The Business Value of Making People Happy
by Bruce Orcutt, Chief Marketing Officer
When people consider the benefits of intelligent document processing (IDP), cost savings is usually top of the list. And for good reason. We’ve seen our customers achieve results from automating invoice processing such as 91% lower processing costs, 400% increase in employee productivity, and 81% faster invoice processing time. Of course, results are dependent upon factors like the size of the AP staff and the volume of invoices processed.
But IDP benefits go well beyond cost savings. We’ve taken note over the years from working closely with our customers that benefits accrue from making two groups of people happier: customers and employees. Here’s a look at the business value of IDP as identified by some of the organizations who have adopted it.
Delighting customers to drive business success
"Notably, 53% of consumers indicate that the experience a company offers matters as much as the products or services it provides.” Forbes
We all know the importance of making customers happy: They spend more with you today, stay loyal, continue their spend over time, and serve as a free source of promotion through positive word of mouth. Consider these examples—across many different industries—of ways that organizations implementing IDP report delivering greater benefit to their customers while also driving their own business success.
Serve customers faster.
After implementing IDP, one railway company reduced its customer response times significantly by automatically classifying emails with no manual intervention and routing them directly to their CRM system. This was especially important in dealing efficiently with complaints and retaining customer loyalty.
Another transportation service provider slashed customs clearance time for its customers to under 5 minutes, 24/7, by reducing custom declaration processing by 80%, in addition to saving them customs brokerage services costs.
Make things easier for customers.
An energy provider optimized its customer onboarding process using IDP. The solution enabled consumers to use their mobile devices with the provider’s innovative website to evaluate bills and switch suppliers in under 3 minutes. The provider won an award for best customer service and user experience.
Help customers improve their bottom line.
A business processing outsourcing company’s faster turnaround time in managing payments with IDP meant more money hit their customer’s bank faster, improving their customer’s cash flow.
A wholesale business was able to reduce their invoice processing turnaround time from one to two days to about an hour, enabling their clients to take advantage of the customer benefits for expedited payment of invoices.
Provide customers with higher quality products and services.
When IDP technologies become part of a provider’s product and services, they sharpen their competitive edge. A technology company incorporated IDP in their AI-powered order-to-cash solution to increase its accuracy to 90%, enabling their customers with no-touch, straight-through remittance document processing to expedite cash application of payments.
A transportation cost management service provider is leveraging the data generated by their IDP operation to provide even better consulting and analytical services to their customers.
