Advantages of Adopting Straight Through Processing

Advantages of Adopting Straight Through Processing

Technology and innovation is the constant change in our lives that has helped to improve our daily routine. From analog, dial-up connection to 5G & fibre optic connection, we have rapidly innovated in every decade. Business automation has taken place on a massive scale as well. Online deployment of tools has been possible due to lean and remote technological solutions that have been created due to continuous innovation. Straight Through Processing (STP) is one such characteristic of business process automation that can add value to your organization.

STP is driven by advanced Optical Character Recognition (OCR) and Intelligent Document Processing (IDP) solutions that help in complete end-to-end document automation. From data extraction to archiving it on the cloud, the entire process is done automatically.  Organizations need to enter certain data validation criteria for STP and if the extracted data matches the set criteria, documents are processed. Processing of documents such as invoices, receipts, bills of lading, financial statements, claims documents, personal identification documents and so on can benefit a lot by enabling STP.

Benefits of STP

STP in document processing can help all types of industries in various ways. Some of the many advantages of having an STP are:

No Human Intervention

STP is a 100% automated process for digitizing, capturing data from and archiving documents. There is no requirement for any manual intervention throughout the process. By removing manual intervention, allocation of human resources can be made more wisely. Critical thinking and creativity are where the human capital can shine on and leave the mundane tasks of data entry to technology.

Market Flexibility

Market conditions are quite dynamic in nature. No two quarters in a financial year will provide the exact same results. At the peak business quarter, it may get difficult to process tons of documents and validate them accordingly. STP enabled automation can play a huge role to manage the influx of documents that need to be digitized and stored. Irrespective of how your business quarter has been, STP can ensure the seamless functioning of the business.

Operational Efficiency

Since there is no human intervention and STP enables complete automation, the overall operations of the organization become efficient and independent. As the data is automatically validated and stored on the cloud or on-prem, as the preference may be, any department of the organization can access the data easily. This does not disrupt the entire operational flow and ensures that the data, which was once unstructured and not well organized, is easily accessible across various departments due to STP.

Improving Accuracy

STP, along with advanced OCR and IDP technology, ensures that the entire document automation process is error-free. Manual data entry may lead to various clerical errors while entering the data. Thanks to state-of-the-art data extraction and data validation solutions, documents are digitized accurately. All types of invoices, receipts and other documents can be accurately processed with the help of STP.

Cost Reduction

Technology and automation can help businesses to reduce their cost due to economies of scale. The same applies to STP as well. More than a thousand documents can be automatically processed at a minimal cost. If manual labour is to be put in place, there would be a higher cost associated with it. STP provides end-to-end automated document processing and therefore, there is no additional or recurring cost associated with it.

Faster Processing Time

Complete automation means you are bound to save time. STP can speed up the document processing time and make sure the data is extracted accurately. Manual processing of data is a very time-consuming process and as mentioned above, can cause errors as well. As documents are processed more quickly than compared to the manual data entry method, more documents can be processed in lesser time.

Reputation Management

Goodwill is the most important intangible asset for any organization. Goodwill in the industry can be built through extraordinary services and timely payments for the goods or services purchased. STP will help to build a reputation for your organization in the industry as it will provide you with the advantage to automate your invoices and receipt processes. This means that payments will be made on time to the client without any errors.

Why Choose KlearStack?

Template-Free Data Extraction

Irrespective of the format in which the documents are uploaded for scanning, KlearStack AI has the ability to structure it and bring uniformity to the extracted data.

Intelligent Extraction  

KlearStack AI solution can identify the most crucial fields of the document and extract the data of those fields only. Our solution can also automatically classify and separate different types of documents if they are uploaded together.

Self-Learning AI

KlearStack AI has an adaptive learning model wherein the AI will take inputs from the scans and rectify its own errors going forward. The more documents you can scan, the better the AI becomes and therefore, reducing the rectifications it needs to make in the future.

Secure Data Handling 

We at KlearStack take privacy-related issues very seriously. Our solution can be integrated with your existing data management software and therefore, we ensure that your organization is the sole owner of the data that has been extracted.

KlearStack AI is making a difference in each and every organization by not only automating your document processes but also ensuring that we deliver the service that you would expect from a business automation solution. We are helping many organizations to take a step towards a paper-free world. If you would like to be part of that community, click here.

Ashutosh Saitwal
Ashutosh Saitwal
www.klearstack.com/

Ashutosh is the founder and director of the award winning KlearStack AI platform. You can catch him speaking at NASSCOM events around the world where he speaks and is an evangelist for RPA, AI, Machine Learning and Intelligent Document Processing.