Today, certain industries have aggressively invested in automation technology, while others have been a bit slower to the punch thus far – and some are relatively surprising given their traditional early embrace of new tools and solutions. For one, the manufacturing and health care sectors have been highly involved in the deployment of automation tools, while accounting firms and insurance companies have not appeared to act as quickly on these technologies.
This is somewhat surprising given how well-suited players in this industry are to the use of automation, especially considering how positive an impact the ability to eliminate data entry can truly have. From more accurate and efficient record-keeping to timely reception of reporting analytics results for decision-making purposes, automation tools can give insurance brokers and accounting firms a leg-up on the competition before long.
What's the hold up?
Property Casualty 360 recently reported that some insurance brokers and firms have not yet been able to fully comprehend the value of digitizing their content management and information governance protocols. This is one of the more common setbacks to technology adoption and deployment, in that decision-makers must first prove that the investment is worthwhile and can drive performance from a financial standpoint.
According to the news provider, speed, accuracy and efficiency are three of the core reasons why all businesses should at least consider automation for various procedures, and insurance firms would be a bit more well-suited than others given the amount of invoice processing and reporting involved. By leveraging automation tools for these purposes, the firm can enjoy a far smoother and more profitable ebb and flow of payments and content management.
Furthermore, the source pointed out that end users are generally the ones who enjoy the most significant improvements, but decision-makers must first take the initiative to get these automation solutions in place.
The reporting angle
Insurance companies are under stringent regulatory compliance requirements, while keeping track of all accounts, users and clientele is critical to running a successful firm in this industry. Automation tools such as reporting analytics can bolster the intelligence of any organization – regardless of size or industry – and speed up responsiveness to compliance requirements as they come in.
The potential applications of automation technology are boundless, and businesses that focus on alignment of investments to specific needs will often enjoy the highest returns over time.
