physical and the Digital
For many, going digital after so many years of solely relying on physical documents is intimidating. Sorting through piles and piles of papers and extracting data from them may seem insurmountable.
That may be true if you were doing everything manually, but modern IDPs can easily intake physical documents. They’ll quickly and accurately scan and process physical documents before uploading them for digital storage or additional actions.
Once uploaded, these documents can be identified against existing digital versions. For example, if you received an invoice via email and the postal system, your IDP would know. You can even configure your IDP to send documents to the right stakeholders for further action to take even more pressure off your shoulders.
Improving Efficiency and Employee Morale
Companies have tried everything from working to develop a strong culture, supplying performance-based pay, offering financial support for employees who want to continue their education, and providing flexible work practices, well-being opportunities, and job rotation programs to improve employee retention.
However, turnover is still a significant problem in shared service centers, falling between 15% and 20%, though they can reach 30% — or more! — in some companies. That means a lot of time and money is spent hiring and training new employees. Luckily, a modern IDP that allows for shared services center automation can change all of that.
Instead of babysitting an outdated IDP solution and doing hours of manual processing and menial tasks to ensure everything runs smoothly, your employees will have all that time back to concentrate on more valuable and exciting assignments. They’ll be far happier and more satisfied when doing meaningful work rather than tedious tasks, leading to higher retention rates and even increased efficiency.
What’s more, a modern, AI-driven IDP can help reduce the need for outsourcing. An advanced IDP solution means little to no manual processing, so your existing team can handle their workload — no outsourcing required to pick up the slack.
Going Beyond the Financials
Modern IDPs’ usefulness doesn’t end with financial documents. While most document processors are specifically built and designed for documents used in financial services, such as invoices, modern IDPs can process a much wider range of documents. Not only can modern IDPs distinguish between sales and marketing data, but they can also provide valuable insights into human resource records. A modern IDP can also enable business leaders to make informed decisions based on customer sentiment from incoming feedback channels.
Shared service centers clearly have plenty to benefit from modern IDPs when it comes to financial documents, but other departments have a lot to gain from IDPs. In fact, Deloitte’s 2021 Global Shared Services and Outsourcing Survey Report cited HR, procurement, and IT as growing use cases for shared service centers.
Improving Insights, Transparency, and Compliance
Getting the right information to decision-makers is key to organizational success, but getting them the correct information at the right time is even more critical. With a modern IDP solution on your side, the right information will get into the right hands at the right time, allowing for data-based decisions to be made quickly and giving you a competitive advantage. Plus, you’ll have a more complete picture of your organization’s physical and digital documents, making it easier to make the best possible decisions.
More than that, a modern IDP can help with compliance, a non-negotiable in industries like healthcare and financial services. Accounting for document handling isn’t the easiest or most enjoyable of tasks, but modern IDPs can automatically create metadata for documents, saving you time and stress. Your IDP can also compile documents’ retention and handling information for review when requested, giving you even more time to focus on other essential tasks.
Reap All The Benefits of Modern IDP Solutions With Rossum
Many shared services centers are hesitant to embrace modern IDP solutions, fearing downtime and disruptions that only increase the amount of pressure they’re under. However, this couldn’t be further from the truth. Modern IDPs can help bridge the gap between the physical and digital, increase efficiency and morale, improve compliance, offer valuable insights, and much more, so switching should be a no-brainer.
While there are plenty of other IDP solutions, Rossum’s next-generation IDP solution is the way to go. Not only is Rossum a performance leader in IDP solutions, but our platform is also incredibly secure. Plus, our highly adaptable AI neural engine can handle any documents you throw at it, regardless of layout. With Rossum, shared services center automation is a breeze.